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The Omega-3 Products market size is projected to increase by USD 24,313.58 million and the market size is estimated to grow at a CAGR of 8.24% between 2022 and 2027.
This Omega-3 products market report extensively covers market segmentation by product (functional food and supplements, infant nutrition, pharmaceutical, and pet food and feed), type (DHA, EPA and ALA) and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
The growing awareness of health benefits associated with Omega-3 fatty acids is driving the market growth. Omega-3 is a type of fatty acid essential to maintain good health. It has various health benefits, one of them being its ability to reduce inflammation in the body which could otherwise cause several diseases such as arthritis, diabetes, and heart disease. Studies show that due to this, it reduces blood pressure, and triglycerides, and lowers the risk of heart attacks and strokes. Regular consumption of Omega-3 is also known to boost brain function by improving the structure of brain cells which improves memory, concentration, and overall cognitive function. Some Omega-3-rich foods that provide these health benefits are fatty fish like salmon, tuna, nuts, seeds, flaxseed, and chia seed oils. and supplements like fish oil capsules and krill oil. Consequently, these factors will increase the demand for Omega-3 products and fuel the growth of the global Omega-3 products market during the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
The increasing focus on preventive healthcare and personalized nutrition is a key trend in the market. The global Omega-3 products market is facing a rise in demand as a result of growing awareness and focus on preventive healthcare and personalized nutrition. Personalized nutrition is a health and wellness approach that is tailored to meet the specific needs of the individual. Omega-3 products help address prevalent diseases like cardiovascular disease, diabetes, and cancer. With various consumers and healthcare providers alike shifting towards personalized medicine and nutrition, Omega-3 supplements have seen a rise as a key nutritional supplement.
Moreover, technological advancements have allowed a bolder approach towards personal health for individuals to take by a variety of methods. These include using tools like wearable health trackers and genetic testing and utilizing convenient online shopping platforms for purchase of personalized nutrition information and supplements. Using these tools, individuals can determine their specific nutritional requirements and plan their diet accordingly. Thus, the above-mentioned factors are expected to increase the demand for Omega-3 products, which will fuel the growth of the global Omega-3 products market during the forecast period.
The stringent regulations on Omega-3 products are challenging its market growth. Certain products could have harmful contaminants or inaccurate labeling and to address these concerns, guidelines have been set out by the FDA and European Food Safety Authority (EFSA) for Omega-3 supplements. For example, a major concern is the presence of harmful contaminants, such as mercury and polychlorinated biphenyl (PCBs), that accumulate in fish due to environmental pollution. Limits on seafood and supplements containing fish oil have been set by the FDA and any product which crosses these limits can be withdrawn from the market. Furthermore, the International Fish Oil Standards Program (IFOS), a regulatory body gives the option of third-party testing and certification to ensure omega - 3 supplements meet quality standards with regard to purity and potency.
Additionally, incorrect labeling of the supplements can mislead consumers and hence the FDA mandates supplements to have the amount and percent daily value of each nutrient labeled. Despite this, the inaccuracy may be present due to a higher proportion of less beneficial Omega-3s, like ALA, instead of EPA and DHA. Moreover, the safety of novel ingredients in Omega-3 supplements must be assessed prior to sales such as in the case of krill oil, a new and popular source of omega-3 fatty acids. The safety and efficacy of krill oil is yet to be established by the EFSA and a recommended daily intake has not been determined. Therefore, such factors will reduce the growth of the global Omega-3 products market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Omega-3 Products Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Key Offering - Unilever PLC - The company offers Omega-3 products such as Hellmanns Mayonnaise.
Key Offering - Nestle SA - The company offers Omega-3 products such as Nestle omega low-fat milk.
Key Offering - Pelagia AS - The company offers Omega-3 products such as Epax ultra concentrates.
