The global cod liver oil market size was USD 82.29 million in 2021. The market is projected to grow from USD 88.75 million in 2022 to USD 162.86 million by 2029 at a CAGR of 9.06% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Cod Liver Oil Market, 2022-2029". As per the report, the market is likely to grow during the projected period due to increasing popularity of omega-3 dietary supplements.
List of Key Players Profiled in the Report:
- LYSI Iceland (Iceland)
- Nestle Health Science (Switzerland)
- Olvea Fish Oils (France)
- Vital Nutrients (U.S.)
- Power Health Products Ltd (U.K.)
- Mason Naturals (U.S.)
- Carlson Laboratories Inc. (U.S.)
- WN Pharmaceuticals Ltd. (Canada)
- NOW Health Group, Inc., (U.S.)
- Nordic Naturals Inc. (U.S.)
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COVID-19 Impact:
Rising Health Concerns Amid Pandemic to Bolster Market Growth
The demand for cod liver oil was growing during the pandemic due to increasing demand for food supplements and nutraceuticals among the population. Also, companies witnessed high sales of these oils to improve the immune system and reduce health issues. The rising health concerns bolstered the market growth during the pandemic period. Also, these oils are efficient and effective for the population from different age groups.
Segments:
Atlantic Segment to Lead Market Due to High Availability
By source, the market is trifurcated into Atlantic, Arctic, and others (Pacific, Greenland, and others). The Atlantic segment is expected to lead the global market due to increasing supplies and efficient manufacturing of fish liver oils.
Dietary Supplements Segment to Dominate Global Market During the Forecast Period
Based on application, the market is categorized into dietary supplements, pharmaceuticals, nutraceuticals, and personal care & cosmetics. The dietary supplements segment is projected to dominate the global market due to rising demand for omega-3 supplements.
Soft Gel Segment to Grow Due to Longer Shelf Life & Affordability
On the basis of form, the market is classified into liquid, soft gels, and capsules & tablets. The soft gels segment is projected to hold a dominant market share during the forecast period due to its efficiency, affordability, and higher shelf-life.
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides complete information and insights on recent developments and trends in the market. Furthermore, the drivers and restraints affecting the market growth during the projected period are mentioned further in the report. Also, the impact of COVID-19 pandemic on global market development is highlighted further in this report. Regional market insights on segmented market areas are provided further along with a list of key market players in the industry.
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Drivers & Restraints:
High Demand for Omega-3 Dietary Supplements to Propel Growth
The rising consumption of fish oils is expected to bolster the cod liver oil market growth during the forecast period. Also, the rising inclusion of these oils in sports nutrition products is anticipated to drive the market. Furthermore, increasing popularity of omega-3 dietary supplements and increasing frequency of product launches by leading companies are anticipated to fuel the market growth.
However, high product prices may hinder market growth.
Regional Insights:
Europe Holds Largest Market Share Due to Rising Product Demand
Europe held the largest cod liver oil market share and stood at USD 37.57 million in 2021. The regional market growth is attributed to the increasing demand for nutraceuticals and high consumption of omega-3 supplements.
Competitive Landscape:
Rising Developments by Leading Companies to Maintain Their Market Position
The leading market players focus on increasing their production capacities to ensure high profitability in the emerging market. Also, the key players consider forming strategic alliances, mergers, and partnerships to propel growth and maintain their market position.
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Key Industry Development:
- February 2022: Carlson Laboratory Inc., a leading nutritional supplements manufacturing company, launched a new cod liver oil in green apple flavor. This new product developed for kids and adults provides 1,100 mg of omega-3s, with vitamins A and D3 per serving for adults, and 550 mg of omega-3s, with vitamins A and D3 for kids.
