Asia Pacific Omega-3 Market was calculated at USD xx billion in 2019 and is foreseen to develop up to USD xx billion by the end of 2026 with a considerable growth rate over the conjecture period 2022 - 2027. Omega-3s are a family of fats important for health, which are divided into alpha-linolenic acid, eicosapentaenoic acid, and docosahexaenoic acid. The human body cannot prepare ALA (alpha-linolenic acid), so it must be consumed. EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid) are long-chain fats that can be made from ALA in our bodies.
Increased investments by various companies to improve manufacturing capacity, strengthen R&D activities for the production of new products, increase the demand for the production of infant formulas for development and better infant growth, and increase adoption of Omega-3 fatty acids in the animal feed industry to provide improved performance are important factors that are expected to contribute to the growth of the Asia Pacific Omega-3 market during the forecast period 2022 - 2027. Excessive consumption of omega-3 leads to gastrointestinal diseases such as diarrhea, fish breath, upset stomach, and nausea, which are major factors holding back the growth of the Asia Pacific Omega-3 market.
Market Drivers and Restraints:
Increased investments by various companies to improve manufacturing capacity, strengthen R&D activities for the production of new products, increase the demand for the production of infant formulas for development and better infant growth, and increase adoption of Omega-3 fatty acids in the animal feed industry to provide improved performance are important factors that are expected to contribute to the growth of the Omega-3 market in the Asia Pacific region, during the outlook period. The importance of omega-3s in infant nutrition in the Asia-Pacific region is unprecedented; and as a result, there is a high demand for omega-3 products.
This growing demand for infant nutrition is driving the omega-3 market in the Asia-Pacific, underpinned by the health attributes it offers for prenatal and postnatal care. China and India are the world's largest consumers of infant formula, due to high birth rates in the countries. China accounted for around a third of the infant formula market in 2015, while infant formula is also the largest food segment, where the average annual delivery exceeds 25 million children.
However, excessive consumption of omega-3 leads to gastrointestinal diseases such as diarrhea, fish breath, upset stomach, and nausea, which are major factors holding back the growth of the Asia Pacific Omega-3 market. The cost of fish and other marine oils used to extract omega-3s is high and highly unstable. This factor poses a challenge to the growth of the local market. Fluctuating raw material prices negatively affects the omega-3 market. The sudden increase in the prices of these raw materials is due to the increase in the cost of aquaculture.
Food is the main input for aquaculture, and food prices are continually changing due to the high cost of maintaining aquaculture. The cost of imported or purchased fish also increases considerably. Increasing manpower, energy and energy costs and restrictions on deep-sea fishing further slow down the growth of the industry. Therefore, the increase in the prices of raw materials creates a challenge for the growth of the Asia Pacific omega-3 market.
| Metrics | Details |
|---|---|
| Market Size Available | 2022 - 2027 |
| Market CAGR | 9.3% during the forecast 2022 - 2027 |
| Market Segmentation | By Type, By Source, and By Application |
| Market Drivers |
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| Market Restraints |
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Impact of COVID-19 on Asia Pacific Omega-3 Market
The coronavirus pandemic has had a significant impact on the food sector worldwide, including all stages of the supply and value chain of various industries. Food and beverages are among the industries that are currently experiencing adverse effects of this pandemic. Production, distribution, and inventory levels across the spectrum of the food and beverage industry are expected to be affected. The affected workforce on farms, food and beverage production and processing plants, and the distribution network are analyzed to risk promoting the COVID-19, which can occur during various coordination activities. There is also a potential risk that the virus will spread through outbound products, leading to food security problems, when a trade occurs between geographic areas and different stages of the supply chain, resulting in a shortage of manpower working.
Market Segmentation:
The market segmentation for Asia Pacific Omega-3 has been divided into type, source, and application. Depending on the type, the market is divided into eicosapentaenoic acid (EPA), docosahexaenoic acid (DHA), and alpha-linolenic acid (ALA). The combination of DHA and EPA helps reduce bad cholesterol and coronary heart disease such as stroke and blood pressure, which, in turn, should boost the growth of these segments. In this sense, the higher incidence of heart disease in individuals due to an unhealthy lifestyle is likely to fuel the demand for Omega-3. Due to increased aquaculture activities, mainly in the Asia Pacific. The abundant availability of agricultural land and favorable climatic conditions should stimulate the demand for foods containing Omega-3.
In terms of application, the Asia Pacific Omega-3 market is divided into functional foods and supplements, pharmaceuticals, instant formulas, pet food, and more. The functional foods and supplements segment dominated the industry in 2019 due to the various health benefits of omega-3 fatty acids, rising R&D initiatives, and rising healthcare costs. The increasing use of dietary supplements to maintain fitness and nutrient adequacy in adults should increase Omega-3 consumption in dietary supplements. Supplements and functional foods are consumed primarily to ensure the supply of important nutritional components for the human body. The increase in the number of cardiovascular diseases due to the slow and inactive lifestyle, especially in the age group of 30 to 40 years, and fluctuating diets are the factors that should drive the importance of Omega-3 nutraceutical products in the market in the coming years.
Depending on the source, the omega-3 industry falls into two categories, namely marine sources, and plant sources. In terms of revenue, the marine source of Omega-3 fatty acids accounted for an 82.5% share in 2019 and should experience significant growth during the forecast period. Demand for marine products is fueled by growing consumer interest in Omega-3 fatty acids extracted from fish and krill oils. Increased consumption of Omega-3s in the form of fortified food products, such as fish ham and fish sausages, should stimulate the segment in the coming years. Furthermore, increasing awareness of consuming high triglycerides is expected to drive demand for omega-3 fortified foods.
Regional Analysis:
The Asia Pacific Omega-3 market has been divided by geography into China, Taiwan, South Korea, India, Japan, Australia, and New Zealand, and the rest of the Asia-Pacific. Asia-Pacific is supposed to experience considerable growth over the forecast period due to the growing demand for products in the countries mentioned above. The increased consumption of fish oil in the daily diet, as well as greater health awareness, increases the demand for Omega-3 in this region. Furthermore, the growing cultivation of krill in the South China Sea and the Indian Ocean should boost the growth of the regional market in the coming years.
Leading Company
Cargill Inc. had the largest share of the Asia Pacific Omega-3 Market in terms of sales and revenue in 2019.
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