What Is The Size Of Global Omega 3 Product Industry?
Global Omega 3 Product market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028.
The Omega 3 Product Market is largely driven by the increasing demand for supplement products from the pharmaceutical sector, growing health concerns among consumers, and health and skincare benefits. These supplements generally include liquid products, capsules, and others.
According to the World Health Organization (WHO), nearly 10 million deaths in 2020 were caused by cancer disease worldwide. It was observed in the WHO study that the most common cases of cancer were lung, prostate, skin, stomach, colon, and rectum. Due to this, the rising number of cancer patients is likely to drive the demand for Omega-3 products.
Government regulation on fishing activities to protect the fish species is expected to hamper the raw material supply. Moreover, allergies related to fish oil and complex extraction procedure is also restraining the Omega-3 Product Market growth.
Omega-3 has been proven beneficial in boosting immunity to help fight COVID-19 and has increased the growth of the omega-3 product market. This is because of the growing demand for omega fatty acids foods and dietary supplements to enhance immunity. The suggestion from doctors worldwide to include immunity-boosting supplements in day-to-day life is a major contributing factor in the growth of omega-3 products.
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Global Omega 3 Product Market By Product Type
The Global Omega 3 Product market is segmented by Raw Material into Docosahexaenoic acid (DHA), Eicosapentaenoic acid (EPA) and Alpha-linolenic acid (ALA).
The docosahexaenoic acid (DHA) segment held the largest market share of the Global Omega-3 Product Market in 2022, owing to the rising number of heart diseases and rising concern over the healthy living.
DHA is an Omega-3 fatty acid found in cold-water fish, such as tuna, sardines, shellfish, herring, and salmon. It is also found in fish oil supplements. DHA is used for various immunity applications such as in heart disease, attention-deficit hyperactivity disorder (ADHD), depression, infant development, menstrual pain, lupus, Raynaud syndrome, and others.
Global Omega 3 Product Market By Source
The Global Omega 3 Product market is segmented by Source into Marine Source and Plant Source.
The marine source segment accounted for the largest market share in 2022, owing to fish and fish oil as the main source of Omega-3 acids.
Fish oil and supplements contain essential acids such as DHA and EPA, which help to reduce the risk of heart diseases. Prices of Omega-3 are also depended on the extraction and processing cost of the fish. In January 2020, AlaskOmega, a fish oil manufacturing company, launched an Omega-3 concentrate powder produced from natural fish oils. The powder is used in a variety of applications such as drink powders, energy bars, baked goods, dairy products, and others.
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Global Omega 3 Product Market By Application
The Global Omega 3 Product market is segmented by Application into Supplements & Functional Foods, Pharmaceuticals, Infant Formula, Animal Feed & Pet Food and Others.
The supplement and functional foods segment held the largest market share in 2022, owing to the growing awareness regarding nutritional food intake among various individuals and the young generation.
Supplements are a kind of drug or natural health products, marketed as tablets, capsules, and other various means. Functional foods are defined as a supplement that has new or fresh ingredients, resulting in enhanced function and improvement in health.
Rising demand for Omega-3 dietary supplements due to the COVID-19 outbreak is also driving this segment.
Key Topics Covered in the Report
- Snapshot of the Global Omega-3 Product Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Omega-3 Product Market
- Historic Growth of the Overall Global Omega-3 Product Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Omega-3 Product Industry
- Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Omega-3 Product Market
- Future Market Forecast and Growth Rates of the Total Global Omega-3 Product Market and by Segments
- Market Size of Source / Application Segments with Historical CAGR and Future Forecasts
- Analysis of the Global Omega-3 Product Market
- Major Production/Supply and Consumption/Demand Hubs in Each Major Region
- Major Region-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Continent
Major Players Mentioned in the Report
- Croda International Plc
- BASF SA
- Cargill Incorporated
- Reckitt Benckiser Group PLC
- Orkla Health
- Aker Biomarine
- DSM N.V.
- Cellana Inc.
- Stepan
- Epax
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Notable Emerging Companies Mentioned in the Report
- Chambio Co., Ltd.
- Affiliate Nutra
- Makers Nutrition
- Wiley's Finest
- SMPNutra
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Omega-3 Manufacturing Companies
- Omega-3 Distributors
- Omega-3 Product Fish Oil Extracting Companies
- Potential Investors in Pharma & Wellness Product Companies
- Acid Manufacturing and Extracting Companies
- Supplements Manufacturing & Distributing Companies
- Algae and Vegetable Oil Omega-3 Extracting Companies
- Consulting Companies in the Omega-3 Product Market
- Government And Research Organizations Working in Food Industry
- PE Firms and Investment Banks Targeting Food Industry
- PE Firms and Investment Banks Targeting Healthcare Industry
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022-2028F
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2. Growing Demand for Fish Food Worldwide is Fuelling the Growth of the Omega-3 Product Market.
3. Growing Popularity of Vegetarianism Worldwide is Likely to Restraint the growth of the Omega-3 Product Market.
Key Topics Covered in the Report