Yahoo Finance Omega-3 Market Size to Hit USD 3.71 Billion by 2030; Increasing Demand of Omega-3 from Functional Foods & Pharmaceuticals Will Favour Growth: The Brainy Insights
The gradual flow of information about the benefits associated with consuming food products high in omega-3 is anticipated to drive market growth during the forecast period. The algal oil segment will likely dominate the market due to the ever-increasing awareness regarding the long-term benefits of omega-3 consumption by 2030. Asia Pacific is expected to grow the fastest during the forecast period due to the shift in customer preference toward a healthy diet containing omega-3 ingredients and the usage of fish oil.
Newark, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the omega-3 market will grow the USD 2.27 billion in 2022 and reach USD 3.71 billion by 2030. In just eight years, the ever-increasing awareness relating to healthy feeding & healthy edges of polyunsaturated fatty acid among consumers, the growing product use within the Active Pharmaceutical Ingredient (API), and ever-increasing investment in clinical analysis & development area units are also helping to drive market growth. Further, the increasing awareness of chronic diseases and the increasing demand for omega-3 polyunsaturated fatty acids in functional & pharmaceutical foods are also anticipated to drive market growth during the forecast period.
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Key Insight of the Omega-3 Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the omega-3 market. Key factors favouring the growth of the omega-3 market in North America include the shifting customer preferences towards healthy food & beverages and dietary supplements, the increasing geriatric population, and the ever-increasing adoption of omega-3 from different end-use industries like personal care and pharmaceuticals products. Furthermore, the rising demand for omega-3 as an ingredient in dietary supplements, increasing disposable income, and rising investments from major players are also helping to drive market growth in this region.
The fish oil & krill oil segment is expected to augment the omega-3 market during the forecast period.
The fish oil & krill oil segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the digitalization and enhanced worldwide reach of international brands through e-commerce platforms. Also, increasing health benefits and introducing new product forms of dietary supplements are helping to propel the segment’s market growth. Furthermore, the fishes provide high nutrients & vitamins that are beneficial to the human body.
The docosahexaenoic acid (DHA) segment market size is 0.93 billion in 2022
The docosahexaenoic acid (DHA) segment is anticipated to dominate the market over the forecast period owing to the numerous rising benefits of docosahexaenoic acid in preventing and curing diseases. Further, docosahexaenoic acid (DHA) positively affects conditions such as atherosclerosis, hypertension, arthritis, depression, adult-onset diabetes mellitus, thrombosis, myocardial infarction, and some cancers. Further, by 2030, the alpha-linolenic acid (ALA) segment will likely dominate the market due to the rising importance of ALA in livestock and aqua-feed applications.
The dietary supplement segment is anticipated to dominate the market by 29.12% in 2030
The dietary supplement segment is anticipated to dominate the market in the forthcoming years, owing to the increasing customer awareness toward personal health & well-being.
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Advancement in market
For example, in 2021, Nordic Naturals Company entered the beauty category with new skin health supplements.
Market Dynamics
Driver: The increasing awareness of the health benefits of polyunsaturated fatty acids (PUFA):
The growing awareness about the omega fatty acids benefits and the importance of essential fatty acids is fuelling the demand for long-chain PUFAS. Further, the increasing use of PUFAs in place of saturated fat in dietary supplements & functional foods, rising chronic diseases, rising modernization in new products, and support from government institutions & organizations are driving the market growth. Additionally, the covid-19 epidemic has positively influenced the worldwide omega-3 industry. There has been a surge in demand for the market due to improvisation in immunity and health.
Restraint: The absence of recommended daily intake (RDI):
The competitive pricing, as well as the complicated process of producing high-quality & pure products, are the restraining factor of the market. Further, the raised regulations on fishing activities to protect fish species are also expected to hamper the market growth during the forecast period. Also, the increasing environmental, metal and hazardous pollutants in fish make them toxic for consumption, which is restraining the market growth. In addition, the growing availability of substitutes and ever-increasing side consequences like headaches, bad taste, and bad breath prevent customers from consuming docosahexaenoic acid-based products, hindering the market growth during the forecast period.
Opportunity: The technological advancements:
The increasing application of omega-3 fatty acids in pet food & pharmaceuticals, the rising spending on developing improved products by players, and favourable government business policies are driving the market growth. Additionally, the increasing public initiatives associated with fitness & health, growing health consciousness among people, and the ongoing technological improvements that raise the delivery and absorption of these substances in the body are propelling the market growth. Further, the technology delivers odorous oils in a micro-emulsified formulation that is designed to raise surface absorption. This factor is also helping to boost market growth.
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Some of the major players operating in the omega-3 market are:
• BASF SE
• DSM
• Glanbia Plc.
• Lonza Group
• SternVitamin GmbH & Co. KG
• Farbest Brands
• ADM
• BTSA Biotechnologias Aplicadas S.L.
• Adisse
• Golden Ome AS
• Huatai Biopharega
• Rabar Pty Ltd
• Kinomega Biopharm Inc.
• Polaris
• Sinomega Biotech Engineering Co. Ltd.
• Pharma Marinm
• ALGISYS LLC
• Biosearch Life
Key Segments cover in the market:
By Source:
• Algal Oil
• Fish Oil & Krill Oil
• Canola Oil
• Walnut
• Soybean Oil
• Pumpkin Seeds
• Bean Curd
• Others
By Type:
• Eicosapentaenoic Acid (EPA)
• Docosahexaenoic Acid (DHA)
• Alpha-Linolenic Acid (ALA)
By Application:
• Infant Formula
• Dietary Supplement
• Pharmaceutical
• Fish Feed
• Pet Food
• Food & Beverage
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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