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mussel oil market

Mussel Oil Market Share, Size, Trends, Industry Analysis Report, By Application (Processed Food, Beauty & Cosmetics, Biopharmaceutical, Dietary Supplements, Pet Food & Veterinary); By Distribution Channel (Hypermarket/ Supermarket, Pharmacy, Online, Others); By Region; Segment Forecast, 2021 - 2028

  • Published Date: Oct 2021
  • Pages: 113
  • Format: PDF
  • Report ID: PM2030
  • Base Year: 2020
  • Historical Data: 2016 - 2019

Report Summary

The global mussel oil market was valued at USD 42.9 million in 2020 and is expected to grow at a CAGR of 5.1% during the forecast period. The global market is majorly driven by nutritional supplements applications as it is an excellent source of essential fatty acids. The shift in consumer preference toward nutritious food items and premium brands has propelled the mussel oil market for the product in the food industry. The burgeoning population and robust growth in the economy will boost the product demand even further.

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Mussel oil is also becoming popular as a pet food and supplement due to its various health benefits. The product is known to improve the bone growth and overall health of the animal. It is rich in iron, calcium, iodine, magnesium, selenium, iron, and vitamin B12. Mussel oil is also finding its applications in the cosmetic industry. The product is known to decrease hair loss and promote hair growth. All these factors augment the development of the mussel oil market.

The emergence of the COVID-19 pandemic is expected to hinder the growth of the market owing to the disruption in the supply chain due to the lockdown imposed in many parts of the world. The disruption in the transportation of mussel oil which is used as a key ingredient in many industries is expected to impact the growth of mussel oil-based products.

Industry Dynamics

Growth Drivers
The growth of the global market is driven by factors such as increasing demand for nutritional food supplements and the increase in prolonged diseases such as cardiovascular diseases (CVD), respiratory disease, autoimmune disorders, diabetes, and cancer owing to the rise in the geriatric population across the globe. The increasing use of the product as pet food and in cosmetics will further boost the mussel oil market growth during the forecast period.

Mussel oil has many health benefits in rheumatoid arthritis, osteoarthritis, asthma, CVD, cancer, diabetes, hypertension, and other disorders. Arthritis affects 24 million adults globally. Rheumatoid arthritis is one of the severe forms of arthritis that is seen in 1.3 million people in the U.S. alone. Asthma is one of the key health problems across the globe that affects 300 million people globally, and according to WHO, every year, 250,000 people die due to asthma. Mussel oil contains high levels of omega 3 fatty acid. Omega 3 reduces inflammation, and hence they are useful in treating autoimmune disorders and in respiratory disorders such as rheumatoid arthritis, osteoarthritis, and asthma.

It is very efficient in lowering the risk of developing cognitive disorders such as autism, cerebral palsy, and ADHD by improving brain function during early life and during pregnancy. Omega-3s are known to improve cardiac function by reducing blood pressure and raising good HDL cholesterol levels, and it also induces apoptosis of abnormal cells that reduce the risk of developing cancer. These wide ranges of health benefits associated with the product are expected to boost the mussel oil growth during the forecast period.

Many new developments have been taking place in the global market in recent years. For instance, in 2018, New Zealand-based Korure announced that it is expanding its anti-inflammatory mussel oil-based product in China. The product consists of mussel oil with extra virgin oil, and it contains Omega 3, Omega 6, Vitamin A, C, and E. In 2019, Sanford announced that it is establishing a USD 13 million marine extracts center in New Zealand to produce high-end nutritional products from mussel oil extracts.

Report Segmentation

The market is primarily segmented on the basis of application, distribution channel, and region.

By Application

By Distribution Channel

By Region

  • Processed Food
  • Beauty & Cosmetics
  • Biopharmaceutical
  • Dietary Supplements
  • Pet Food & Veterinary
  • Hypermarket/ Supermarket
  • Pharmacy
  • Online
  • Others
  • North America (U.S., Canada)
  • Europe (Austria, France, Germany, Italy, Netherlands, Spain, UK)
  • Asia Pacific (China, India, Indonesia, Japan, Malaysia, South Korea)
  • Latin America (Argentina, Brazil, Mexico)
  • Middle East & Africa (Israel, Saudi Arabia, South Africa, UAE)

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Insight by Application

The dietary supplement segment dominated the mussel oil industry and generated the highest revenue in 2020, as it is commonly used in dietary supplement products to boost the immune system of consumers. The therapeutic benefits of the products, such as enhanced mobility and bone, lung, and heart health, drive the market as a dietary supplement.

The high antioxidant properties of the oil will further propel the growth of the segment. The biopharmaceutical segment is projected to have a high growth rate. The key component of the product aids in improving various health concerns, including osteoarthritis, rheumatoid arthritis, asthma, and also minimize the risk of cardiovascular disease.

Insight by Distribution Channel

The hypermarket/supermarket segment dominated the mussel oil industry and generated the highest revenue in 2020. The surging popularity of mussels oil as nutritional supplements among consumers has expanded the availability of products in the hyper and supermarkets. The online distribution channel is anticipated to have a high growth rate during the forecast timeframe owing to the growing trend of online purchasing and selling of products across the globe. In addition, the increasing influence and popularity of e-commerce platforms and availability of a more comprehensive range of products at a discounted price will further support the segment growth.

Geographic Overview

Asia Pacific dominated the market and generated the highest revenue in 2020, owing to the increasing use of mussel oil in the countries due to the enormous health benefits of treating rheumatoid arthritis and joint-related problems. In China alone, there are 5 million people who have rheumatoid arthritis. Furthermore, the rapidly increasing cosmetics and personal care business, particularly in South Korea, is expected to drive the mussel oil demand for the product in the cosmetics industry.

Europe is anticipated to be the fastest-growing region for the global market, primarily due to the increasing awareness of the health benefits of mussel oil among people in the region. The cultivation of mussels is also increasing in this region, with Spain being one of the top producers of mussels globally, with an output of over 2,00,000 tonnes per year.

Competitive Insight

Major players in the market are investing heavily in R&D to increase the application of mussel oil in various industries. Companies are launching new products and are looking into collaborations and acquisitions to increase their presence in the global market. Some of the major players operating in the market include Aroma NZ, Bio-Mer Limited, Blackmores, ByLovely Health Ltd., ECI NATURAL HEALTH LTD, Great HealthWorks, Inc., Henry Blooms Health Products, MOXXOR LLC, Nature’s Range, Shaanxi Hongda Phytochemical Co., Ltd., Waitaki Bio, and Xtend-Life.

Mussel Oil Market Research Scope

Report Attributes

Details

Market size value in 2020

USD 42.9 billion

Revenue forecast in 2028

USD 60.4 billion

CAGR

5.1% from 2021 - 2028

Base year

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Segments covered

By Application, By Distribution Channel, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

Aroma NZ, Bio-Mer Limited, Blackmores, ByLovely Health Ltd., ECI NATURAL HEALTH LTD, Great HealthWorks, Inc., Henry Blooms Health Products, MOXXOR LLC, Nature’s Range, Shaanxi Hongda Phytochemical Co., Ltd., Waitaki Bio, and Xtend-Life.

Key Take-Away
Polaris Market Research
Mussel Oil Market Size, Share, Trends & Forecast 2028