Fish Oil Alternatives Market size to surpass $3.5 Bn by 2032

Fish Oil Alternatives Market size is expected to reach USD 3.5 billion by 2032, according to a new research report by Global Market Insights Inc.

The report indicates that the escalating usage of natural ingredients in cosmetics and skin care products will fuel the market demand. In Europe, for example, consumer inclination toward plant-based cosmetics has risen, encouraging companies to replace synthetic ingredients with natural variants. In the cosmetics industry, there has also been a rising emphasis on improving sustainability and lowering environmental footprints. These factors are likely to proliferate the use of vegan alternatives to fish oils as a hydration enhancer or skin-softening emollient in cosmetic formulations.
 

Prevalence of insomnia and other chronic conditions to drive consumption of soybean oils

Fish oil alternatives market share from the soybean oil product segment will register over 4% CAGR from 2023 to 2032, owing to the high prevalence of sleep disorders among older adults. Based on statistics from the Sleep Foundation, almost 30% to 48% of older adults experience insomnia. This is predicted to contribute to the development of soybean oils, given the product’s ability to improve sleep quality due to its magnesium content. The growing burden of chronic diseases and the emergence of health and nutritional oil consumption is a prominent trend stimulating soybean oil production.
 

Growing biofuel acceptance to limit vehicular emissions expedites industry adoption

The biofuels applications segment is projected to be worth USD 500 million by 2032, given the shifting preference toward renewable energy across the automobile sector. Triacylglycerol, found in oils extracted from microalgae and plant seeds, is known to have a high energy density, making them ideal for biofuels. Several proposals have also been presented to curb air pollution from vehicles. These initiatives will enable renewable solutions to emerge as a source of biofuels and in turn, boost the usage of fish oil substitutes.
 

Browse key industry insights spread across 675 pages with 1078 market data tables and 33 figures & charts from the report, “Fish Oil Alternatives Market Size By Product (Chia Seeds Oil, Soybean Oil, Canola Oil, Hemp Seed Oil, Algae Oil, Walnut Oil, Flaxseed Oil), by Application (Food & Beverage Industry, Cosmetics and Personal Care, Animal Feed, Pet Food Additive, Pharmaceuticals, Nutraceuticals, Biofuels), By Distribution Channel (B2B, B2C {Store-based Retail [Hypermarket/Supermarket, Convenience Stores, Traditional Grocery Stores, Specialty Stores] Online Retail}), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/fish-oil-alternatives-market
 

Rise of e-commerce to contribute to fish oil alternative sales from online channels

The online retail distribution channels segment will depict over 5.5% CAGR through 2032, due to the acceptance of e-commerce as a preferred mode of product distribution during COVID-19 lockdowns. In addition to the rising awareness about the benefits of healthy fruits and vegetables, there has been a shifting interest toward nutritional supplements to boost immunity against coronavirus. The report claims that the sales of vegetable oils through e-commerce are also anticipated to rise further, considering the applicability of vegetable oil as a lubricant in tablet formulations.
 

Emphasis on physical fitness to propel fish oil alternative development in North America

North America fish oil alternatives market will exceed USD 2 billion by 2032, considering the robust demand for dietary supplements and the rising emphasis on physical fitness. The report further reveals the strong focus of government departments on pharma sector expansion projects. For instance, in September 2022, the U.S. Department of Commerce unveiled USD 52.9 million in grants for the Advanced Pharmaceutical Manufacturing Cluster in Central Virginia. With the increasing disposable income, fish oil alternatives are also set to gain traction as a lubricant in capsule formulations.
 

Strategic business expansions to outline the competitive industry landscape

Some of the leading companies involved in the fish oil alternatives market include BURCON, Cargill Inc., Archer-Daniels-Midland Company (ADM), Dupont, Wilmar International, CHS Inc., Farbest Brands, Sonic Biochem, Prinova Group LLC, Medix Laboratories, Bioway, and Batory Foods. Mergers and acquisitions, new product launches, collaborations, and business expansions are among the prominent strategies being employed by these companies to gain a competitive advantage over rivals in the market.