Cod Liver Oil Market -Overview
Healthcare practitioners and specialists are expanding their endorsements for the consumption of cod liver oil, and as a result, there has been a momentous increase in consumption. As per an MRFR report, the market is estimated to gain an income base of USD 550.8 million with a CAGR of 5.10% by the end of 2024.
The Peruvian anchovy is widely available in the form of fish oil for capsules and feeding and fishmeal and aqua-feeds, which is a significant driver for the global market. Consumption and recommendations have increased, which is one of the primary reasons the cod liver oil market would thrive over the projection period.
Segmental Analysis
The segmental scrutiny of the cod liver oil market is conducted based on product, region, and distribution channel. Based on the product, the cod liver oil market includes powders, liquids, gels, and others such as tablets, capsules, and soft chewable. Based on region, the cod liver oil market includes Europe, North America, Asia-Pacific, and the rest of the world. Based on the distribution channel, the cod liver oil market includes store-based and the non-store-based channels
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Detailed Regional Analysis
The regional examination of the cod liver oil market includes Europe, North America, Asia-Pacific, and the rest of the world. Europe leads the industry, followed by North America, owing to the rapid awareness of the benefits of a healthy lifestyle. Furthermore, the United States tops the cod liver oil business in North America. The APAC will expand to become the region with the largest market share during the projection period. The booming population in this region promotes awareness of market products and the audience’s dependency on these products. Many other reasons, such as doctors prescribing cod liver oil and its application in pharmaceutical and medical businesses, add to the availability of ample opportunities in the APAC area during the projection period. In emerging nations such as China and India, urbanization increases the number of working women, which leads to the consumption of processed foods with low nutritional value. Women take dietary supplements such as cod liver oil to complement their nutritional intake.
Competitive Analysis
The restructuring of the market’s fundamental operations is expected to impact the market shortly. The upsurge in innovative technologies in the global supply chain is estimated to generate opportunities during the forecast period. The market is projected to witness an improvement in growth cues in the near future. The reclaimed market potential is projected to augment the worldwide market’s progress. The mindset of hypervigilance in the aftermath of the pandemic is intended to guide market decisions throughout the projected period. The market’s production stability is predicted to be variable. Each manufacturer is expected to make microeconomic decisions to ensure long-term business growth and continuity during the forecast timeframe. The essential policies being developed by government bodies worldwide are thought to have a powerful role in the global advancement of the market. The COVID-19 pandemic’s drastic changes in the global financial intermediation structure are believed to influence how firms acquire finance in the comparable period.
The renowned companies in the cod liver oil market are Twinlab Corporation. (U.S.), Seven Seas Ltd (U.K.), Nordic Naturals, Inc. (U.S.), Mason Vitamins (U.S.), LYSI hf (England), Country Life, LLC (U.K.), and Power Health (U.S.).
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Industry Updates:
Dec 2021 The Food Safety Authority of Ireland (FSAI) has issued a recall notice for 31 Boots own brand items due to pesticide contamination. The use of ethylene oxide in foods sold in the European Union is prohibited. Zinc, cod liver oil, folic acid, turmeric supplements, lifestyle supplements (including vegan choices), multivitamins, and immune defense supplements are among the items on the list.
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