Omega-3 Market

Omega-3 Market Growth and Forecast (2022-2027):

The size of the Omega-3 Market was USD 4.1 Billion in 2021, and it is expected to reach USD 8.6 Billion by the end of 2027, growing at a CAGR of 13.1% during the forecast period 2022 - 2027. 

Market Overview:

Increasing cases of heart-related and obesity problems in the United States are predictable to upsurge the demand for DHA. According to the American Medical Association, heart disease was the main reason for death in the United States in 2020, accounting for nearly 690,900 deaths that occurred in the U.S. The U.S. FDA has approved omega-3 supplements to cure diseases in adults, such as hypertriglyceridemia. A growing number of omega 3-related pharma products introduced by key market players, due to the increasing product application possibilities in medicines, is projected to enhance the omega-3 market growth. 

The rising consumption and R&D activities in North America of products in the pharmaceutical industry are likely to drive the regional market. In addition, increased use of improved medicines should further stimulate demand in the region. North America Omega-3 market has the largest share in the overall global market, with a revenue of 37.2%. The Industry growth in the European omega-3 market can be accredited to the increasing demand for omega-3 supplements because of the growing aging population and increasing cases of several health diseases, majorly in economies, such as France, Germany, the UK, and the Netherlands. Omega-3 market in Asia Pacific region is probable to record the highest CAGR during the period 2022 - 2027.

The most important factors accountable for augmented product consumption contain increasing incidences of Cardiovascular Diseases (CVDs) and altering dietary habits. The growing importance of immunity growth post-COVID-19 pandemic has additionally bound the powerful force for the omega-3 market. The growing presence of omega 3 ingredients in the diet to support brain and heart health is predictable to enhance the omega-3 product demand.

Companies are aggressively adopting innovative manufacturing technologies. Manufacturers are concentrating on the effective removal of eco-friendly pollutants from fish oil, reducing oxidation in its industrial process, and focusing the omega 3 content in the finishing product to promise the finest distribution of the healthy parameters of fish oil.

Since omega-3 has become increasingly popular in other applications, several works is underway to determine the effects of omega-3 on the health of babies and children. It was found to be related to positive cognitive results in childhood intake of DHA-rich formula in infantile years. For boys, the bulk of brain development takes place during gestation and the first two years of life. Babies need DHA and ARA during this time. Such nutrients are largely responsible for brain development, which is the main reason why omega-3 infant food products are being increased. As the number of workers in a household, including women, rises, parents find it difficult to track their children's health continuously. This has turned your attention to synthesis.

Recent developments in the Omega 3 Industry:

1. A majority stake in KD Pharma Bexbach GmbH was acquired in May 2013 by Caption AG to provide capital for growth. KD Pharma Bexbach GmbH is one of the leading companies known for the development, use as an ingredient for pharmaceuticals and food supplements of highly purified omega-3 fatty acids.

2. IngreVita EPA / DHA Omega-3 oil was launched in March 2015 by Cargill, Incorporated (U.S.). The company is consolidating its portfolio by incorporating the non-GMO components with the release of this drug.

3. Thanks to the purchase of ocean food in Canada in August 2014, the Royal DS Mission (Netherlands) spent US$ 30 m to extend and upgrade its production facility in Nova Scotia, Germany.

REPORT COVERAGE:

Omega-3 Market Drivers and Restraints

The Omega-3 Market size is exponentially expanding owing to the following:

• Public understanding and emphasis on preventive medicine of the health benefits of omega-3.
• Increased demand in functional foods and medications for Omega-3.
• Boost user profiling and new markets for existing applications.

Restraints of the Omega-3 Market can be:

• High initial cost of installation.
• Fisheries conservation concerns lead to low fish oil production.
• Fisheries Sustainability Issues lead to low fish oil production.
• Raw material competition and smaller catch quotas are raising the price of fish oil.

Omega-3 Market Segmentation Analysis:

By Type:

• DHA
• EPA
• ALA

By Application:

• Dietary Supplements
• Functional Foods & Beverages
• Pharmaceuticals
• Infant Formula

By Source:

• Marine
• Plant

Segmentation Insights:

The Omega-3 Markets is divided into additional and functional products, pharmaceuticals, and immediate formulae, pet & animal feeds in terms of use. Due to various consumer health benefits, rising R&D initiatives, and lower health care costs, Supplement & Functional Food Segment predominate in the global Omega-3 market. Dietary supplements help maintain adult health and nutritional adequacy and are therefore expected to increase dietary supplements ' intake of omega 3.

Babies want DHA and ARA during infancy periods. Such nutrients are largely responsible for brain development, which is the main reason why sales of omega-3 nutritional products in children are that. With a growing number of working people, including women, in a family, parents find it difficult to monitor their children's health constantly. This has turned their attention to synthetically engineered products that can improve their children's health.
 

Industry Drivers and Restraints

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Region Analysis:

Over the forecast period, Asia Pacific will report the fastest CAGR. Increasing demand for products in countries like China, India and Australia drives the region's growth. The wide use of fish oil and increased awareness of nutrition boost the demand for the product further in the daily diet. The overall market development is expected también to propel the growing cultivation of krill fish in the South China Sea and the Indian Ocean.

In the year 2020, the North America region was the largest market in the overall global market share, with a revenue of 37.2%. Numerous market players in the North American region, such as Martek Biosciences Corp., Omega Protein Corp, and Bioprocess Algae, are concentrating on Research & Developments actions to advance pharma-grade omega-3, which is fuelling the North America omega-3 market growth.

The Industry growth in the European region can be accredited to the increasing demand for omega-3 supplements because of the growing aging population and increasing cases of several health diseases, majorly in economies, such as France, Germany, the UK, and the Netherlands.

Omega-3 market in Asia Pacific region is probable to record the highest CAGR during the period 2022 - 2027. Growing consciousness about following a healthy diet and complete health safety. An increasing high birth rate and increasing population of young mothers in the Asia Pacific region are predicted to boost the demand for infant nutrition, in that way rising the consumption of nutrition products.

The omega-3 product demand in Central & South America is mainly determined by Brazil with growing demand for health supplements. Mounting funds in industrialized services and R&D actions by market companies in the North America region are expected to sustenance the growth of the omega-3 market

Key Players in the Market:

Major Key Players in the Global Omega-3 Market are

1. Aker BioMarine
2. GC Rieber Oils AS
3. Lonza
4. Axellus
5. BASF SE
6. DSM
7. Omega Protein Corporation
8. Luhua Biomarine (Shandong) Co., Ltd.
9. Croda International Plc
10. FMC Corporation

New product design and capacity expansion are the main operating approaches adopted by manufacturers.

Key Insights on Omega-3 Market:

1. The industry is driven by the increasing penetration of omega3 in the API market. This is in response to increased understanding of health care and chronic diseases, expanded scope of drug use and legislation that promote the use of drugs in formulations for children.
2. In line with this trend, main companies operating on the market are concentrating on gaining certification of their goods to optimize scope. In the last few years, the sector has also seen big acquisitions.
3. Omega-3 fatty acids have many health benefits, boosting the global omega-3 drug market and rising the need for omega-3 supplements. In the pediatric nutrition industry, Omega-3 has a significant application which is expected to drive the demand during the forecast period. Recent demand for highly effective and convenient concentrate increases the demand for omega-3 products.