Omega 3 Industry Overview
The global omega 3 market size is expected to reach USD 3.82 billion by 2028, registering a CAGR of 7.8% over the forecast period, according to a new report by Grand View Research, Inc. DHA and EPA can help improve brain health in children and heart health in adults, which is likely to boost the market growth. The rising scope of applications of omega 3 in pharmaceuticals is also supporting product consumption. Players are focusing on offering high-quality pharma-grade omega 3. For instance, FMC Corp.’s Epax brand offers concentrated marine omega-3 fatty acids sourced from sustainable and traceable raw materials and caters to the requirements of high-quality pharmaceutical ingredients.
The global market is characterized by the presence of prominent players, such as BASF SE, Koninklijke DSM N.V., Lonza, and Croda International Plc, which is expected to increase the competition. Players are focusing on catering to specific client requirements to widen the customer base. For instance, Crius Life Sciences have the formulation capacity of producing EPA/DHA with concentration level according to the client needs, such functionality offers a higher degree of freedom. Companies are utilizing krill oil as an alternative source to fish oil due to rising levels of contamination in fish oil. For instance, in November 2019, Aker BioMarine and Acasti Pharma signed a krill oil supply agreement to develop an innovative hypertriglyceridemia drug, using krill oil as its core ingredient.
Omega 3 Market Segmentation
Grand View Research has segmented the global omega 3 market on the basis of type, source, application, and region:
Based on the Type Insights, the market is segmented into docosahexaenoic acid (DHA), eicosapentaenoic acid (EPA), alpha-linolenic acid (ALA).
Docosahexaenoic Acid (DHA) dominated the market with a revenue share of more than 62% in 2020. DHA aids in reducing bad cholesterol and improving health conditions in individuals facing blood pressure-related concerns.
Eicosapentaenoic Acid (EPA) is expected to be the fastest-growing segment owing to its growing demand for immunity-boosting dietary supplements. EPA exhibits anti-inflammatory properties and thus improves the body’s immune response.
The European Food Safety Authority (EFSA) has recommended a daily dose of DHA/EPA for the development of infant brains and nervous systems in pregnant women and reducing the risk of heart diseases in adults.
Plant oils, such as flaxseed, walnuts, soy, leafy vegetables, clary sage seed, and hemp oils, are major sources of Alpha-Linolenic (ALA). ALA reduces clots in the blood and promotes a smooth blood pumping mechanism by reducing the plaque in arteries serving the heart.
Based on the Source Insights, the market is segmented into marine source and plant source.
The marine source segment held the largest revenue share of over 82.8% in 2020. Fish oil is the major marine source, which is mainly derived from anchovy fish.
Prices of omega 3 are dependent on the extraction and processing cost of fish oil and vary accordingly depending on the availability of anchovy fish.
Growing mercury and other contaminant levels in fish are expected to negatively affect the prices for fish oil over the forecast period.
Omega 3 is also derived from plant sources including pumpkin seeds, flaxseed oil, walnuts, soybean oil, and canola oil. The cold pressing method is used for manufacturing omega 3 oil from plant sources.
Based on the Application Insights, the market is segmented into supplements & functional foods, pharmaceuticals, infant formula, animal feed & pet food, others.
The supplement and functional foods segment dominated the market with a revenue share of 52.1% in 2020.
The rising popularity of DHA supplements among pregnant ladies as well as lactating mothers is projected to propel the product demand over the next few years.
Growing awareness regarding nutritional food intake among gym professionals and athletes is likely to promote the use of omega 3 in sports supplements and functional foods.
Pharmaceuticals are among the significantly growing application segments in the market. Omega 3 is used for improving the health of heart patients as well as in the dermatology sector owing to its scalp nourishment properties.
Omega 3 intake helps in maintaining the collagen levels of the skin, which further aids in supporting the skin structure, thereby reducing the appearance of fine lines and wrinkles.
The infant formula segment is expected to grow at the fastest CAGR over the forecast period, supported by the rising consumption of packaged baby nutrition products owing to an increasing working population.
Omega 3 DHA aids in the development of an infant's nervous system, vision, brain, and overall growth.
The inability of animals to naturally produce some of the essential fatty acids has led to an increase in the demand for omega 3 fatty acids in animal feed.
Rising demand for pet foodon account of increasing pet ownership and pet humanization is likely to support the growth of the segment.
Omega 3 Regional Outlook
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The presence of a large number of regional and global companies is projected to increase market competition. Players are focusing on offering well-differentiated products to gain market share. For instance, Aker BioMarine is one of the market differentiators on account of its product portfolio and ingredient selection.
Some prominent players in the global omega 3 market include:
Aker Biomarine Antarctic AS
Orkla Health
BASF SE
Omega Protein Corp.
GC Reiber Oils
Lonza
Croda International Plc
EPAX
BioProcess Algae, LLC
Koninklijke DSM N.V.
Order a free sample PDF of the Omega 3 Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.