“Global Cod Liver Oil Market to reach a market value of USD 182.7 Million by 2031 growing at a CAGR of 9.3%”
The Global Cod Liver Oil Market size is expected to reach $182.7 million by 2031, rising at a market growth of 9.3% CAGR during the forecast period.
Pharmaceutical companies are continuously researching and developing new formulations and products to address various health conditions. Cod liver oil has been recognized for its potential health benefits. According to the International Trade Administration (ITA), China’s pharmaceutical sector has been constantly growing and is expected to reach $161.8 billion by 2023, taking about 30% of the global industry share. Hence, Pharmaceuticals segment would capture more than 1/5th revenue share in the market by the year 2031. Pharmaceutical companies have established distribution networks and market access channels that reach healthcare professionals, pharmacies, hospitals, and other healthcare institutions worldwide. By incorporating cod liver oil into their product portfolios, these companies can leverage their existing distribution infrastructure.
Consumers are becoming increasingly health-conscious and seeking natural and holistic approaches to maintaining their well-being. Natural supplements like cod liver oil are perceived as healthier alternatives to synthetic or processed supplements, aligning with consumers’ preferences for clean-label products. Thus, the rising demand for natural supplements drives the market’s growth.
Additionally, as individuals age, they become more susceptible to various health concerns such as cardiovascular diseases, arthritis, osteoporosis, and cognitive decline. Healthcare professionals often recommend cod liver oil for its potential benefits in managing these age-related conditions, including supporting heart health, reducing inflammation in joints, improving bone density, and maintaining cognitive function. In conclusion, the senior population’s expansion is propelling the market’s growth.
However, Fish, including cod, can accumulate heavy metals such as mercury, lead, and cadmium from the environment. These contaminants pose health risks to consumers, particularly pregnant women, nursing mothers, and young children, as they can impair neurological development and cause other adverse health effects. Contamination with heavy metals is a significant concern for cod liver oil products, as they can concentrate in the oil during extraction and processing. Therefore, potential contamination concerns are hampering the growth of the market.
The market experienced supply chain disruptions due to lockdowns, travel restrictions, and logistical challenges caused by the pandemic. This led to delays in production, distribution, and availability of cod liver oil products in some regions. Retail sales of cod liver oil were negatively impacted by store closures and reduced foot traffic during lockdown periods. Also, economic uncertainties and disruptions in the supply chain led to price fluctuations in the market. Thus, the COVID-19 pandemic had a negative impact on the market.
Based on source, the market is divided into Atlantic, Arctic, and others. In 2023, the Atlantic segment garnered 53% revenue share in the market. Historically, the Atlantic Ocean has been a significant source of cod liver oil due to the abundance of cod fish in its waters. Cod liver oil is derived from the livers of codfish, which are plentiful in the cold, nutrient-rich waters of the North Atlantic. Regions like Norway, Iceland, and Newfoundland have been traditional cod fishing and processing hubs, making them key producers of cod liver oil.
Based on application, the market is segmented into dietary supplements, pharmaceuticals, nutraceuticals, and personal care & cosmetics. In 2023, the pharmaceuticals segment attained 28% revenue share in the market. Cod liver oil contains essential nutrients such as omega-3 fatty acids and vitamins A and D, demonstrating therapeutic properties. Pharmaceutical companies recognize the therapeutic potential of cod liver oil in managing various health conditions, driving demand for pharmaceutical-grade formulations..
Based on form, the market is categorized into liquid, soft gels, and capsules & tablets. The liquid segment procured 18% revenue share in the market in 2023. Liquid formulations of cod liver oil are often absorbed more quickly by the body than solid dosage forms like soft gels. This rapid absorption may be desirable for individuals seeking more immediate benefits from the nutrients present in cod liver oil, such as omega-3 fatty acids and vitamins A and D.
Free Valuable Insights: Global Cod Liver Oil Market size to reach USD 182.7 Million by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe region witnessed 45% revenue share in the market in 2023. Cod liver oil has been consumed in Europe for centuries, with a long history of traditional use as a dietary supplement and natural remedy. In many European countries, cod liver oil was traditionally given to children to support growth and development, particularly during winter when sunlight exposure and vitamin D synthesis.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 90.5 Million |
| Market size forecast in 2031 | USD 182.7 Million |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 9.3% from 2024 to 2031 |
| Number of Pages | 207 |
| Number of Tables | 359 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Source, Form, Application, Region |
| Country scope |
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| Companies Included | Lysi hf, Nestle S.A., Vital Nutrients Holdings, Inc. (North Castle Partners, LLC), Power Health Products Limited, Ito En, Ltd. (MASON VITAMINS INC.), Carlson Laboratories, Inc., WN Pharmaceuticals Ltd., NOW Health Group, Inc., and Nordic Naturals, Inc |
By Source
By Application
By Form
By Geography
This Market size is expected to reach $182.7 million by 2031.
Rising Demand for Natural Supplements are driving the Market in coming years, however, Potential Contamination Concerns restraints the growth of the Market.
Lysi hf, Nestle S.A., Vital Nutrients Holdings, Inc. (North Castle Partners, LLC), Power Health Products Limited, Ito En, Ltd. (MASON VITAMINS INC.), Carlson Laboratories, Inc., WN Pharmaceuticals Ltd., NOW Health Group, Inc., and Nordic Naturals, Inc
The expected CAGR of this Market is 9.3% from 2023 to 2031.
The Dietary Supplements segment is leading the Market by Application in 2023; thereby, achieving a market value of $75 million by 2031.
The Europe region dominated the Market by Region in 2023; thereby, achieving a market value of $79 million by 2031.
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