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Market Overview:
The global omega-3 fatty acids market size was USD 1.54 billion in 2020. The global market is projected to grow from USD 1.62 billion in 2021 to USD 2.24 billion in 2028 at a CAGR of 4.80% during 2021-2028. North America dominated the omega-3 fatty acids market with a market share of 40.26% in 2020.
Omega-3 Fatty Acids Market Share, Size, & COVID-19 Impact Analysis, By Source (Concentrates, Fish Oil, Algae Oil, Krill Oil, and Other Plant Sources), Application (Dietary Supplements, Functional/Fortified Foods, Infant Formulae, Pharmaceuticals, and Animal Feed & Pet Food)
The sustained omega-3 fatty acids market growth is driven by expanding applications across multiple sectors including dietary supplements, functional foods, and pharmaceuticals. This omega-3 fatty acids market growth trend is expected to continue as consumers increasingly prioritize health and wellness products containing these essential nutrients.
List of Key Companies in the Market:
Royal DSM N.V. (Netherlands)
Evonik (Germany)
BASF SE (Germany)
Lonza (Switzerland)
Epax (Norway)
Croda International, Plc (U.K.)
Cargill, Inc. (U.S.)
Golden Omega (Chile)
Corbion (Netherlands)
Polaris (U.S.)
Segmentation:
Based on source, the market is classified into concentrates, fish oil, algae oil, krill oil, and other plant sources. Based on application, the market is divided into dietary supplements, functional/fortified foods, infant formulae, pharmaceuticals, and animal feed & pet food. The growing popularity of dietary supplements will boost the segment growth. Geographically, the market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report presents In-depth information about the challenges, opportunities, and market trends. It has elaborate details regarding the growth drivers and obstacles that the market may come across during the forthcoming years. It offers a list of the crucial factors impacting the market in every region. It has an extensive analysis of the latest trends of the market.
Source: https://www.fortunebusinessinsights.com/industry-reports/omega-3-fatty-acids-market-100248
Drivers & Restraints:
Heavy Investments in R&D to Boost Omega-3 Fatty Acids Market
The fatty acid supplement market is expanding due to several key factors:
Primary Driver: Enhanced Bioavailability:
· Continuous technical improvements in supplement delivery and absorption are fueling market growth.
· Companies are investing heavily in R&D to overcome the natural difficulty of absorbing lipid-based supplements.
· Example: Pharmako Biotechnologies developed the AquaCelle system to improve absorption.
Secondary Drivers:
· New Sources: Advanced processing techniques are making it possible to extract omega-3 from a wider variety of sources.
· Improved Product Quality: Significant effort is being made to enhance the taste, smell, and texture of fatty acid supplements, making them more appealing to consumers.
Potential Restraints:
· Despite progress, challenges related to processing and poor organoleptic properties (taste/smell) continue to be potential barriers to growth.
Regional Insights:
Growing Cognizance regarding Fatty Acids' Benefits to Propel Market in North America
In 2020, the market size in North America was USD 0.62 billion. The region is expected to account for the highest omega-3 fatty acids market share in the forthcoming years. The market's strong growth in North America might be due to growing knowledge of polyunsaturated fatty acids' beneficial health benefits. Dietary supplements and functional foods will be in high demand in this area due to the rising prevalence of lifestyle-related health issues, the aging population, hectic lifestyles, and stress factors. Veganism and vegetarianism are becoming more popular in the region, resulting in a surge in demand for omega fatty acids derived from plants. Increased demand for omega fatty acid-containing functional foods and dietary supplements has stemmed from a rising knowledge of the health advantages of polyunsaturated fatty acids among European and South American clients.
Competitive Landscape:
Adoption of Partnership Strategies by Companies to Intensify Market
Attributed to the existence of companies, such as Evonik, BASF SE, Royal DSM N.V., Lonza & Epax, the market structure is relatively consolidated. These large businesses are attempting to consolidate even further by purchasing smaller participants in the market. Partnerships, partnerships, and research and development investments are just a few of the primary measures used by these firms to further expand their market position.
Key Development:
June 2021: OmegaQuant announced the enlargement of its portfolio with the launch of the new Omega-3 Index Test for pets. With this sample collection kit, pet owners can use their veterinarian to measure their pet’s omega-3 status.
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