Gmi Research's blog : Omega 3 Market size, share & Trends

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Over the forecasted period (2021-2028), the Omega 3 Market was projected to develop at a CAGR of 14.9%, reaching a value of USD 2,115 million in 2020.

The factors driving growth of the Omega 3 Market includes increasing prevalence of cardiovascular diseases and obesity around the world, rising demand for immunity boosting dietary supplements, growing geriatric population, expansion of the pharmaceutical industry and improvements in the living standards. According to the report published by World Health Organization (WHO), obesity worldwide has tripled since 1975, more than 340 million children and adolescents aged between 5-19, were estimated to be obese or overweight in 2016, which will accelerate the demand for Omega 3 based supplements in the approaching years. Moreover, growing adoption of advanced technologies by manufacturers, rise in the launch of innovative products, increasing awareness amongst consumers about the health benefits offered by Omega 3 and rapid urbanization, are some of the additional factors supplementing the Global Omega 3 Market. In addition, the increasing investments by major companies on research and development, strategic collaborations and partnerships between enterprises and growing population growth rates, are further contributing towards the market growth.

However, growth of the Omega 3 Market is hindered due to increasing availability of cheaper alternative products.

The major players operating in the market are Croda International Plc, Epax, BioProcess Algae, LLC, DSM, Aker Biomarine, Orkla., BASF Se, Omega Protein Corporation, and AG& VivoMega, Lonza., among others.

Based on Type, the Docosahexaenoic acid (DHA) segment is predicted to grow at a robust CAGR during the forecast period

Docosahexaenoic acid reduces bad cholesterol levels, essential for the functional development of brains in infants and enhances learning ability of individuals, are some of the factors pushing the segment’s growth.

Based on Application, the Supplements & Functional Foods segment is projected to capture the largest market share over the forecast period

Increasing consumers inclination towards adopting healthy diets, rising geriatric population across the globe and growing awareness about the health benefits of Omega 3 supplements, are propelling growth of the segment.

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

Increasing availability of Omega 3 based supplements at online platforms, presence of the companies such as Cargill and Omega Protein Corp, rising adoption of advanced technologies and high per capita incomes, are some of the important factors augmenting the Omega 3 Market size in North America.

 

Key Developments

  • In 2021, Polaris launched Omegavie DHA 800 oil derived from the microalgae Schizochytrium sp. With high concentration of 800 mg/g of DHA, which will be used to produce vegan DHA tablets or capsules.
  • In 2021, Neptune Wellness Solutions Inc., developed a latest Forest Remedies’ plant based Multi Omega 3-6-9 gummies and soft gels with a major ingredient Ahiflower. This new product will fulfil the nutrient requirement of the human body.
  • In 2021, India-based start-up OZiva introduced a new vegan Omega-3 multivitamins to fulfill the increasing demand for plant-based dietary supplements.

 

Market Segmentation

Segmentation by Type

  • Eicosapentaenoic acid (EPA)
  • Alpha-linolenic acid (ALA)
  • Docosahexaenoic acid (DHA)

Segmentation by Source

  • Plant Source
  • Marine Source

Segmentation by Application

  • Pharmaceuticals
  • Animal Feed & Pet Food
  • Infant Formula
  • Supplements & Functional Foods
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

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On: 2023-07-20 10:05:14.308 http://jobhop.co.uk/blog/17049/omega-3-market-size-share--trends

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