Marine Oil Market to Witness Decline in Near Term due to COVID-19 Pandemic; Steady Growth Expected Thereafter
Marine Oil Market to Account for a Valuation of US$ 2.6 Bn Towards 2030 End: Fact.MR
The global Marine Oil Market is likely to record a steady CAGR amid the assessment period of 2020-2030. The growth can be mainly attributed to increasing demand from various end use industries, particularly from regions such as East Asia where the most lucrative prospects are likely to be offered for stakeholders. However, the market will foresee a short terms effect due to COVID-19 outbreak.
“Market players are optimizing their production to decrease costs via backward integration, to conciliate for the instability in prices. Procurement of raw material, which is still inconsistent, prompt a huge demand-supply gap at the worldwide level. Procurement sources for taking out marine oil must be categorized in an organized manner, as government regulations and climatic events can make procurement straining.” says a Fact.MR analyst.
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Key Takeaways
- EMEA & South Asia & Pacific, will be contributing over 50% to the overall market share over the forecast period
- Refined marine oil will be recording a CAGR of over 4%, due to its increased application in end-use industries
- Pharmaceuticals category will attain have a notable market share, worldwide
Drivers
- Notable rise in aquaculture activities all over the world is boosting demand for marine oil
- Extensive application at the industrial level is pacing up, since end-use companies are using the oil on different fronts, such as for pet food, cosmetics, and pharmaceuticals, along with others
- Increasing demand for healthy food products for instance, as a cooking oil, and as a topping oil for several dishes, will be boosting the expansion of the market size
- Growing use of plant-based marine oil in aqua feed is boosting the growth of market
Constraints
- Fluctuating raw material cost remains the key restraining aspects to the market growth
- Obstruction in raw materials procurements due to trade restriction amid COVID-19 has widely impacted the market growth pace
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Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic has had an adverse impact on the marine oil demand in the 1st quarter of 2020. Lockdowns imposed all over several countries in 1st and 2nd quarters of 2020 have caused noteworthy decrease in demand for marine oil, worldwide. In addition, manufacturing of marine oil was further impacted due to limitation of raw materials supply. Conversely, the marine oil market is likely to gradually gain back its pre-crisis status quo when impacts of the pandemic are lessened.
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