Market Size:
The global omega-3 fatty acids market size was USD 1.54 billion in 2020. The global market is projected to grow from USD 1.62 billion in 2021 to USD 2.24 billion in 2028 at a CAGR of 4.80% during the 2021-2028.
The increasing demand for Omega-3 in pharmaceuticals and functional foods sector is creating lucrative growth opportunities for the global Omega-3 Fatty Acids Market, predicts Fortune Business Insights in their new study. The study is titled,” Omega-3 Fatty Acids Market Size, Share and Global Trend By Type (Eicosapentanoic acid (EPA), Docosahexanoic acid (DHA), Alpha-Linolenic Acid (ALA)), Source (Marine Sources, Plant Sources), Application (Dietary Supplements, Functional Foods & Beverages, Pharmaceuticals) and Geography Forecast till 2028.”
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Key players leading the Omega-3 Fatty Acids Market include,
Some of the companies operating in the global Omega-3 Fatty Acids Market are
- Croda Health Care
- Aristra Industries Inc.
- Qualitas Health
- Arjuna Natural Extracts
- Merck KGaA
- AdvoCare Pharma
- Evonik Industries
- Terravia (Solazyme)
- Seneca
- NOVASEP
- Royal DSM and Cargill Incorporated.
According to this study, the growing health concerns and subsequently changing consumption habits in favor of healthy diet are increasing the demand for specialty nutrient products such as omega-3 fatty acid and others.
Increasing Application in Infant Formulas and Dietary Supplements to Propel Demand
The increasing utilization of omega-3 fatty acids in a variety of food products is among the major factors boosting the global omega-3 fatty acids market. Omega -3 fatty acids finds applications in various products including pharmaceuticals, infant formulas, and other functional food and beverage products besides stand alone omega-3 based dietary supplements.
Segmentation
By Type
- Eicosapentanoic acid (EPA)
- Docosahexanoic acid (DHA)
- Alpha-Linolenic Acid (ALA)
By Source
- Marine Sources
- Plant Sources
By Application
- Dietary Supplements
- Functional Foods & Beverages
- Pharmaceuticals
- Other Application
Source: https://www.fortunebusinessinsights.com/industry-reports/omega-3-fatty-acids-market-100248
By Geography
Furthermore, omega-3 is good for the skin and hair. The rising awareness among consumers about the health benefits of omega-3, is boosting the global market. The rise in focus on preventive healthcare is a major driver for the market for omega-3 fatty acids. This is attributable to the increasing number of chronic disease cases worldwide.
The global omega-3 fatty acids market is expected to witness increasing demand in response to the rising incidence of lifestyle disorder. This has impelled manufacturers to develop specialty nutrition products. In addition to this, the fact that the human body cannot be synthesized to produce omega-3 fatty acids and thus require obtaining them externally is also helping the market grow at promising rates during the forecast period.
However, the market may be face restraint from certain factors such as the high cost of research and development activities of omega-3 fatty acids, sustainability issues faced by fisheries leading to low production of fish oil. In addition to that, the growing competition of raw materials collection and lower catch quotas set by governments may also hinder the growth of the global omega-3 fatty acids market during the forecast duration.
Nevertheless, opportunities such as the rising demand in developing nations and the presence of alternative sources of Omega-3 fatty acids such as plant-oil with high omega-3 content, algae oils, and stearidonic acid, are anticipated to provide lucrative growth opportunities for the market in future.
Asia Pacific to Witness Fastest Growth due to Increasing Demand from Infant Formulae Sector
Fortune Business Insights foresees the global omega-3 fatty acids market to be dominated by Europe and North America. This is because of the robust demand for supplements that caters to cardiovascular health. The percentage of mortality due to cardiovascular diseases in Europe as of 2017 statistics at the European Heart Network (EHN) is 45% and that of death in the North America is 37%. Thus, for the maintenance of cardiovascular health in these regions, supplements containing alpha-linolenic acid (ALA), eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA) are high on demand. Thus, these regions are further expected to continue dominating the market during the forecast duration.
On the other hand, Asia Pacific is expected to witness the fastest growth rates on account of the increasing demand for omega-3 fatty acids from infant formulae sector. This demand is especially high in the developing nations of China and India. Besides this, the robust sales performance of dietary supplements in developing markets of Asia Pacific will help the growth of the market in future.
KEY QUESTIONS ANSWERED:
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the market growth?
- What are the key technological and market trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
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