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Global Cod Liver Oil Market Size was valued at USD 0.6 Billion in 2022. The Cod Liver Oil market Product Type is projected to grow from USD 0.8 Billion in 2023 to USD 0.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.20% during the forecast period (2023 - 2032). A rise in disposable income and a greater understanding of the health advantages of cod liver oil among consumers, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Due to the growing demand for nutrient-dense foods, the food industry now adds fish oil to processed goods to increase their nutritional content. Using carrier proteins, omega-3 fatty acids from cod liver oil, including DHA, EPA, and vitamins A and D, can be added to food without altering its flavor or scent.
Because of the huge rise in vitamin A deficiency in developing countries, companies now have a stronger opportunity to promote cod liver oil as a nutritious supplement. They can also encapsulate cod liver oil for the fortification of regional foods and beverages in order to guarantee the consumption of vitamin A in diets. In developing countries like China and India, urbanization raises the proportion of working women, which increases the consumption of processed meals with worse nutritional value. To address their nutritional demands, women use dietary supplements like cod liver oil. Due to rising per capita income and increased spending on diets high in protein, cod liver oil consumption has dramatically increased.
Another factor driving up the use of cod liver oil is prescriptions from doctors. People with low vitamin A and D concentrations are susceptible to a wide range of health issues, including rickets and night blindness. Cod liver oil is frequently suggested by doctors to treat symptoms, as it also helps patients satisfy their nutritional demands. Additionally, because cod liver oil aids in a baby's development, experts advise it to pregnant moms.
The populace now consumes much more dietary supplements. Due to urbanization and hectic lifestyles, more women than men utilize dietary supplements. In order to achieve their nutritional demands, 40% of people 65 years of age and more, 22% of children, and 33% of adults between the ages of 19 and 64 use dietary supplements, according to findings from the Nutritional Diet and Nutrition survey. Thus, driving the Cod Liver Oil market revenue.
The global Cod Liver Oil market segmentation, based on Product Type, includes liquid, capsules, tablets, and softgels, and powder. Due to the fast rising consumption, the capsules, tablets, and softgels segment dominated the global market in 2022. To meet the varied needs of the cod liver oil market audience, market participants are developing and selling items such as liquid, capsules, tablets, softgels, and powder.
The global Cod Liver Oil market segmentation, based on Distribution Channel, includes store based and non-store based. Because customers trusted that they would receive authentic cod liver oil products from store-based distribution channels, the store-based segment dominated the global market in 2022. Participants in the cod liver oil market use both store-based and non-store-based channels, which helps to guarantee a constant level of product availability for customers over the course of the anticipated term.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. Due to the rising demand for cod liver oil products in developing nations, the Asia-Pacific region dominated the global cod liver oil market in 2022. Additionally, it is anticipated that a rise in public awareness and an increase in daily fish oil consumption will fuel the expansion of the region's cod liver oil market in the future years. Further, In the Asia-Pacific region, the Indian ****** market had the quickest rate of growth while China's ****** market had the greatest market share.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Throughout the projected period, the European market for cod liver oil is anticipated to expand at a respectable clip. Due to consumers' increasing health consciousness and pursuit of a balanced lifestyle, a significant demand for nutraceuticals has been created throughout European countries, including Norway, Denmark, Finland, and Germany. This has promoted the consumption of the product throughout Europe. In order to get a competitive edge, businesses have been obliged to seek to improve their product service and offering strategies due to the vast customer base, intense competition, and increased product adoption. The major regional players are putting up a lot of effort to grow their market share in Europe utilizing a range of strategies, including base growth, innovation, the launching of new products, and internet presence. Further, In the European region, the German ****** market had the biggest market share, and the U.K. ****** market had the quickest rate of growth.
