Plant Based Omega-3 Supplements are Expected to Propel the Market to New Heights
The Omega-3 Market was valued at USD 2.27 Billion in 2021 and is expected to reach USD 3.86 Billion by 2028, rising at an Compound Annual Growth Rate (CAGR) 7.9 % between 2022 and 2028. Omega-3 fatty acids aid to lower the risk of heart disease and boosting skin health. These are consumed in conjunction with diet and exercise to help reduce levels of specific blood fat (triglycerides) and increase levels of "good" cholesterol (HDL). It is also used to treat excessive blood pressure and rheumatoid arthritis. Changing lifestyles, as well as an increase in chronic ailments, have all contributed to the rise of the Omega-3 Market.
Rising consumer awareness about healthy eating and the health advantages of omega-3, as well as increased investment in clinical research and development, are likely to boost the Omega-3 Market in the coming years. In addition, increased product consumption in the Active Pharmaceutical Ingredient (API) market and expanding awareness about chronic diseases are expected to enhance the industry in the approaching years. Likewise, the capacity of omega-3 to enhance immunity and prevent degenerative illnesses like arthritis and inflammatory bowel disease in cats and dogs is expected to drive the market during the forecast period. There are various constraints and problems that might stymie market expansion. Market restrictions are anticipated to be imposed by factors such as severe regulatory obstacles and greater omega-3 expenses.
Heart disease was the biggest cause of death in the United States in 2020, according to the American Medical Association, accounting for 690,882 fatalities. The Food and Drug Administration (FDA) in the United States has authorized omega-3 supplements for the treatment of people with disorders such as severe hypertriglyceridemia. The FDA has also authorized Epanova and Omtryg, which contain DHA/EPA types of omega-3 and are used as dietary supplements. Brazil is the primary driver of product demand in Central and South America, with increased demand for health supplements. Increasing investments in manufacturing facilities and R&D efforts by regional market players are expected to drive market expansion. Wiley Company, for example, launched its first omega-3 concentration powder in CSA in March 2020, without the fishy flavor or odor.
Omega-3 can be divided into three types: Docosahexaenoic acid (DHA), Eicosapentaenoic acid (EPA), and Alpha-linolenic acid (ALA). All of these are used as pharmaceutical or dietary supplements. Plant sources of omega-3 include pumpkin seeds, flaxseed oil, walnuts, soybean oil, and canola oil. For the production of omega 3 oil from plant sources, the cold pressing process is utilized. Plant sources are being considered as potential substitutes for fish oil by players. For example, Cargill introduced 'Latitude,' a plant-based sustainable alternative source of Omega-3 for fish feed applications, in October 2018. Due to increased demand for fortified food items and developments in food technology.
The market for omega-3 is expanding beyond boundaries day by day. The major regions which it covers are Asia Pacific, North America, Europe, Latin America, Middle East & Africa. North America has the greatest share of the market with 44.3% share of the Global Omega-3 Market.
The top companies in the Omega-3 Market are Koninklijke DSM N.V., Orkla Health, Aker Biomarine Antarctic AS, Omega Protein Corp, BASF SE, Lonza, GC Reiber Oils, Croda International Plc, BioProcess Algae, LLC, and EPAX.
Browse the full Report - Omega-3 Market by Type Outlook (Docosahexaenoic acid (DHA), Eicosapentaenoic acid (EPA)), by Source Outlook (Marine Source, Plant Source), by Application Outlook (Supplements & Functional Foods, Pharmaceuticals, Infant Formula, Animal Feed & Pet Food), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)