Omega-3 Market is Thriving: Projected to Show Favorable Growth Worth USD 5.02 Billion in 2027

Published | 21 April 2020

According to a study conducted recently by the strategic consulting and market research firm, BlueWeave Consulting, the global omega-3 market was worth USD 3.24billion in 2020 and is further projected to reach USD 5.02billion by 2027, at a CAGR of 6.6% during the forecast period of 2021-2027. Omega-3 is used in a wide range of applications such as nutritional supplements, functional foods & beverages, pharmaceuticals, pet food, animal feed, and infant formula.

Dietary supplements are likely to witness the largest share in the market due to fast-paced and busy lifestyles. Customers prefer the consumption of the right amount of dietary supplements to make sure they get their ideal share of nutrients, and omega-3 supplements to advance their overall health. On the other hand, athletes are advised to consume omega-3 fatty acids for a healthy and fit body.

Rise in Demand for Pet Food and Animal Feed

Omega-3 in pet nutrition is rising due to its therapeutic ability to improve immunity and prevent degenerative conditions such as arthritis and inflammatory bowel disease in cats and dogs. Omega-3 is used to fortify feed, treats, and supplements for animals. It can be fed to fish and livestock to enrich the meat, eggs, and milk produced by them. For example, flaxseed is an omega-3 rich source used as a nutrient in animal feed. Manufacturers have been increasingly investing in products such as supplements and treats for pets. The pet industry is witnessing substantial growth, thereby creating lucrative opportunities for omega-3 in the global market.

More Research and Development Leading to New Source

Anchovy extracted from fish oil is the leading source of omega-3 in the market. However, many consumers do not prefer consuming fish-based omega-3 products. Therefore, fish oil manufacturers are considering a new alga, zooplankton (krill), and genetically modified (GM) plants as alternative sources to produce omega-3. To meet the rising demand for EPA & DHA, research is being conducted for developing large-scale microalgae cultivation by studying various strains to develop viable and cost-effective omega-3 products. Additionally, new algae suppliers such as Algae Biosciences (US), Aurora Algae (US), and Lonza (Switzerland) are entering the market, thus fueling the overall market growth.

Infant Nutrients to Hold the Largest Share

Omega-3 is one of the most crucial components used in baby food. According to research studies, consumption of DHA-enriched formula in infancy results in positive cognitive outcomes in childhood. The majority of brain development in infants occurs during the prenatal period and throughout the first two years of life. During these times, infants need adequate levels of DHA (Docosahexaenoic acid) and ARA (arachidonic acid) present in omega-3 to grow physically as well as mentally.  The growing demand for such nutrients is the major reason for the growing sales of omega-3 infant-nutrition products. In addition, the shift towards synthetically formulated foods, which can assist in maintaining the health of children and accelerate market growth.

Global Omega-3 Market: Regional insights

The global omega-3 market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The Asia-Pacific accounts for the largest share in the market and is likely to maintain its dominance in the upcoming period. This growth can be attributed to the rise in modern lifestyle, increasing awareness towards health and fitness, and high demand for fortified food products.

The Leading Players in the Market- Cargill, Incorporated, FMC Corporation, Croda International Plc, Royal DSM, OLVEA Fish Oils, Omega Protein Corporation, GC Rieber Oils, LuhuaBiomarine (Shandong) Co., Ltd., Pharma Marine AS, and Polaris, and other prominent players.

Key market players are formulating results-driven growth strategies by launching new products. They are also investing in research and development (R&D) and leveraging merger and acquisitions besides improving their global presence to maintain their share in the market. 

Don’t miss the business opportunity of omega-3 market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global omega-3 market size & forecast. The report promises to provide recent technology trends of the omega-3 market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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