Omega-3 Nutritional Supplements Market

The omega-3 nutritional supplement market size is estimated at $ 4.47 billion through 2019 and is expected to grow at a CAGR of 18.12% over the forecast period 2020-2025. The growth rate of the omega-3 nutritional supplement market is due to increasing consumer awareness of the health benefits of consuming omega-3 supplements in association with a growing number of chronic diseases such as coronary artery disease and stroke, arthritis and cancer including prostate and colon attributed to be the main driving force behind the omega-3 supplement industry. Omega-3 fatty acids are found in plants, nut oil and in fish, namely tuna, salmon, halibut and other seafood such as krill and algae. Omega-3 fatty acids are essential fatty acids that are necessary for human health. These fatty acids play a vital role in brain function and the growth and development of the human body. Consuming omega-3 fatty acids reduces the risk of chronic diseases like cancer, heart disease, and arthritis. Most people nowadays prefer a sedentary lifestyle, which has resulted in an increase in chronic diseases that is expected to spur market growth over the forecast period. With increasing consumer awareness of the health benefits of eating omega-3 fatty acids, increasing consumer coverage through online media and retail channels such as Amazon and Wal-Mart is expected to propel the omega-3 supplements market over the forecast period 2020-2025 .

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Source type – segment analysis

The Marine Source segment held the largest share of the market. These products are expected to see significant growth over the forecast period 2020-2025 compared to other enzyme supplements as demand for marine-based products is driven by growing consumer interest in omega-3 fatty acids derived from fish and krill oils , is driven. The increasing consumption of omega 3 in the form of fortified foods such as fish ham and fish sausages is likely to drive the segment in the next few years. The availability of various types of fish that are rich in vitamins and beneficial for the human body makes it easier for manufacturers of dietary supplements to offer diversified products. Various benefits of Fish Oil is expected to increase market growth in the forecast period 2020-2025.

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Application type segment analysis

On an application basis, the baby food segment held the largest market share in terms of sales and is expected to grow at a CAGR of 9.44%. This may be due to the growing importance of omega-3 supplements and ALA for the functional development of infants during pregnancy and the first two years after birth. DHA is a long-chain, polyunsaturated omega-3 fatty acid that makes up 97.0% of omega-3 fats in the brain and 93.0% in the retina. In addition, infant formula manufacturers have strong relationships with health care providers who in turn promote their brands in various hospitals. Governments in developed economies like the US are giving people subsidies through food stamps and a special nutritional supplement program for women, infants and children (WIC) that is expected to increase demand over the forecast period.
However, increasing demand for new health products combined with extensive research and development by food manufacturers has led to the development of omega-3 fortified dairy products, beverages, juices, baby food, bread, baked goods, processed foods and edible oils, with increasing health awareness, which should drive growth.

According to geography – segment analysis

North America dominated the omega-3 supplement market with a 39% share in 2019. Omega-3 supplement use has increased dramatically in recent years due to improved medication and better nutritional supplements are expected to drive demand in the pharmaceutical industry in the region. The increasing prevalence of chronic diseases coupled with consumer spending has facilitated the ready availability of better health solutions. Additionally, one of the most important health benefits driving its use in the pharmaceutical industry is its anti-inflammatory properties. The product’s increasing use in the treatment of depression, cardiovascular disease, cancer, osteoporosis and Alzheimer’s is expected to have a positive impact on market growth.
For the Asia-Pacific region, robust growth is expected in the forecast period due to increasing demand for the product in countries such as China, India, Singapore, South Korea, Australia and Japan. The increasing intake of fish oil in the daily diet as well as increasing health awareness increase the need for omega 3 in this region. In addition, the growing cultivation of krillfish in the South China Sea and Indian Ocean is likely to boost demand over the forecast period.

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Drivers – Omega-3 Diet Supplements Market

Increasing FDA approvals b Bode Well for the market:

The increasing demand for omega-3 supplements with the rising geriatric population and the prevalence of chronic conditions is expected to drive the market. The impact of newer strategies that large companies have adopted to generate significant revenue. Of all the factors, the increasing number of regulatory approvals in recent years has had the greatest impact on overall market growth. In June 2019, the U.S. Food and Drug Administration announced that it had approved the use of some Qualified Health Claims (QHC). The FDA announced that QHCs indicate the effects of consuming EPA and DHA on human health. Omega-3 fatty acids contain these substances and their regulated use can help reduce the risk of heart disease. This product can also reduce the risk of hypertension and coronary disease, and consuming it in controlled amounts can be of great benefit to human health and wellbeing.

Challenges – Omega-3 Supplements Market

Very unstable fish oil prices:

The greatest challenge to the market is attributed to the high and very unstable cost of fish and other marine oils used to extract omega-3s. This factor poses a challenge to the growth of the omega-3 market. Fluctuating raw material prices are weighing on the omega-3 industry. The sudden rise in the price of these raw materials is due to the increased cost of aquaculture. Feed is the main input to aquaculture and feed prices are constantly changing, making aquaculture expensive to maintain. The costs of imported or purchased fish are also increasing significantly. The rise in labor, energy and electricity costs, as well as restrictions on fishing in offshore areas, continue to slow the growth of the industry. Hence, rising commodity prices are expected to curb the growth of the omega-3 supplement market in the near future.

Outlook for the omega-3 supplement industry

Product launches, mergers and acquisitions, joint ventures and geographic expansions are key strategies used by players in the omega-3 supplements market. In 2019, the market share of omega-3 dietary supplements is split according to the ten largest players on the market. The top 10 companies in the omega-3 supplement market are Aker BioMarine, Axellus, BASF SE, Cargill, DSM, OLVEA Fish Oils, Omega Protein Corporation, GC Reiber Oils, Lonza, Croda International, and others.

Acquisitions / product launches

In October 2019, KD Pharma launched Kardio3, a blend of omega-3, vitamin K2 and phytosterols. It helps maintain healthy lipids and supports heart and bone health.

In September 2019, Epax announced that it would invest $ 35 million in innovation in its omega-3 sector over the next two years. This investment will enable Epax to have better capacity in the omega-3 sector at its main manufacturing site in Norway. It facilitates the expanded concentration of EPA and DHA without triggering oxidation, ultimately avoiding unwanted by-products.

The central theses

North America dominated the omega-3 supplement market with a 39% share in 2019.

Factors such as changing consumer lifestyles and growing concerns about health issues, particularly coronary artery disease and developmental disorders, are among the major factors that will drive the growth of the omega-3 supplements market.

The increasing penetration of the active pharmaceutical ingredient (API) market of omega 3, increasing awareness of chronic disease, expanding the scope of omega 3 and regulations favoring the use of omega 3 in infant formulas are key drivers of growth in the segment in in the forecast period 2020-2025

Related reports:

A. Omega-3 and Omega-6 market
https://www.industryarc.com/Report/16693/omega-36-market.html

B. Soy Protein Market
https://www.industryarc.com/Report/7445/soy-protein-market-analysis.html

For more reports on the food and beverage market, see https://www.industryarc.com/Domain/6/food-beverages-market-research.html

Venkat Reddy
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Email: venkat@industryarc.com
Website: https://www.industryarc.com
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This press release was published on openPR.

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