Market Overview:
The global omega-3 fatty acids market size is expected to reach USD 2.24 billion by 2028, exhibiting a CAGR of 4.80% during the forecast period. The increasing awareness about the health benefits of polyunsaturated fatty acids (PUFA) can have tremendous impact on the omega-3 fatty acids market growth during the forecast period, states Fortune Business Insights in a report titled “Omega-3 Fatty Acids Market, 2021 – 2028.” The market size stood at USD 1.54 billion in 2020 and USD 1.62 billion in 2021.
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
Continuous technical advancements that improve the delivery and absorption of fatty acids in the body are fueling the market's expansion. Attributed to its bioavailability and variable absorption rate, the manufacture of lipid-based supplements remains a difficult task. Several studies have suggested that many factors might affect the body's ability to absorb omega fatty acids. The market's major companies are pouring money into research & development to create technologies that will boost omega-3 bioavailability in the body. Pharmako Biotechnologies, for example, released a novel AquaCelle self-emulsifying medication delivery system in October 2019.
Furthermore, processing techniques that allow omega-3 to be extracted from new sources will increase demand for the product. Furthermore, attempts to enhance the organoleptic qualities of fatty acids isolated from marine sources are projected to support market expansion in the future years.
However, processing related challenges and organoleptic properties may hinder market 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.