The Omega-3 products market report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth in the DHA segment will be significant during the forecast period. DHA is a type of essential omega-3 fatty acid vital for brain development, eye health, and reduction in inflammation. One of the key causes of the increase in demand for DHA supplements is new lifestyle diseases and various health problems caused by being sedentary and having poor dietary habits. DHA supplements help address this by promoting heart health and regulating blood sugar levels. Additionally, the growing aging population who witness a decline in cognitive abilities, and higher susceptibility to diseases such as Alzheimer's and dementia can use DHA supplements to reduce the risk of these diseases. Several companies are capitalizing on this demand such as Nordic Naturals which offers a range that includes its prenatal DHA supplement for pregnant women and its supplement for kids to aid in brain development. Hence, these characteristics are expected to increase the demand for DHA, which will further propel the growth of the Omega-3 products market.
The market share growth by the functional food and supplements segment will be significant during the forecast period. Omega-3-enriched eggs, functional food is produced by feeding the chickens a diet that is rich in Omega-3 fatty acids, which are then passed on to the eggs they produce. They provide an alternative to consumers not wanting to consume supplements. Other examples of functional foods include fortified milk, bread, and breakfast cereals.
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The functional food and supplements segment was valued at USD 17,494.37 million in 2017 and continued to grow until 2021. The supplement segment of the market including fish oil capsules, liquid fish oil, and krill oil capsules has also seen significant growth. Those with a diet deficient in Omega-3 or those with specific medical conditions often take Omega-3 supplements. Fish oil capsules, made from oil extracted from salmon, mackerel, and anchovy, etc can be obtained in various potencies, and give considerable amounts of the most important Omega-3 fatty acids, EPA and DHA. Yet another example of an Omega-3 supplement is krill oil capsules which is also a more sustainable Omega-3 source than fish oil. Thus, the above-mentioned factors are expected to increase the demand for the functional food and supplement segment, which will propel the growth of the Omega-3 products market.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America has a significant share of the industrial global Omega-3 products market due to rising health customer awareness and the benefits associated with them.
Due to the widespread emergence of chronic diseases such as cancer, heart disease, stroke, diabetes, arthritis, and rising health concerns. The US is the largest market for Omega-3 products in North America. This can be seen in a growth in demand for dietary supplements, functional foods, pharmaceuticals, and infant formula. Additionally, the rising trend of plant-based diets has also resulted in an increase in demand for plant-based sources of Omega-3 fatty acids such as flaxseed, chia seeds, and hemp seeds. Besides, it has also seen a surge in growth in the pet food industry due to rising pet owners’ awareness of the health benefits of Omega-3 products for their pets. Thus, the above-mentioned factors are expected to increase the demand for Omega-3 products, which will fuel the growth of the regional Omega-3 products market during the forecast period.
In 2020, the COVID-19 outbreak resulted in Omega-3 export prohibition from countries such as China, South Korea, and Vietnam. However, in 2020, US seafood harvesters, processors, and trade organizations requested USD 4 billion as government relief for the fishery sector. These measures positively impacted the regional Omega-3 products market in 2020. Furthermore, after the vaccine introduction, reduction in COVID-19 cases, and lifting of trade restrictions, exports of Omega-3 exports from foreign countries recovered. Henceforth, these factors are expected to support the growth of the regional Omega-3 products market during the forecast period.
The Omega-3 products market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Omega-3 Products Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.24% |
Market growth 2023-2027 |
USD 24,313.58 million |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
7.21 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aker BioMarine ASA, Amway Corp., Archer Daniels Midland Co., BASF SE, Cargill Inc., Cooke Aquaculture Inc., Croda International Plc, GC Rieber AS, Golden Omega S.A., Herbalife International of America Inc., Inner Mongolia Mengniu Dairy Co., Ltd., Koninklijke DSM NV, Lonza Group Ltd., Natures Crops International, Nestle SA, Orkla ASA, Pelagia AS, Quadra Chemicals Ltd., Reckitt Benckiser Group Plc, and Unilever PLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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