The global cod liver oil market was valued at USD 95.80 million in 2023 and is projected to grow from USD 103.78 million in 2024 to USD 220.47 million by 2032, reflecting a compound annual growth rate (CAGR) of 9.88% during the forecast period. These insights are presented in the report titled *”Cod Liver Oil Market, 2024-2032″* by Fortune Business Insights™.

The market’s growth is primarily driven by the increasing popularity of omega-3 dietary supplements, with cod liver oil being a preferred choice due to its high content of omega-3 fatty acids, vitamins, proteins, and minerals. While the demand for plant-based omega-3 supplements is rising, cod liver oil remains a key dietary supplement due to its versatile formulations and the higher production costs of plant-based alternatives. Continued research and development of innovative products, along with the widespread availability of fish liver oil, are expected to further drive the market’s expansion.

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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 study provides comprehensive insights into recent developments and trends within the cod liver oil sector. It explores factors anticipated to drive and constrain market growth throughout the forecast period, as well as the impact of the COVID-19 pandemic on global market expansion. Additionally, the report highlights key industry players and offers regional market data, including a breakdown of various market segments for a more detailed analysis.

Drivers & Restraints:

Increased Need for Omega-3 Dietary Supplements to Fuel Development

The cod liver oil market is projected to expand due to the rising demand for fish oils throughout the forecast period. This growth is expected to be driven by the increasing incorporation of fish oils in sports nutrition products and a surge in new product launches by leading brands. Additionally, the growing demand for omega-3 dietary supplements is likely to further support market growth.

However, the market may face challenges, particularly related to the high cost of certain products, which could act as a potential barrier to growth.

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Regional Insights:

Because of growing product demand, Europe has the largest market share.

In 2021, cod liver oil accounted for the largest market share in Europe, with a valuation of USD 37.57 million. The growth of the regional market is largely attributed to the rising demand for nutraceuticals and omega-3 supplements, which continue to drive consumer interest and market expansion.

Competitive Landscape:

Growing Trends by Top Businesses to Preserve Their Market Share

Large companies are focusing on expanding their production capacities to maintain profitability in the growing market. In addition, they are pursuing strategies such as partnerships, acquisitions, and alliances to foster growth and sustain their competitive market positions.

Key Industry Development:

  • February 2022: Leading nutritional supplement manufacturer Carlson Laboratory Inc. has launched a new green apple-flavored cod liver oil designed for both adults and children. Each serving delivers 1,100 mg of omega-3s, along with vitamins A and D3, for adults, while children receive 550 mg of omega-3s per serving.

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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