Due to the increase in product consumption in the pharmaceutical industry, the North American cod liver oil market is anticipated to experience considerable expansion in the global market. The increase of R&D activities and the expanding use of contemporary treatments will also support the rise of the cod liver oil market in the region. Consuming omega-3 fatty acids may boost metabolism and promote weight loss. As more people in North America battle obesity, a market opportunity for the product materializes. Further, In the North American area, the U.S. ****** market had the biggest market share, while the Canada ****** market had the quickest rate of expansion.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the ****** market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The ****** sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide ****** industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the ****** sector. Major players in the Cod Liver Oil market, including Illumina Inc., Precision Biologics, Danaher Corporation, GE Healthcare, Celera Diagnostics LLC, Decode Genetics Inc., Exact Sciences Corporation, IBM Corporation, Exagen Inc., and Biogen, are attempting to increase market demand by investing in research and development operations.
The state-of-the-art seafood and marine ingredients company Vesteraalens AS is based in northern Norway. The company's headquarters are in Sortland, a city in northern Norway. There are manufactured a wide variety of marine products and seafood goods. The company has clients all around the world, notably in North America, Europe, and Asia. For offering evidence-based testing and certification services to the worldwide feed and supplement market in 2014, Vesteraalens AS received the ORIVO accreditation in May 2021.
Orkla ASA (Orkla) provides branded consumer goods and idea solutions to the grocery store, bakery, and out-of-home industries. The company's product line consists of painting tools and cleaning supplies, marzipan and ice cream, bread and cake improvers and mixes, home care and personal care products, dietary supplements and health products, and margarine and butter blends. The brands Nugatti, Fun Light, Toro, Denja, MTR, and Panda are used by Orkla to market its products. The company works in the retail, alternative energy, and real estate sectors. It operates in the Americas, Europe, Asia-Pacific, and the Middle East. Orkla's headquarters are in Oslo, Norway. In January 2022, Orkla Health acquired Vesterlen Marine Olje AS, a Norwegian producer of raw materials for the marine oil and protein sectors. Orkla bought this company so that it may increase its operations there.
· Natures Aid Ltd
· Barlean's Organic Oils
· Nordic Naturals
· Orkla ASA
· Procter & Gamble Co.
· WN Pharmaceuticals
· LYSI Hf
· Blueline Foods India Pvt Ltd.
· R. Carlson Laboratories Inc.
· Bronson Labs
May 2022: An MSC-certified omega-3 fish oil product called Cod Liver Oil Plus was released by Wiley's Finest, an American omega-3 fish oil product maker. It contains lutein, zeaxanthin, and vitamins D3 and E. The development of this specific product was done with brain health in mind.
March 2021: Nordic Natural Inc., a U.S.-based producer of vitamins and nutritional supplements, developed a distinctive e-commerce website with Cloud Brigade. With the help of its freshly created Chinese-language marketing website, the company was able to expand its presence in the China market.
· Liquid
· Capsules, Tablets, and Softgels
· Powder
· Store Based
· Non Store Based
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- U.K
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 0.6 Billion |
|
Market Size 2023 |
USD 0.8 Billion |
|
Market Size 2032 |
USD 0.8 Billion |
|
Compound Annual Growth Rate (CAGR) |
9.20% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Product Type, Distribution Channel, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Natures Aid Ltd, Barlean's Organic Oils, Nordic Naturals, Orkla ASA, Procter & Gamble Co., WN Pharmaceuticals, LYSI Hf, Blueline Foods India Pvt Ltd., R. Carlson Laboratories Inc., Bronson Labs |
|
Key Market Opportunities |
Increasing trend of supplement consumption |
|
Key Market Dynamics |
Rise in the consumer awareness regarding the health benefits of cod liver oil and rise in the disposable income |
The global Cod Liver Oil market size was valued at USD 0.6 Billion in 2022.
The global market is projected to grow at a CAGR of 9.20% during the forecast period, 2023-2032.
Asia Pacific had the largest share in the global market
The key players in the market are Natures Aid Ltd, Barlean's Organic Oils, Nordic Naturals, Orkla ASA, Procter & Gamble Co., WN Pharmaceuticals, LYSI Hf, Blueline Foods India Pvt Ltd., R. Carlson Laboratories Inc., Bronson Labs.
The Capsules, Tablets, and Softgels Product Type dominated the market in 2022.
The Store Based Distribution Channel had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65297
Published on :
Sep 2023
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