(Food-Beverage-News.Com, November 22, 2021 ) Omega 3 Products Market size is estimated to reach $3,700 million by 2026, growing at a CAGR of 6.1% over 2021-2026. Omega-3 fatty acids are essential nutrients that are present in certain foods such as flaxseed and fish, as well as dietary supplements such as fish oil as well as in functional foods. It is also referred to as n-3s that contains carbon–carbon double bond located three carbons from the methyl end of the chain. There are several types of omega-3 such as alpha-linolenic acid (ALA), eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA) where EPA and DHA are considered as long chain omega-3s. Omega-3 fatty acids are polyunsaturated fatty acids that are available in a variety of supplements and vitamins. The omega-3 fatty acids are also present in Cod Liver Oil that come from the liver of cod fish which contains various health benefits. Various fish types such as salmon and tuna are especially high in omega-3 fatty acids that contain docosahexaenoic Acid (DHA). Omega-3 acids such as EPA and DHA are found in dietary supplements that aid in reducing heart diseases. Growing awareness about the health among people and rising incidence of cardiovascular diseases is the major factor driving the growth of this market. Furthermore, increasing research and development activities in food and beverage industry and rising advancement in technology is set to further enhance the overall market demand for Omega-3 Products Market for the period 2021-2026.
Omega-3 Products Segment Analysis – By Type
The Omega-3 Products Market based on Type can be further segmented into Eicosapentaenoic acid (EPA), and Docosahexaenoic acid (DHA), and Alpha-linolenic acid (ALA). The Docosahexaenoic acid (DHA) segment is the major segment generating revenue in 2020. This is mainly owing to its effective support in the development of eye and nerve tissues that increases the consumption among consumers. Moreover, DHA is an important ingredient which is required among consumers of all ages as it helps to increase the memory power and supports in learning. The Eicosapentaenoic acid (EPA) segment is estimated to register the fastest CAGR of 7.5% for the period 2021-2026. This is mainly owing to the fact that EPA helps in preventing various diseases such as asthma, cancer, menstrual problems and many more that increases the adoption of EPA in food and beverage industry which in turn boosting the growth of Omega-3 Products market.
Omega-3 Products Segment Analysis – By Application
The Omega-3 Products Market based on Application can be further segmented into Supplements and Functional Foods, Pharmaceuticals, Instant Formulas, and Others. The Supplements and Functional Foods segment registers for the highest Omega-3 Products market share in 2020. This is mainly owing to the rising consumption of dietary supplements for maintaining health among consumers and growing awareness to reduce calories in diet rising the intake of omega-3 products. Moreover, growing trends of consuming sports supplements that contain omega-3 increasing the market growth. The Pharmaceuticals segment is forecasted to register the fastest CAGR of 8.1% over 2021-2026. This is mainly owing to the fact that omega-3 is used for the treatment of various diseases such as depression, cancer, Alzheimer’s, osteoporosis, and cardiovascular diseases that increases the production of omega-3 capsules in pharmaceutical industry and are thus propelling the growth of Omega-3 Products market.
Omega-3 Products Segment Analysis – By Geography
North America dominated the Omega-3 Products Market with major share of 45% in 2020. This is owing to changing dietary pattern that increases the demand of dietary supplements among consumers which contains omega-3. According to Center for Disease Control and Prevention (CDC), about 30.3 million people in U.S. are suffering from heart disease in 2019 that increases the consumption of omega-3 products among population and are boosting the growth of Omega-3 Products market.
However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 3.05% during the forecast period 2021-2026 owing to rising health consciousness among population and changing lifestyle. In India, lifestyle changes increases the prevalence of various diseases such as diabetes, blood pressure, obesity, and cardiovascular problems. So, people are adopting omega-3 supplements that are further enhancing the market growth.
Growing health consciousness among people increases the consumption of omega-3 supplements as it helps to reduce various health issues such as heart problems, cancers and many more that increases the consumption among. Moreover, American Heart Association (AHA) also recommended to consume omeg-3 products twice a week to maintain optimum omega 3 levels in the diet that increases the preference of omega-3 supplement and therefore rising the growth of the Omega-3 Products Market over the period 2021-2026.
Rising Incidence of Cardiovascular Diseases
The incidence of cardiovascular disease increases owing to changing lifestyle patterns among consumers. According to World Health Organization (WHO), about 17.9 million people die every year owing to cardiovascular diseases that increases the demand of omega supplement among consumers in order to reduce the health diseases which further boosting the growth of Omega-3 Products Market over the period 2021-2026.
COVID-19 pandemic had greatly impacted the growth of Omega-3 Products Market. During pandemic, there is a lockdown that created a disruption in the manufacturing industries owing to less availability of human resources. Moreover, production capacity also decreases among manufacturers and are negatively impacted the growth of Omega-3 Products Market.
Omega-3 Products Market Challenges
Strict Government Regulations
The factors that are set to impede the growth of the Omega-3 Products Market are the strict regulation for the approval of omega-3 supplements. Moreover, owing to regulation there is delay in manufacturing of products that is set to create hurdles for the Omega-3 Products Market.
Omega-3 Products Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Omega-3 Products Market. Omega-3 Products top 10 companies are Aker BioMarine, Axellus, BASF SE, DSM, Omega Protein Corporation, GC Reiber Oils, Wiley, Lonza, Natrol LLC, and Bionova.
In March 2020, Wiley launched its new formulations of a new omega-3 concentrate in powder form that helps consumers to get rid from various diseases which further rising the market growth.
In 2020, North America dominated the Omega-3 Products Market owing to changing dietary pattern that increases the demand of dietary supplements among consumers as it contains omega acids. Moreover, rising prevalence of heart diseases increases the consumption of omega-3 products which in turn driving the market growth.
Growing awareness about the health among people and rising incidence of cardiovascular diseases are enhancing the growth of the Omega-3 Products Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Omega-3 Products Market report.
Stringent regulation on omega-3 products is set to create hurdles for the Omega-3 Products Market.
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