Cod Liver Oil Market Size, Share & Industry Analysis, By Source (Atlantic, Arctic, and Others), By Application (Dietary Supplements, Pharmaceuticals, Nutraceuticals, and Personal Care & Cosmetics), By Form (Liquid, Soft Gels, and Capsules & Tablets), and Regional Forecast, 2024-2032

The global cod liver oil market size 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, exhibiting a CAGR of 9.88% during the forecast period. Europe dominated the cod liver oil market with a market share of 45.56% in 2023. Moreover, the cod liver oil market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 47.81 million by 2032, driven by increasing demand for omega-3 rich food and supplements in the country to maintain good health and manage obesity.

Cod liver oil is one of the prominently consumed types of omega-3 dietary supplements. It is increasingly consumed as a rich source of omega-3 fatty acids, vitamins, proteins, and minerals. Although consumers are gradually shifting toward plant-based omega-3 supplements as an alternative to fish oils, cod liver oil remains the main source of dietary supplements due to various formulations and high manufacturing cost challenges faced by the plant-based supplements sector. The extensive research and development activities for producing innovative products and the wide availability of fish liver oil are expected to support the industry growth. Furthermore, rapid urbanization and rising discretionary income of individuals, especially in emerging economies, are anticipated to aid market growth in the forthcoming years.

The global market was moderately affected by the COVID-19 pandemic due to unpredicted challenges in the supply chain. Hurdles in the supply chain impacted the raw material supply leading to product price volatility. However, high demand for food supplements and nutraceuticals among individuals to improve immune function and reduce health-related issues propelled the product's demand within its end-use application segments. According to the Nutrition Business Journal, U.S. supplements sales in 2020 increased nearly by USD 7.08 billion, showcasing 14.5% growth. Specialty supplements, including prebiotics, probiotics, omega-3 fatty acids, and collagen grew by 12.0% from 2019 to 2020.

Cod Liver Oil Market Trends

Inclusion of Cod Liver Oil in Sports Nutrition Products to Elevate the Market Growth

The product is a nutritious type of fish oil, possessing anti-inflammatory properties. Thus, it is most often utilized in sports nutrition. Omega-3 fatty acids are essential nutritional supplements that help boost muscle strength, reduce soreness, and aid muscle health. Thus, it is widely incorporated into nutraceuticals. Since consumers are demanding cod liver oil enriched products to support their health, the industry players emphasize developing such products. This trend is anticipated to elevate the industry's growth. For instance, in April 2022, EO3, an emerging sports and health nutrition products manufacturer, introduced a smoothie enriched with Omega-3 combining berry flavors and Norwegian cod liver oil. This product is available across the U.S. and the U.K. retail stores.

Cod Liver Oil Market Growth Factors

Rising Popularity of Omega-3 Dietary Supplements to Propel the Market Growth

Over the past decade, the prevalence of cardiovascular diseases among the general population has been growing rapidly, with omega-3 deficiency in individuals being one of the key factors responsible. Omega 3 fatty acids help to reduce the risk of heart diseases, support brain health and bone development, reduce rheumatoid arthritis symptoms, and improve eye & nerve health. According to the Health Food Manufacturers' Association (HFMA) survey 2021, more than 71% of adults consume dietary supplements such as cod liver oil in the U.K. Overall, more than 20 million consumers of all age groups consume supplements, which is up by 19% from 2019 in the U.K. Thus, the rising consumption of dietary supplements is likely to contribute to driving the cod liver oil market growth. The global demand for health and wellness products, such as dietary supplements and nutraceuticals, is increasing rapidly. Cod liver is an essential ingredient, which can be used for the production of such wellness products. Cod liver is rich in omega-3 fatty acids, vitamin A, and vitamin D, vital for improving general health and well-being.

Increasing Frequency of New Product Launch to Intensify the Market Growth

The demand for the product is rapidly increasing among multiple end-use application industries due to its nutritional properties, which has influenced the industry players to launch new products to cater to the growing demand. For instance, in June 2022, True Westfjords, an Icelandic company, introduced a cod liver oil called "Viking Tonic" under its Dropi brand, which is prepared using an ancient Viking technique.

