Market players are focusing on increased usage of algae for production to reduce reliance on wild catch fish and fulfil high demand for marine oil
DUBAI, UAE / ACCESSWIRE / January 15, 2021 / The global marine oil market is likely to record a steady CAGR amid the assessment period of 2020-2030. The growth can be mainly attributed to increasing demand from various end use industries, particularly from regions such as East Asia where the most lucrative prospects are likely to be offered for stakeholders. However, the market will foresee a short terms effect due to COVID-19 outbreak.
"Market players are optimizing their production to decrease costs via backward integration, to conciliate for the instability in prices. Procurement of raw material, which is still inconsistent, prompt a huge demand-supply gap at the worldwide level. Procurement sources for taking out marine oil must be categorized in an organized manner, as government regulations and climatic events can make procurement straining." says a Fact.MR analyst.
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- EMEA & South Asia & Pacific, will be contributing over 50% to the overall market share over the forecast period.
- Refined marine oil will be recording a CAGR of over 4%, due to its increased application in end-use industries.
- Pharmaceuticals category will attain have a notable market share, worldwide.
- Notable rise in aquaculture activities all over the world is boosting demand for marine oil.
- Extensive application at the industrial level is pacing up, since end-use companies are using the oil on different fronts, such as for pet food, cosmetics, and pharmaceuticals, along with others.
- Increasing demand for healthy food products for instance, as a cooking oil, and as a topping oil for several dishes, will be boosting the expansion of the market size.
- Growing use of plant-based marine oil in aqua feed is boosting the growth of market.
- Fluctuating raw material cost remains the key restraining aspects to the market growth.
- Obstruction in raw materials procurements due to trade restriction amid COVID-19 has widely impacted the market growth pace.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic has had an adverse impact on the marine oil demand in the 1st quarter of 2020. Lockdowns imposed all over several countries in 1st and 2nd quarters of 2020 have caused noteworthy decrease in demand for marine oil, worldwide. In addition, manufacturing of marine oil was further impacted due to limitation of raw materials supply. Conversely, the marine oil market is likely to gradually gain back its pre-crisis status quo when impacts of the pandemic are lessened.
Key companies' opearting in the global marine oil market are Austral Group, China Fishery Group, Clover Corp, Mukka Sea Foods Industries Limited., Arbee, GC Rieber, Pesquera Diamante, Cellana Inc., Pesquera Hayduk, Solutex, TASA,Pharma Marine, Evonik Industries, Triple Nine, Nissui Group and Olvea Group. Companies are focusing on collaboration and adopting technologies such as AI to scale up their production of algae oil.
More on the Report
The Fact.MR's market research report provides in-depth insights into the marine oil market. The market is scrutinized on the basis of type (fish oil, algae oil, and blended fish oil), processing (refined and crude), and end use (aqua feed, pharmaceuticals, and others), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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