IMARC Group's report titled "Shark Liver Oil Market Report by Type (Deep Sea Shark, Dogfish, Basking Shark, and Others), Application (Food Industry, Textile, Pharmaceuticals, Fuel, Cosmetic and Personal Care, and Others), Distribution Channel (Direct Sales, Indirect Sales), and Region 2024-2032", The global shark liver oil market size reached US$ 148.5 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 248.9 Million by 2032, exhibiting a growth rate (CAGR) of 5.91% during 2024-2032.
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Factors Affecting the Growth of the Shark Liver Oil Industry:
- Pharmaceutical Applications:
The extensive use of shark liver oil in the pharmaceutical sector is impelling the growth of the market. Rich in alkylglycerols and squalene, shark liver oil plays a crucial role in developing immune system boosters and adjuvants in vaccine formulations. Alkylglycerols are known to enhance bone marrow activity and white blood cell production, proving essential in immunity and during chemotherapy treatments. The squalene component in the oil is used in the manufacture of adjuvants that improve vaccine efficacy by enhancing immune response. With increasing health awareness and rising pharmaceutical research and development (R&D) investments, the demand for shark liver oil is increasing.
- Cosmetic Industry Demand:
Squalene, a major compound found in shark liver oil, is highly prized for its moisturizing and antioxidant properties. This compound is integral in formulating various skincare products, including anti-aging creams, moisturizers, and protective balms. The trend of natural and organic cosmetic products further drives the demand for shark liver oil as people increasingly prefer ingredients sourced from nature. As global cosmetic giants strive to meet these consumer preferences, the demand for natural ingredients like shark liver oil is rising.
- Nutritional Supplements Sector:
The global shift towards preventive healthcare and wellness is driving the demand for dietary supplements, where shark liver oil is recognized for its health benefits. It is a rich source of vitamin A and D, which are vital for maintaining healthy skin, immune function, and bone health. The increasing awareness about the benefits of omega fatty acids, vitamins, and other essential nutrients found in shark liver oil is driving its adoption in the nutritional supplements market. As populations age and the focus on lifestyle diseases intensifies, more people are turning to supplements to maintain health and prevent illness.
Leading Companies Operating in the Global Shark Liver Oil Industry:
- Arbee Biomarine Extracts Pvt Ltd
- Bawa Fishmeal & Oil Co.
- EGAO Co. Ltd.
- KISHIMOTO SPECIAL LIVER OIL CO.
- Lýsi hf
- Norwegian Fish Oil AS.
Shark Liver Oil Market Report Segmentation:
By Type:
- Deep Sea Shark
- Dogfish
- Basking Shark
- Others
Deep sea shark represents the largest segment as it is exceptionally rich in squalene and alkylglycerols, compounds that are scarce in most terrestrial sources.
By Application:
- Food Industry
- Textile
- Pharmaceuticals
- Fuel
- Cosmetic and Personal Care
- Others
Based on the application, the market has been divided into food industry, textile, pharmaceuticals, fuel, cosmetic and personal care, and others.
By Distribution Channel:
- Direct Sales
- Indirect Sales
- Specialty Stores
- Pharmaceutical Stores
- Online Stores
- Others
On the basis of the distribution channel, the market has been bifurcated into direct sales and indirect sales (specialty stores, pharmaceutical stores, online stores, and others).
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the market is attributed to the rising awareness about the benefits of shark liver oil among the masses.
Global Shark Liver Oil Market Trends:
Technological advancements in the extraction and processing of shark liver oil are pivotal in bolstering the market growth. Enhanced extraction techniques have allowed for higher yields and purity of shark liver oil, making the final product more effective and appealing to end-users in pharmaceuticals and cosmetics. Improved processing technologies are also maintaining the integrity of sensitive compounds within the oil, ensuring they remain efficacious in final products. Additionally, innovations in encapsulation and delivery systems allow shark liver oil to be used in a wider range of products, increasing its marketability. These technological improvements not only enhance product quality but also reduce production costs, making shark liver oil more accessible to a broader market and supporting its incorporation into diverse consumer goods.
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