PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1459081
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1459081
The global market for omega-3 is estimated at USD 7.5 billion in 2024 and is projected to reach USD 14.1 billion by 2029, at a CAGR of 13.4% during the forecast period. Ongoing research and development endeavors focused on uncovering new health benefits and applications of Omega-3 fatty acids are driving innovation and expanding the market potential for Omega-3 products. Additionally, continuous advancements in Omega-3 product formulations and delivery methods, such as microencapsulation and nanoemulsions, are improving the bioavailability, taste, and stability of Omega-3 supplements, thus attracting a wider consumer base. Furthermore, with a growing aging population worldwide, there is a heightened emphasis on healthy aging and preventive healthcare, which is fueling demand for Omega-3 supplements recognized for their potential advantages in maintaining cognitive function and joint health. Collectively, these factors contribute to the ongoing growth of the Omega-3 market.
Scope of the Report | |
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Years Considered for the Study | 2024-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD) |
Segments | By Type, Source, Application, and Region |
Regions covered | North America, Europe, South America, Asia Pacific, and RoW |
"Increase in focus on preventive healthcare and innovative production technologies fuel demand for omega-3 market."
As healthcare systems increasingly emphasize preventive measures to tackle the burden of chronic diseases, there's a rising recognition of the importance of Omega-3 supplements. These supplements have garnered attention for their potential to support heart health, cognitive function, and joint health. With ongoing advancements in diagnostics and personalized medicine, early detection of health risks is becoming more feasible, allowing for targeted interventions that include Omega-3 supplementation. This convergence of preventive healthcare strategies and personalized interventions is expected to fuel the growth of the Omega-3 market as individuals seek proactive approaches to manage their health and well-being.
Innovative production technologies play a vital role in the Omega-3 market by streamlining manufacturing processes, enhancing efficiency, and boosting productivity. This enables Omega-3 manufacturers to effectively address increasing consumer demand while optimizing resource utilization and lowering production costs. Moreover, these advanced methods ensure consistent quality and purity, meeting rigorous regulatory standards and consumer expectations. As a result, consumers develop trust in the reliability of Omega-3 products, leading to repeat purchases and brand loyalty. Overall, these technological advancements drive market growth by improving efficiency, quality, diversity of products, bioavailability, and sustainability. By adapting to evolving consumer demands and leveraging emerging opportunities in the health and wellness sector, manufacturers can expand their market presence and meet the needs of a broader consumer base.
"In 2023, EPA stood as the second-largest segment within the by type of omega-3 market. "
The Omega-3 market is witnessing an increasing demand for EPA (Eicosapentaenoic Acid) owing to its well-established health advantages, notably in cardiovascular health and inflammation management. As the EPA segment claims the second-largest portion of the Omega-3 market, its rising prominence emphasizes its significance in fulfilling consumer preferences for tailored health solutions. With a growing consumer inclination towards products offering specific health benefits, EPA-rich Omega-3 supplements are gaining momentum for their potential to enhance overall well-being and address diverse health needs.
"Within the source segment, plant source is expected to grow during the forecast period constantly."
The depletion of fish stocks and the environmental repercussions of fish oil extraction are prompting consumers to seek more sustainable alternatives. Plant-based sources like algae, chia seeds, and flaxseeds offer environmentally friendly options for obtaining Omega-3 fatty acids. A growing number of individuals are embracing vegan or vegetarian lifestyles, and plant-derived Omega-3s align with their dietary preferences and ethical considerations regarding animal products. Manufacturers are continuously innovating within this sector, creating more potent and easily absorbable plant-based Omega-3 products. Examples include oils derived from microalgae and chia seed extracts encapsulated for enhanced efficacy. Investors are acknowledging the potential of this market segment, leading to heightened research and development efforts, which in turn propel further growth.
"The omega-3 market in Europe is anticipated to maintain consistent growth throughout the forecast period."
Europe's aging population, prone to age-related health issues such as cardiovascular disease and cognitive decline, is increasingly turning to Omega-3 fatty acids for potential health benefits. Regulatory bodies like the European Food Safety Authority (EFSA) have validated health claims associated with Omega-3 fatty acids, bolstering consumer confidence and facilitating marketing efforts for Omega-3 enriched products. For instance, according to the European Union (2020), the median age in the EU-27 is projected to rise by 4.5 years between 2019 and 2050, reaching 48.2 years.
By Company Type: Tier 1 - 30%, Tier 2 - 45%, Tier 3 - 25%
By Designation: CXOs - 25%, Managers - 50%, Executives - 25%
By Region: North America - 25%, Europe - 25%, APAC - 30%, South America - 10%, and RoW - 10%
Key players in this market include BASF SE (Germany), Cargill, Incorporated (US), DSM-Firmenich (Netherlands), Croda International Plc (UK), Orkla (Norway), Corbion (Netherlands), Pelagia AS (US), KD Pharma Group SA (Switzerland), GC Rieber (Norway), Cooke Aquaculture (Canada), AlgiSys Biosciences, Inc. (US), Golden Omega (Chile), Polaris (France), Nordic Naturals (US), and Now Foods (US).
The report segments the omega-3 market based on type, source, application, and region. In terms of insights, this report has focused on various levels of analyses-the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the omega-3 market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services, key strategies, contracts, partnerships, and agreements. New product launches, mergers and acquisitions, and recent developments associated with the omega-3 market. Competitive analysis of upcoming startups in the omega-3 market ecosystem is covered in this report.