The Latin America, Middle East and Africa Cod Liver Oil Market would witness market growth of 11.0% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Cod Liver Oil Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,633.1 Thousands by 2031. The Argentina market is capturing a CAGR of 11.6% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 10.5% during (2024 - 2031).
Product formulation and delivery systems innovation drive growth and differentiation in the cod liver oil market. Manufacturers are exploring novel technologies and techniques to enhance cod liver oil supplements’ bioavailability, stability, and palatability. From emulsified liquid formulations that improve absorption to enteric-coated capsules that minimize fishy aftertaste and gastrointestinal discomfort, these innovations address common consumer concerns and improve the overall user experience.
Innovation drives the cod liver oil market, shaping product development, differentiation, and market expansion. For instance, one area of innovation lies in extraction and purification technologies to enhance the quality, purity, and potency of cod liver oil products. Manufacturers are employing advanced methods, such as molecular distillation and cold-press extraction, to extract cod liver oil from fresh fish livers while preserving its nutritional integrity and minimizing the risk of contamination with heavy metals, pollutants, and oxidation byproducts. These ultra-purified formulations offer consumers peace of mind regarding product safety and efficacy.
Pharmaceutical companies in Argentina may conduct clinical trials to validate the efficacy and safety of cod liver oil for various health indications. Good clinical results may result in regulatory approvals and support from medical authorities, further validating the use of cod liver oil as a medicinal agent and increasing its potential market share. According to the National Library of Medicine, in 2021, the pharmaceutical industry in Argentina exported USD 884 million and reported USD 10,472 million in sales to the domestic market. Thus, the increasing pharmaceutical industry and growing elderly population in the region propel the market’s growth.
Free Valuable Insights: The Worldwide Cod Liver Oil Market is Projected to reach USD 182.7 Million by 2031, at a CAGR of 9.3%
Based on Source, the market is segmented into Atlantic, Arctic, and Others. Based on Application, the market is segmented into Dietary Supplements, Pharmaceuticals, Nutraceuticals, and Personal Care & Cosmetics. Based on Form, the market is segmented into Soft Gels, Capsules & Tablets, and Liquid. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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