Increasing consumer awareness about the health benefits of omega-3 has significantly contributed to the growth of the omega-3 market.
The global omega-3 market size is estimated to be valued at USD 4.1 billion in 2019 and is projected to be worth USD 8.5 billion by 2025, recording a CAGR of 13.1% during the forecast period. The growing demand for food fortification, increase in application profiling, and innovative product technologies shall drive the growth of the global omega-3 market over the next few years. Due to the increasing trend of mother and infant nutrition products, consumption of omega-3 fatty acids improve the performance. The omega-3 market is projected to record significant growth during the forecast period. In addition, due to the rise in health awareness among consumers, omega-3-based dietary supplement products are projected to witness high demand in the market.
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The key players in this market include Cargill (US), BASF (Germany), DSM (Netherlands), Croda International (UK), and Epax (Norway). New product and technology launches, expansions & investments, agreements, and partnerships were some of the core strengths of the leading players in the omega-3 market. These strategies were adopted by the key players to increase their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios. Some of the other players in the omega-3 market include Lonza (Switzerland), Orkla Health (Norway), Corbion (Netherlands), KD Pharma (Germany), GC Rieber (Norway), Guangdong Runke Bioengineering (China), Nordic Naturals (US), Golden Omega (Chile), Biosearch Life (Spain), Pharma Marine (Norway), Polaris (France), Sinomega (China), Kinomega (China), and Huatai Biopharm (China).
The dietary supplements segment in the omega-3 market is projected to be the largest, while infant formula is projected to be the fastest-growing segment by 2025. Dietary supplements are concentrated sources of nutrients or other substances with a nutritional or physiological effect, alone, in combination, or marketed in pharmaceutical dosage form and administered orally. Many European countries have adopted highly restrictive Codex Alimentarius or Food Code standards for dietary supplements that eliminate the ability of consumers to purchase dietary supplements in therapeutic dosages. Omega-3 products are increasingly finding applications in new products, such as cereals, bakery products, and juices.
The marine segment in the market is projected to be the larger and faster-growing segment by 2025. EPA and DHA are synthesized by unicellular marine organisms, such as algae and planktons. The consumption of these organisms accumulates omega-3 fatty acids in the body. The major marine source for omega-3 acids is fish oil. According to the Global Organization for EPA and DHA Omega-3s (GOED), anchovies and sardines are rich in omega-3 fatty acids and led the market in 2014 with a share of 80%, followed by tuna and cod, accounting for a share of 10%.
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The omega-3 market in Asia Pacific is projected to witness high growth due to rising awareness about its health benefits and increasing disposable income of the population in the Asia Pacific countries. With the growing inclination toward healthy aging in the region, the adult population prefers consuming dietary supplements, including omega-3, as per the recommendations by the Global Organization for EPA & DHA Omega-3 (GOED). Moreover, in Asia Pacific countries, the governments are also focusing on and promoting fortified foods, and many big brands such as BASF (Germany) and Croda International (UK) have expanded their operations in these countries to cater to the growing demand for omega-3.
Key manufacturers prefer expanding in the Asia Pacific region, as it provides cost-effective benefits during production and processing. The high demand for omega-3 and low cost of production are the major factors that are projected to encourage suppliers and manufacturers to invest in this market. In addition, Asia Pacific has the highest growth potential due to factors such as high economic growth and the increase in income of individuals in the region. The high population growth and increase in FDI are factors that are driving the growth of the omega-3 market.
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