Omega 3 Supplement Market
Omega 3 Supplement Market size is valued at $4.47Bn by 2019 and is anticipated to grow at a CAGR of 18.12% during the forecast period 2020-2025. The Omega 3 Supplement Market growth rate is attributed to the increasing consumer awareness regarding health benefits from the consumption of omega 3 supplements coupled with growing number of chronic diseases such as coronary heart diseases & strokes, arthritis, and cancer including prostate & colon are expected to be the major driving factor of Omega 3 Supplement s industry. Omega 3 fatty acids are found in plants, nut oil, and in fishes namely tuna, salmon, halibut, and in other sea foods like krill and algae. Omega 3 fatty acids are essential fatty acids that are necessary for human health. These fatty acids play a crucial role in brain functioning and growth & development of the human body. Consumption of omega 3 reduces the risks of chronic diseases such as cancer, heart diseases, and arthritis. Most of the people these days prefer sedentary lifestyle, which resulted increase in chronic diseases, which is estimated to boost the market growth over the forecast period. From rising consumer awareness regarding the health benefits by consumption of omega 3 fatty acids increasing number of consumer coverage to online media and retail channel such as Amazon and Wal-Mart is anticipated to propel the Omega 3 Supplement Market during the forecast period 2020-2025.
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Source Type – Segment Analysis
Marine source segment held the largest share in the market. These products are anticipated to witness significant growth over the forecast period 2020-2025 as compared to other enzyme supplements as demand for the marine-based products is driven by growing consumer interest in omega 3 fatty acids extracted from fish and krill oils. Rising consumption of omega 3 in the form of fortified food products, such as fish ham and fish sausages, is anticipated to drive the segment over the next few years. The availability of different types of fishes that are high in vitamins and beneficial for the human body is facilitating supplement manufacturers to offer diversified products. Various benefits offered by fish oil are expected to augment market growth over the forecast period 2020-2025.
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Application Type-Segment Analysis
On the basis of application, infant formula segment held the major share of the market in terms of revenue and is expected to grow with a CAGR of 9.44%. The reason may be attributed to the growing importance of omega 3 supplements and ALA for the functional development of infants during pregnancy and the first two years after childbirth. DHA is a long-chain polyunsaturated omega 3 fatty acid, which forms up to 97.0% of omega 3 fats in the brain and 93.0% in the retina. Furthermore, Infant formula manufacturers maintain a strong relationship with healthcare providers, who, in turn, promote their brands in various hospitals. The governments in developed economies, such as the U.S., provide people with subsidies through food stamps and special supplemental nutrition program for Women, Infants, and Children (WIC), which is anticipated to augment demand over the forecast period.
However, increasing demand for new health products coupled with extensive R&D by food product manufacturers has led to the development of omega 3 fortified dairy products, beverages, juices, baby foods, bread, baked products, processed foods, and cooking oils with growing health consciousness is likely to propel the growth.
By Geography – Segment Analysis
North America dominated the Omega 3 Supplement Market with a share of 39% in 2019. The application of Omega 3 Supplement has grown rapidly over the last few years owing to the improved medication and better health supplements are expected to drive the demand in the pharmaceutical industry in the region. The rising prevalence of chronic diseases coupled with the willingness of consumers to spend has facilitated the easy availability of better healthcare solutions. Furthermore, one of the important health benefits, which propel its use in the pharmaceutical industry, is its anti-inflammatory property. The growing use of the product to treat depression, cardiovascular diseases, cancer, osteoporosis, and Alzheimer’s disease is expected to positively impact market growth.
Asia Pacific is anticipated to witness robust growth over the forecast period, owing to rising demand for the product in countries, such as China, India, Singapore, South Korea, Australia, and Japan. Rising intake of fish oil in the daily diet, as well as increasing health awareness, are augmenting the demand for omega 3 in this region. Moreover, growing cultivation of krill fish in the South China Sea and the Indian Ocean is likely to fuel demand over the forecast period.
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Drivers – Omega 3 Supplement Market
Increasing FDA Approvals b Bode Well for Market:
With rising demand for Omega 3 Supplement with rising geriatric population and prevalence of chronic disorders is expected to drive the market. The impact of newer strategies that major companies have adopted to generate substantial revenues. Among all factors, the increasing number of regulatory approvals has had the highest impact on the growth of the overall market in recent years. In June 2019, the US Food and Drug Administration announced that it has approved the use of a few qualified health claims (QHC). The FDA announced that QHCs that state the effect of consumption of EPA and DHA on the human health. Omega-3 fatty acids are inclusive of these substances and their regulated use can help reduce chances of heart diseases. This product can also reduce the risks of hypertension and coronary diseases and their consumption in controlled amount can be of utmost help in human health and well-being.
Challenges – Omega 3 Supplement Market
Highly Unstable Fish Oil Prices:
The major challenge for the market is attributed to the cost of fish and other marine oils that are used to derive omega-3 is high and highly unstable. This factor is posing a challenge for the growth of the omega-3 market. The fluctuating prices of raw materials are adversely affecting the omega-3 industry. The sudden rise in the prices of these raw materials is due to the increase in the cost of aquaculture. The feed is the primary input for aquaculture, and the prices of feed are continuously changing due to which aquaculture is expensive to maintain. The cost of imported or purchased fish is also increasing significantly. The increase in the cost of labor, energy, and power and restrictions on fishing in high sea areas are further slowing the growth of the industry. Thus, the rising prices of raw materials are anticipated to restrain the growth of Omega 3 Supplement market in the near future.
Omega 3 Supplement Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Omega 3 Supplement Market. In 2019, Omega 3 Supplement Market share is fragmented by the top ten players present in the market. Omega 3 Supplement Market top 10 companies are Aker BioMarine, Axellus, BASF SE, Cargill, DSM, OLVEA Fish Oils, Omega Protein Corporation, GC Reiber Oils, Lonza, Croda International and others.
In October 2019, KD Pharma introduced Kardio3, which is a blend of omega-3, vitamin K2, and phytosterols. It aids in maintaining healthy lipids and supports heart and bone health.
In September 2019, Epax announced an investment of USD 35 million over the next two years for the innovation of its omega-3 sector. This investment will allow Epax to have better capacity in the omega-3 sector at its main site of production in Norway. It will facilitate the extended concentration of EPA and DHA without prompting oxidation, which will ultimately avoid unwanted by-products.
North America dominated the Omega 3 Supplement Market with a share of 39% in the year 2019.
The factors such changing consumer lifestyle and growing concerns regarding health issues, especially coronary heart diseases and developmental disorders are amongst the major factor projected to impel growth of Omega 3 Supplement Market.
Rising penetration of omega 3 in the active pharmaceutical ingredient (API) market, rising awareness regarding chronic diseases, expanding the application scope of omega 3 and regulations favoring the usage of omega 3 in infant formulations are the key factors owing to the growth in the segment during forecast period 2020-2025
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