USD 2.25 billion
Report ID: SQSG30I2064 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 100 | Figures: 76
Omega 3 Market size was valued at USD 2.25 billion in 2021 and is poised to grow from USD 2.43 billion in 2022 to USD 4.48 billion by 2030, growing at a CAGR of 7.8% in the forecast period (2023-2030).
The rise in demand for omega-3 is highly growing because there are more cases of heart disease and the change in dietary patterns is one of the significant reasons for rise in cardiovascular diseases. The increasing importance of immunity development in the wake of the COVID-19 pandemic has helped fuel the market.
Increasing the addition of omega-3 ingredients in the diet to support heart and brain health is expected to increase product demand. The global market for dietary supplements and functional foods is seeing strong growth, largely due to increasing demand from consumers.
The growing awareness of the health benefits of polyunsaturated fatty acids and the increasing availability of technology that improves their bioavailability are major factors fuelling the growth of the global omega fatty acid ingredients market.
Omega-3 fatty acids contain a variety of plant-based oils, such as those found in nuts and oils from fish. These fatty acids are important for health and can be found in many types of seafood.
Essential fatty acids are important for human health. Omega-3 fatty acids are one type of essential fatty acid. These fatty acids are necessary for the function of the brain and for the growth and development of humans. Omega-3 fatty acids have been shown to lower the risk of chronic diseases, such as cancer, heart disease, and arthritis. Therefore, these factors will boost the demand for omega-3 in the global market.
US Omega 3 Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.25 billion
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Omega 3 Market is segmented by type, source, application, and region. By type, the Omega 3 Market is segmented into docosahexaenoic acid (DHA), eicosapentaenoic acid (EPA), and alpha-linolenic acid (ALA).
By source, the market is segmented into concentrates, fish oil, algal oil, krill oil, walnut, pumpkin seeds, soybean oil, canola oil, bean curd and others.
By application, the market is segmented into Supplements & Functional foods, Pharmaceuticals, Infant Formula, Animal Feed & Pet Food, Food & beverages, and others. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Omega 3 Market Analysis by Source
On the base of source analysis, the concentrates segment is expected to hold the largest market share. This is mainly attributed to the high percentage of EPA and DHA present in them.
Concentrates are totally clean for the most part containing 80% of EPA &DHA combined, these are the most reason why this segment is expected to display power within the forecast period.
In the production of omega-3 fatty acid fish oil was the primary source as they are rich in content. Decreasing fish population has conducted to the search for a more sustainable replacement for fishing.
Krill oil has gained more popularity in recent years as an alternative to fish sources to extract omega-3 fatty acids. Algae contain only DHA, while krill oil and fish oil contains both EPA & DHA.
Omega 3 Market Analysis by Application
One of the major factors driving the growth of this market is the increasing popularity of dietary supplements. Omega-3 fatty acids are related to heart health, mental health, and brain development in infants.
This has increased the demand for omega-3 supplements in all age groups. Functional foods are the fastest-growing application category in the market.
In the developed markets of North America and Europe, consumers are increasingly turning to functional food products such as dietary supplements to manage their health.
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The market value in North America stood at 62 million in 2022 and is predicted to grow at a CAGR of 4.71%. The growth of North American market for polyunsaturated fatty acids is due to the increasing awareness of the health benefits of these nutrients.
The increasing currency of lifestyle-related health conditions, increasing number of older people, and stress of a hectic lifestyle will create a huge demand for dietary supplements and functional food in this region.
The rising trend of veganism and vegetarianism in the region will result in huge demand for plant-based fatty acids. The recent development by the U.S. Food and Drug Administration (FDA) confirmed that these products can reduce the risk of cardiovascular conditions, thus boosting its demand in this region.
Asia Pacific has immense potential for the omega fatty acids market, and it is expected to witness growth rates higher than the global average. The increase in the market for healthcare products is due to an increased awareness of the health benefits and an increase in people's optional income. This allows people to spend more on products that promote health
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Omega 3 Market Drivers
Several Health Benefits from Consuming Omega-3 to Boost its Demand in Forecast Period
Omega 3 Market Restraints
Fish Farming’s Impact on Environment to Hamper Market Growth
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The global omega-3 market is fragmented in nature as various players are entering the global and regional markets. These players are investing in collaborations, mergers, acquisitions, and partnerships to stay ahead of the competition. They are also investing in R&D activities to expand their product portfolio and expand their consumer base.
Omega 3 Market Top players company profile
Omega 3 Market Recent Developments
Gummy Bears to Gain Massive Momentum during Forecast Period
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According to global omega-3 market report analysis, the market is expected to rise in demand in the coming years. The market is expected to go through evolution as consumer demands are changing. Investing in product portfolio expansion and marketing the products correctly can provide players with added advantages. Consumers are looking to invest in supplements that are easy to consume, ecological ethical, and is promising in its results. Therefore, players in the market need to focus on branching out and investing in R&D activities.
|Market size value in 2021||USD 2.25 billion|
|Market size value in 2030||USD 2.43 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Omega 3 Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Omega 3 Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Omega 3 Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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