A comprehensive study has been conducted to unravel the manifold aspects of the global cod liver oil market. The invaluable insights presented in this report serve as a beacon for examining market growth prospects during the forecast period.
Inclusion in Sports Nutrition: A Catalyst for Cod Liver Oil Market Growth
Cod liver oil, a potent fish oil variant with remarkable anti-inflammatory properties, has witnessed soaring popularity among bodybuilders and athletes as a key dietary supplement. Furthermore, omega-3 fatty acids, essential for enhancing muscle strength, reducing soreness, and fortifying bone health by increasing calcium content in bones, have driven the adoption of cod liver oil in the realm of sports nutrition and associated nutraceuticals. Renowned athletes endorsements and the trend of individuals aligning their diets with those of sports professionals have propelled the production of cod liver oil-enriched products. For instance, in April 2022, the emerging health and sports nutrition manufacturer, EO3, introduced a new smoothie featuring omega-3 with Norwegian cod liver oil and enticing berry flavors, which is now available in retail stores across the United Kingdom and the United States. This trend is poised to be a significant driver for the global cod liver oil market.
Rising Health Consciousness Amidst COVID-19 Spurs Remarkable Growth
The onset of the COVID-19 pandemic led to widespread disruptions across various industries due to lockdown restrictions. However, some sectors, including nutraceuticals and health supplements, experienced a surge in demand as consumers increasingly sought ways to enhance their health and immunity. Cod liver oil, with its reputation for boosting immunity and addressing various health concerns, benefited from this heightened health consciousness. For example, in the United States, multivitamin demand surged, leading to a 51% increase in sales in March 2020, as reported by the National Centre for Biotechnology Information. Similar trends were observed in France, with vitamin supplement sales growing by 40-60%, and in the UK, where they increased by approximately 63% during the same month. Consequently, the demand for supplements enriched with cod liver oil and essential nutrients witnessed significant growth and is expected to maintain its momentum in the years ahead. The negative impact of COVID-19 prompted a widespread focus on personal health and immunity, creating promising avenues for the cod liver oil market.
New Product Launches Fueling Cod Liver Oil Market Growth
Driven by its functional and health benefits, the demand for cod liver oil has surged across various end-use applications. To meet this growing demand, manufacturers are increasingly concentrating on the development and introduction of new products. For instance, in 2022, Icelandic company True Westfjords launched the Viking Tonic cod liver oil under its Dropi brand. Similarly, in May of the same year, Wiley’s Finest introduced Cod Liver Oil Plus, a MSC-certified omega-3 supplement containing Lutein, Zeaxanthin, Vitamin E, and Vitamin D3, primarily designed to support brain health and function. These innovative product launches are poised to expand the market for cod liver oil across diverse end-use applications, further bolstering its growth prospects.
Europe: A Lucrative Revenue Pocket for Cod Liver Oil Market Participants
Europe is expected to maintain its leadership position in the cod liver oil market, driven by its consistent production of fish oil over the years. According to the European Fishmeal and Fish Oil Producers (EFFOP), Europe accounts for approximately 21% of the global fish oil production, thereby ensuring a steady supply of cod liver oil for various applications. Additionally, increasing awareness among consumers regarding balanced diets and immunity has led to heightened demand for nutraceuticals in European countries, further driving the consumption of cod liver oil among millennials and the adult population.
In contrast, emerging economies in Asia Pacific are anticipated to witness a significant surge in demand for cod liver oil, fueled by the growing penetration of dietary supplements and a rising preference for fish oil due to its myriad health benefits. Cod liver oils attributes, including anti-inflammatory properties, improved bone health, reduced joint pain, support for eye health, and enhanced heart health, have spurred its adoption across Asian countries. Furthermore, the regions expanding consumer base and the increasing incidence of lifestyle-related diseases have contributed to the robust growth of the cod liver oil market in Asia Pacific.
Cod Liver Oil Market: Competitive Landscape
Key players in the cod liver oil market include LYSI Iceland, Olvea Fish Oils, Power Health Products Ltd., WN Pharmaceuticals Ltd., Nordic Naturals Inc., Nestle Health Science, and Omega Protein Corporation.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/cod-liver-oil-market
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