At present, aquaculture accounts for about two-thirds of the APAC fish oil market revenue, according to Allied Market Research, and China will continue to consolidate its leading position.
However, supplements and functional food forms the second largest fish oil consumer segment and will emerge as one of the fastest growing sectors over the forecast period.
Japan is responsible for two-thirds of the fish oil consumed in supplement and functional foods, with a significant rise in health concerns among Japan's elderly population fuelling omega-3 demand.
“Rising concern of chronic diseases such as cardiovascular and eye and joint deterioration is propelling the consumption of omega-3 fish oil in pharmaceutical and supplements & functional food application segments in the region,” states the firm’s Asia-Pacific Fish Oil Market Report.
Other key findings included:
· Over the forecast period, supplement and functional foods and pharmaceuticals will emerge as the most lucrative fish oil application segments.
· 80% of the Asia Pacific fish oil market is captured by China and Japan collectively.
· Most of the fish oil consumed in Asia is produced from anchovies.