Description
Omega 3 supplements Market
Omega 3 supplements market to surpass USD 12.67 billion by 2030 from USD 5.62 billion in 2020 at a CAGR of 8.48% in the coming years, i.e., 2021-30.
Product Overview
Plants, nut oils, and fish, such as tuna, salmon, and halibut, as well as other marine foods like krill and algae, contain omega 3 fatty acids. Omega 3 fatty acids are a kind of essential fatty acid that is required for human health. These fatty acids are essential for brain function as well as human growth and development. Risk of Chronic illnesses such as cancer, heart disease, and arthritis are all reduced when omega 3 is consumed.
Market Highlights
Omega 3 supplements market is expected to project a notable CAGR of 8.48% in 2030
The increasing consumer awareness about the health benefits of omega 3 supplements, combined with an increase in the number of chronic diseases such as coronary heart disease and strokes, arthritis, and cancer, including prostate and colon cancer, is expected to be the major driving factor of the Omega 3 Supplement market.
Recent highlights in the Omega 3 supplements market
In October 2019, Kardio3, a combination of omega-3, vitamin K2, and phytosterols, was introduced by KD Pharma. It helps to keep lipids in check and promotes heart and bone health.
In September 2019, Epax announced a USD 35 million investment in omega-3 industry innovation over the next two years. Epax will be able to increase capacity in the omega-3 sector at its main manufacturing plant in Norway as a result of this investment. It will allow for higher concentrations of EPA and DHA without causing oxidation, resulting in fewer undesirable by-products.
Omega 3 supplements market: Segments
Fish oil segment to grow with the highest CAGR during 2020-30
Omega 3 supplements market is segmented by Source into Fish Oil, Krill Oil, Algae Oil, and Others. Among these, the Fish oil category is expected to hold the highest CAGR in the forecast period. The largest source category of the global omega 3 supplement market is projected to be fish oil. Fish include a lot of vitamins and minerals that are good for the human body. The industry is projected to increase due to the numerous benefits provided by fish oil. Furthermore, the American Heart Association suggests eating fish twice a week to meet vitamin and mineral requirements.
Infant formula segment to grow with the highest CAGR during 2020-30
Omega 3 supplements market is segmented by Application into Food & Beverage, Nutraceutical supplement, Pharmaceutical, Infant formula, and Others. Due to rising demand for omega 3 supplements for the functional development of babies and children up to two years, Infant formula is projected to dominate the market and will continue to do so during the forecast period.
Market Dynamics
Drivers
Increasing FDA approvals
The market is projected to be driven by growing demand for Omega 3 Supplements due to an aging population and the incidence of chronic diseases. The influence of newer revenue-generating strategies implemented by large corporations. The rising number of regulatory approvals has had the greatest influence on the total market’s growth in recent years, among all variables.
Increasing awareness among consumers
The COVID-19 outbreak that began in early 2020 raised consumer awareness of the need of immunity and immunity-boosting goods, which is likely to drive demand for omega fatty acid products. In the next years, increasing the inclusion of products in gummies with innovative flavors is projected to enhance product penetration among youngsters.
Restraint
Unstable fish oil prices
The cost of fish and other marine oils used to extract omega-3 is high and very unstable, which is a big problem for the industry. This issue is providing a hurdle to the omega-3 market’s expansion. Raw material prices are changing, which is affecting the omega-3 industry.
Omega 3 supplements market: Key Players
Nordic Naturals Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
NutriGold Inc.
Reckitt Benckiser Group plc
Pharma Nord B.V.
i-Health Inc.
Aker BioMarine AS
Luhua Biomarine (Shandong) Co., Ltd.
Pharmavite LLC
KD Pharma Group
NOW Foods
Omega 3 supplements market: Regions
Omega 3 supplements market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Omega 3 supplements market in North America held the largest market share in the year 2019. However, Asia-Pacific is expected to grow at the fastest rate during the forecast period, due to growing demand for the product in countries such as China, India, Singapore, South Korea, Australia, and Japan. The demand for omega 3 in this region is rising as people consume more fish oil in their regular diets and become more conscious of their health. Furthermore, increasing krill fish cultivation in the South China Sea and the Indian Ocean is expected to boost demand throughout the projection period.
Omega 3 supplements market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, Japan, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Omega 3 supplements market report also contains analysis on:
Omega 3 supplements Segments:
By Source
Fish Oil
Krill Oil
Algae Oil
Others
By Application
Food & beverage
Nutraceutical supplement
Pharmaceutical
Infant formula
Others
By End-user
Adults
Geriatric
Pregnant Women
Children
Infants
Omega 3 supplements Market Dynamics
Omega 3 supplements Market Size
Supply & Demand
Current Market Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Omega 3 supplements market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 6.09 billion
Revenue forecast in 2030 USD 12.67 billion
Growth Rate CAGR of 8.48% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD billion and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Source, application, End-user, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Nordic Naturals Inc., NutriGold Inc., Reckitt Benckiser Group plc, Pharma Nord B.V., i-Health Inc., Aker BioMarine AS, Luhua Biomarine (Shandong) Co., Ltd., Pharmavite LLC, KD Pharma Group, NOW Foods and Other Prominent Players.
Frequently Asked Questions
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