Companies are frequently investing in digitalization to increase their consumer base. The market players focus on e-commerce and several digital channels to promote their brands and products. Several industry pioneers are developing websites that offer holistic services to consumers. These strategies are often used to reach the target audience, comprising millennials, fitness enthusiasts, and health-conscious consumers. This factor is also anticipated to support the industry growth.

RESTRAINING FACTORS

High Price of the Product to Impede Market Growth

Despite increasing demand for the product, certain factors hamper the market growth. Among others, price is one of the key factors. The product is extracted from cod fish's liver. Thus, the availability of raw materials becomes limited. The oil extracting percentage from the liver also sorts the final product's production volume. Furthermore, the production process of the product is more expensive and complex. Therefore, the product is often more expensive than other fish and fish liver oil. Price factor may have limited the product penetration, especially in developing economies.

Cod Liver Oil Market Segmentation Analysis

By Source Analysis

Atlantic Cod Fish to Emerge as the Leading Segment Owing to Vast Availability and High Oil Concentration

On the basis of source, the market is categorized into Atlantic, Arctic, and others (Pacific, Greenland, and others). The Atlantic segment held a dominant share in the market in 2021. The Atlantic cod fish is more often used as a food fish. Its liver is one of the primary sources for manufacturing fish liver oil, as its liver contains more than 50% fat. Moreover, the vast Atlantic cod harvesting throughout the North Atlantic, such as Norway, Iceland, Denmark, and Poland, offers continuous supply of raw materials for processing.

Pacific cod fish is rich in nutrients such as magnesium, vitamin B6, iron, zinc, calcium, and selenium; thus, it is often used for manufacturing dietary supplements and sports nutrition products. Moreover, it is less expensive compared to other cod fish. Thus, the segment is anticipated to expand at a considerable growth rate.

By Application Analysis

Dietary Supplements Segment Hold Major Share Backed by Increasing Consumers' Demand for Omega-3

The dietary supplements segment held the major share in the global market in 2021. The rapidly increasing number of health-conscious individuals across the world primarily supports the demand. The product offers omega-3s and vitamin A & D and supports bone health, immune system function, and cellular growth. It also helps to support the cardiovascular and mental health of consumers, owing to the high content of EPA and DHA fatty acids. Therefore, the segment is anticipated to flourish at an impeccable pace during the forecast period.

Cod fish oil is a considerable source of nutrients and contains several important therapeutic properties, which help to relieve joint stiffness associated with arthritis and promote bone health. Thus, the product's growing demand for pharmaceutical applications is likely to support the market performance. Moreover, expanding distribution channel for nutraceutical products and supplements, such as cod oil and other fish oils, is predicted to boost the market growth.

By Form Analysis

Soft Gels to Hold Major Share Due to its Convenience and Palatability

The soft gels segment is likely to hold the dominating share within the form segment in the global market. Manufacturers often encapsulate the product in soft gel capsules to mask its bad odor and taste. Moreover, affordability, convenient packaging, and higher shelf-life are the other crucial factors supporting segmental growth.

The product's liquid form is anticipated to expand with a notable CAGR and holds a significant market share. Its liquid form contains more vitamins and omega-3s than other forms. Several studies have proven that a single teaspoon of the liquid form of the product provides vitamin A (80% of the daily requirement), D (100% of the daily value), and omega-3s, including EPA (350 milligrams) and DHA (350 milligrams). The high nutritional value of liquid oil helps to meet the daily requirements of fatty acids and vitamins. Thus, consumers gravitate toward liquid variants of the oil.

REGIONAL INSIGHTS

In 2023, Europe held the largest market share and stood at USD 43.65 million. Rising consumers' health awareness and pursuit of a balanced lifestyle have created a significant demand for nutraceuticals across European countries, including Norway, Denmark, Finland, and Germany which supported the consumption of the product in Europe. The growing product acceptability, intense competition, and huge customer base have pushed brands to strive for competitive advantages through improvements with respect to product service delivery and offerings. The prominent regional players are rigorously trying to strengthen their footholds in the European market through several strategies, including base expansion, innovation, new product launches, and digital presence. Thus, these factors cumulatively contribute toward driving the market across Europe. Cod liver-based products have become popular among consumers. For instance, U.K.’s Holland and Barrett-based wellness store stated that H&B pure cod liver oil was one of the popular wellness products in the U.K. in 2023.

