Global Omega-3 Product Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research
The Global Omega-3 Product Market – which grew from ~US$ 2 Bn in 2017, estimated to ~US$ 3 Bn by 2022 – is forecasted to grow further into ~US$ 4 Bn opportunity by 2028, owing to the increasing demand for supplement products from the pharmaceutical sector, growing health concerns among consumers, and health and skincare benefits. These supplements generally include liquid products, capsules, and others.
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Key Growth Drivers
- Health benefits associated with the consumption of Omega-3 is a major factor that propels the growth of the Omega-3 Products Market. Omega-3 polyunsaturated fatty acids (PUFAs) contain immune nutrients and are commonly used in the nutritional therapy of cancer patients due to their biological effects.
- According to the World Health Organization (WHO), nearly 10 million deaths in 2020 were caused by cancer disease worldwide. It was observed in the WHO study that the most common cases of cancer were lung, prostate, skin, stomach, colon, and rectum. Due to this, the rising number of cancer patients is likely to drive the demand for Omega-3 products.
- Government regulation on fishing activities to protect the fish species is expected to hamper the raw material supply. Moreover, allergies related to fish oil and complex extraction procedure is also restraining the Omega-3 Product Market growth.
- The government of India has passed a law that restricts fishing or fishing-related activities in exclusive economic zones or high sea areas. In Europe, the Common Fisheries Policy states to preserve the fish stock, protect the marine environment, and ensure economic viability. In the USA, Magnuson-Stevens Fishery Conservation and Management Act, and the Endangered Species Act states prevent overfishing, rebuild overfished stocks, increase the long-term benefit of fisheries, and ensure a safe and sustainable seafood supply.
- Omega-3 has been proven beneficial in boosting immunity to help fight COVID-19 and has increased the growth of the omega-3 product market. This is because of the growing demand for omega fatty acids foods and dietary supplements to enhance immunity. The suggestion from doctors worldwide to include immunity-boosting supplements in day-to-day life is a major contributing factor in the growth of omega-3 products.
Key Trends by Market Segment:
By Product Type: The docosahexaenoic acid (DHA) segment held the largest market share of the Global Omega-3 Product Market in 2021, owing to the rising number of heart diseases and rising concern over the healthy living.
DHA is an Omega-3 fatty acid found in cold-water fish, such as tuna, sardines, shellfish, herring, and salmon. It is also found in fish oil supplements. DHA is used for various immunity applications such as in heart disease, attention-deficit hyperactivity disorder (ADHD), depression, infant development, menstrual pain, lupus, Raynaud syndrome, and others.
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By Source: The marine source segment accounted for the largest market share in 2021, owing to fish and fish oil as the main source of Omega-3 acids.
- Fish oil and supplements contain essential acids such as DHA and EPA, which help to reduce the risk of heart diseases. Prices of Omega-3 are also depended on the extraction and processing cost of the fish. In January 2020, AlaskOmega, a fish oil manufacturing company, launched an Omega-3 concentrate powder produced from natural fish oils. The powder is used in a variety of applications such as drink powders, energy bars, baked goods, dairy products, and others.
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By Application: The supplement and functional foods segment held the largest market share in 2021, owing to the growing awareness regarding nutritional food intake among various individuals and the young generation.
- Supplements are a kind of drug or natural health products, marketed as tablets, capsules, and other various means. Functional foods are defined as a supplement that has new or fresh ingredients, resulting in enhanced function and improvement in health.
- Rising demand for Omega-3 dietary supplements due to the COVID-19 outbreak is also driving this segment. Dietary supplements can contain minerals, herbs, and many other ingredients.
By Geography: North America accounted for the largest market share within the global Omega-3 Product market in 2021, owing to regular product improvement, and houses the major global companies operating in Omega-3 products.
- American Heart Association (AHA) recommends eating 2 servings of fish per week, which will serve high Omega-3 proteins. AHA also mentioned that Omega-3 fatty acids can reduce the risk of heart diseases and strokes.
- Moreover, the presence of leading companies operating in Omega-3 supplement and dietary products, like Cargill Incorporated, Cellena Inc., Stepan, and others in the region further boosts the expansion of this market.
Competitive Landscape:
The Global Omega-3 Product Market is highly competitive with ~400 players which include globally diversified players, and regional players as well as a majority number of country-niche players having their niche in Omega-3 product manufacturing and distributing for various applications.
Country niche players constitute ~70% by type of competitors while large global players constitute ~5% of the competitors. Some of the major players in the market include Croda International Plc, BASF SA, Cargill Incorporated, Reckitt Benckiser Group PLC, Orkla Health, Aker Biomarine, DSM N.V., Cellana Inc., Stepan, Epax, among others.
Recent Developments Related to Major Players
- In October 2021, the business partnership of BASF and Cargill now includes research & development by expanding its capabilities in new markets to the existing feed enzymes distribution agreement. The companies aim to develop, produce, and sell enzyme products and solutions to reduce the waste of nutrients and improve feed efficiency for animal growth and well-being.
- In June 2021, Polaris, a raw material supplier company, launched the most concentrated plant-based microalgae oil, named Omegavie DHA 800 Sensory Qualitysilver 5 algae.
- In March 2020, Wellness Companies, a manufacturer and raw material supplier launched MSC-certified omega-3 concentrate powder, designed for use in dietary supplements, food, and beverages.
- In October 2019, Epax announced an investment of US$ 35 in upgrading its facilities and capacity in response to consumer demand for high-potency omega-3 oils.
Conclusion
The Global Omega-3 Product Market witnessed significant growth during the period 2017-2021, owing to the awareness among people regarding health and various other infectious diseases. The growth rate is expected to remain significant during the forecast period. Though the market is significantly competitive with ~400 participants, the majority of country niche players constitute a higher number of competitor types, while global players hold a significant market share.
Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks
Ken Research has recently published report titled, Global Omega-3 Product Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four regions in the Omega-3 Product Market. The revenue used to size and forecast the market for each segment is US$ billion.
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