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.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Recent Press Releases
- Protease Inhibitors Market worth USD XX Mn in 2019
- Global Aerosol Market Expected to Reach US$ 85,121.7 Million by 2024
- Global Medical Waste Management Market Promising Growth: Projected to Grow at a CAGR of 6.1% in the Forecast Period
- Global Human Resource Outsourcing Market Booming: Projected to Touch USD 153.67 Billion by 2027, growing at a CAGR of6.18 % during the forecast period (2020 to 2027)
- Heat-Treated Steel Plates Market projecting a CAGR of 3.65% during the forecast period, 2020-2026
- Consumer awareness regarding nutritional requirement & rising population of working women flourishing the baby food market.