North America is anticipated to hold the second largest share in the market. The consumption of omega-3s may increase the metabolic rate and help to reduce body weight. A larger number of consumers facing obesity problems across North America unlock an opportunity for the product. Thus, the industry is anticipated to expand with a sizable growth rate in the region during the forecast period.

The Asia Pacific cod liver oil market is primarily driven by strong product demand from the dietary supplements and cosmetics industries. The product contains fatty acids and several other essential ingredients, which help reduce acne and promote hydration and nutrition for youthful-looking skin. Thus, it has become one of the common ingredients in personal care and cosmetics products. Furthermore, the gradual inclination toward natural skincare and cosmetics products across Asian countries supports the steady growth of the regional market. Companies are investing in adopting innovative digital campaigns to attract consumers to purchase cod liver-based products. For instance, in 2023, capsule brand Seacod launched a digital campaign named ‘ShuruwatAajSe’ to promote the consumption of cod liver-based capsules among consumers.

Over the past couple of years, infant formula consumption across South American countries has been increasing tremendously. Since fish liver oil is a rich source of EPA and DHA, it has proven to improve proper bone development among infants and kids. Hence, it is often incorporated in infant formulas to enhance its nutritional value. Thus, this factor is likely to surge the demand for omega-3 additives, including the oil extracted from cod liver for infant nutrition. 

In the Middle East & Africa, the market is expected to grow slowly throughout the forecast period. The rising disposable income and the increasing popularity of dietary supplements within this region are anticipated to lead to favorable growth opportunities for the market in the coming years.

List of Key Companies in Cod Liver Oil Market

Focusing on Product Launches to Help Companies Expand their Product Portfolio

The global market exhibits a moderately consolidated structure with the presence of a few dominant players. These key players in the industry hold a prominent share in the entire market owing to their huge clientele base, unique product offerings, strong brand loyalty, and distribution network. The industry growth will be driven by several strategies adopted by the companies such as strengthening distribution networks, new product launches, and fortifying e-commerce presence to achieve a competitive edge. Demand for fish-based alternatives for preparing omega-3 supplements is increasing. Companies are improving their supply chain traceability to help consumers know about their products before purchasing them.

For instance, in February 2022, Carlson Laboratories Inc. introduced cod liver oil in green apple flavor to the U.S. marketplace. The newly launched product provides 1,100 mg of omega-3s, vitamins A and D3 per serving for adults and 550 mg of omega-3s, vitamins A, and D3 for kids. The company says this product is derived from Arctic cod using traditional, sustainable methods.

LIST OF KEY COMPANIES PROFILED:

• 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.)

KEY INDUSTRY DEVELOPMENTS:

• January 2024: Wiley’s Finest launched Cod Liver Oil+ in new formula packages that contain vitamin D, Vitamin E and omega 3s EPA and DHA. The product helps to improve cognitive health, stress, immunity and eye health.


• May 2022: Wiley's Finest, an American omega-3 fish oil product manufacturing company, launched Cod Liver Oil Plus, an MSC-certified omega-3 with lutein, zeaxanthin, and vitamins D3 and E. This product is specially formulated to support brain health.


• January 2022:  Orkla Health, a Norwegian fish oil manufacturing company, acquired Vesterålen Marine Olje AS, a Norwegian raw material manufacturing company for the marine oil and protein industry. Orkla acquired this company to further develop its business in the region.


• May 2021:  Vesteraalens AS, a Norwegian seafood and marine ingredients company, received the ORIVO certification, evidence-based testing, and certification service to the global feed and supplement industry in 2014 for its products.


• March 2021: Nordic Natural Inc., a U.S.-based company specializing in producing healthy vitamins and supplement products, developed a custom e-commerce website collaborating with Cloud Brigade. The newly launched Chinese-language marketing website enabled the company to expand its business in the China market.


• February 2018: LYSI Iceland, one of the leading fish oil manufacturing companies, introduced two products, lemon and lemon-mint flavor cod-liver oil in the U.S. market.

REPORT COVERAGE

The research report includes quantitative and qualitative insights into the market. It also offers a detailed market analysis of the market size and growth rate for all possible market segments. Various key insights presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, regulatory scenario in critical countries, and key cod liver oil market trends.

Report Scope & Segmentation