In terms of revenue, the global Omega-3 market is expected to reach USD 3.86 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.9 % from 2022 to 2028. The Global Omega-3 Market growth is attributed to the factors such as increasing demand for dietary supplements, pet supplements, and fish feed. Moreover, the increasing demand from pharmaceutical industries, food and beverages industries is further propelling the growth of the Omega-3 Market.
- Under the application segment, the dietary supplement sub-segment is anticipated to grow at a substantial CAGR. The growth is attributed to increasing demand for omega-3 fatty acids from pharmaceutical industries as well as food and beverage industries.
- Docosahexaenoic Acid (DHA) sub-segment held a significant share of the market in 2021. Increasing demand for omega-3 fatty acids from manufacturers to produce infant formula is propelling the growth of the segment further boosting the market growth.
- North America is the largest regional segment. This is due to the presence of major key players in the region. Moreover, the increasing investments in research and development (R&D) are further likely to fuel market growth.
Some of the key players in the Omega-3 Market include - 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.
In the past few decades, the disease prevalence along with the population has been increasing at its wildest level. Moreover, the increasing awareness regarding health post-COVID-19 pandemic has further strengthened the market growth. Also, the prevalence of cardiovascular diseases is increasing the demand for omega-3 products. Furthermore, the changing trend towards the gymnasium and rising awareness about fitness in the young population is increasing the demand for dietary supplements.
Also, the demand for infant formula and pet supplements along with fish feed is increasing. These factors are increasing the demand for omega-3 fatty acids further driving the market growth over the forecast period. Additionally, increasing disposable income and higher spending powers are offering a lucrative opportunity for the market players to increase product sales by targeting consumers. This can be done by spurring awareness among the consumers regarding the need for supplements, the requirement of change in the dietary plan for aging pets, among others. Thus, consequently increasing the demand for omega-3 fatty acids and anticipated to boost the market growth in the near future.
North America projected to hold the largest market share in 2021. The market growth is attributed to increasing investments in the Research and Development (R&D) sector and the presence of major players such as Omega Protein Corp., Martek Biosciences Corp., and BioProcess Algae in the region.
Asia Pacific is anticipated to grow at the fastest Compound Annual Growth Rate (CAGR). The market growth in the region is attributed to the presence of emerging economies, increasing demand for dietary supplements, pet supplements, and infant formula among others.