The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Marine Oil. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Marine Oil Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Marine Oil market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Marine Oil
This newly published and insightful report sheds light on Market Insights of Marine Oil, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Marine Oil Market.
Fact.MR’s report explains in detail that while EMEA and South Asia & Pacific have a strong foothold in the global marine oil market, East Asia is the region where the most lucrative opportunities will be offered for stakeholders. Across the world, refined marine oil is finding more takers, thereby aiding market expansion.
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Marine Oil Market: Competitive Analysis
The global marine oil market is moderately competitive in nature, where, tier-1 players make more than half of the global revenue.
Companies operating at the global level, such as China Fishery Group and Nissui Group, have considerably high marine oil market shares. Regional companies also have a strong foothold in their respective regions.
Due to high entry barriers and considerably low success ratio in the marine oil market, companies are generally wary before investing in this space. However, algae oil, which is in an introductory phase, has attracted the attention of several producers who are scaling up their production.
Marine oil is in high demand from end-use industries such as aqua feed and pharmaceuticals. However, the COVID-19 pandemic has impacted the global marine oil market, with significant obstruction in raw material procurement and the supply of raw material from one country to another. This reduction in supply consequently hampers production in end-use industries, thereby diminishing the growth of the global marine oil market. Nevertheless, the global marine oil market is expected to gradually recover with the resumption of activities across the globe, and reach a valuation of US$ 2.6 Bn by 2030.
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Key Takeaways from Marine Oil Market Study
- The EMEA region has a significant market share, catering to more than one third of the global marine oil market, primarily due to backward and forward integration.
- Owing to huge demand for marine oil from other end-use industries, the pharmaceuticals and others segments are expected to have a sizeable market share, globally.
- Refined marine oil is expected to progress at a CAGR of more than 4%, owing to its high usability in end-use industries.
- Increasing utility of plant-based marine oil in aqua feed is a factor fuelling the growth of the marine oil market.
- The COVID-19 pandemic will have a short-term effect on the global marine oil market.
“EPA DHA-based blended cooking oil is currently gaining traction. It can be one of the potential options to rejuvenate the maturing product life cycle,”says a Fact.MR analyst.
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More Valuable Insights on Marine Oil Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Marine Oil, Sales and Demand of Marine Oil, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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