Global Omega 3 Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Vikas Kumar
- December 18, 2021
- CONSUMER GOODS, NEWS
- Omega 3 Market, Omega 3 Market Growth, Omega 3 Market news, Omega 3 Market Report, Omega 3 Market Share, Omega 3 Market Size, Omega 3 Market Trend
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The global Omega 3 market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 10% during the forecast period (2021-2027).
A rise in the demand for functional food and healthy food is one of the prominent factors contributing to the growth of the Omega 3 markets. As per Statista, the global functional food market is expected to increase from USD 177.77 Mn in 2019 to USD 267.92 Mn by 2027. Moreover, the rising sales of functional food products are intensifying the growth of Functional Food Ingredients. According to Euromonitor 2018, Health and wellness drive the growth in the global food and beverage industry. Global sales of naturally healthy foods reached USD 253 Bn in 2017
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Functional foods ingredients offer a health benefit beyond basic nutrition for the improvement of outer or inner health. The Academy of Nutrition and Dietetics categorizes the three main functional foods such as natural products (vegetables, fruits, grains, dairy, fish, and meat), enriched or forti fied foods, and synthesized food ingredients like prebiotics. The increasing prevalence of chronic diseases is augmenting the consumer shift towards healthier food alternatives. In addition, the Rising consumer interest, and high awareness of immunity-enhancing properties of proper diet and food habits, are some of the key factors fueling the growth of the global Omega 3 market
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Moreover, the growing prevalence of diseases such as rheumatoid arthritis, heart diseases, brain stroke, diabetes, etc., is also contributing to the growth of the market. According to the International Diabetes Federation, people with diabetes are expected to increase from 382 million in 2013 to 592 million in 2035. Nearly one in ten people globally will have diabetes by 2035. Further, as reported by WHO, an increasingly aging population will accelerate cancer prevalence in the coming decades; the annual number of new cancer cases is projected to rise to 17 million by 2020, and reach 27 million by 2030, globally
The COVID-19 has also resulted in the generation of opportunities for manufacturers of health-oriented products, especially dietary supplements. The respective market has been prompted with the increase in consumer perception of these products to help maintain immunity and its efficiency in fighting the deadly virus. This in turn surges the demand for associated markets, including omega-3 products.
Based on the Type, the market is fragmented into Eicosatetraenoic acid (EPA), Docosahexaenoic acid (DHA), Alpha-linolenic acid (ALA). The EPA segment grabbed the major market share and dominated the market. Moreover, the market of this segment would proliferate in the forthcoming year. As per National Health and Medical Research Council (NHMRC) adequate intake for general health in adults to be around 90 mg of marine-sourced omega-3s for women while 160 mg of marine-sourced omega-3s for men.
Based on the Application, the market is fragmented into supplements & functional foods, infant formula, pharmaceuticals, animal feed and pet food, others. The supplements & functional foods segment grabbed the leading market share and dominated the market. A rise in the demand for healthy food and supplements is leading to the growth of this segment. Moreover, The increasing prevalence of chronic diseases is augmenting the consumer shift towards healthier food alternatives, which is adding pace to the growth of the market.
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Additionally, the report provides detailed initiatives that are being taken in the field of Omega 3. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market and grabbed major market share in 2020. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period on account of the rising disposable income coupled with the promulgating awareness about the Omega 3 among end-users.
Global Omega 3 Market Segmentation
Market Insight, by Type
- Eicosatetraenoic acid (EPA)
- Docosahexaenoic acid (DHA)
- Alpha-linolenic acid (ALA)
Market Insight, by Source
Market Insight, by Application
- Supplements & Functional Foods
- Infant Formula
- Animal Feed and Pet Food
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- BASF SE
- Aker Biomarine Antarctic AS
- Orkla Health
- Omega Protein Corp.
- GC Reiber Oils
- Croda International Plc
- BioProcess Algae, LLC
- Koninklijke DSM N.V