GLOBAL OMEGA-3 MARKET WORTH US$9.4 BILLION BY 2026
According to a new market research report, ‘Omega-3 Market by Type (DHA, EPA, and ALA), Application (Dietary Supplements, Functional Foods & Beverages, Pharmaceuticals, Infant Formula, and Pet Food & Feed), Source (Marine and Plant), Concentration of Ingredient and Region - Global Forecasts 2016 to 2026’, published by ResearchCMFE. The total global Omega-3 product market is expected to be worth US$9.4 billion by 2026, and the North American market is expected to account for over 30% of the total revenues. The global Omega-3 product market is expected to record a CAGR of 13% from 2019 to 2026.
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The market of omega-3 is growing on account of many contributing factors. The omega-3 market has predominantly being driven by fish oil derived from anchovies and sardines the future scenario is likely to be completely different with the advent of Krill Oil, Algae-based omega-3 and omega-3 salts. The Omega-3 market is gradually shifting towards higher concentration forms of omega-3 on account of demand from omega-3 product manufacturers. This is because omega-3 products with higher concentrations offer similar health benefits of EPA and DHA, in smaller or fewer capsules or soft gels doses. Growing consumer awareness regarding the advantages of triglyceride form over ethyl ester form in terms of higher bioavailability and better absorption has led to increasing demand for omega-3 in triglyceride form. Omega-3 manufacturers are thus tapping this opportunity.
By virtue of the growing demand for Omega-3 applications in areas such as nutraceuticals, the market for Omega-3 is set on a growth curve and is sure to become a mainstream dominant nutraceutical ingredient within the next five years. However, different applications of Omega-3 require specific technical specifications, in terms of concentration level and forms like triglyceride, ethyl ester and others. Hence, extensive research and investment are needed for developing application-specific Omega-3. This makes it imperative for companies in Omega-3 value chain to work in partnership with one another.
Moreover, as the market of Omega-3 is still in the development stage, a lot of new opportunities are available for new entrants and existing players. As there are many companies present in the Omega-3 market, detailed competitive knowledge of the competitors will be crucial for the success of each company. The report provides an in-depth competitive analysis of high lighting sources of competitive advantage present in the Omega-3 market.
In the global Omega-3 market, marine segment is the largest and is expected to be the largest and fastest-growing segment from the year 2019 to 2026. The high market size of marine segment is due to extensive extraction and easy availability of fish sources such as anchovies, sardines, tuna and cod. However, on account of fluctuating fish oil prices and consumer demand trends there is a good potential for other forms of omega-3.
Early commercialization of products and high health awareness has made North America the dominant market in 2019, it accounted for over 30% share of the global Omega-3 product market. Increased research and development initiatives of North American companies have also helped them in dominating the Omega-3 market. The Asia Pacific is estimated to account for the second-largest share of the market.
The report is titled ‘Omega-3 Market by Type (DHA, EPA, and ALA), Application (Dietary Supplements, Functional Foods & Beverages, Pharmaceuticals, Infant Formula, and Pet Food & Feed), Source (Marine and Plant), Concentration of Ingredient and Region - Global Forecasts 2016 to 2026' and was published in November 2020.
Scope of the report
This report aims to identify and analyze types, products and applications of Omega-3. The report has segmented the global Omega-3 market as follows:
Omega-3 product type market
The market of Omega-3 market has been segmented in terms of product type as Docosahexaenoic acid (DHA), Eicosapentaenoic acid (EPA), Alpha-linolenic acid (ALA)
Omega-3 application market
The market of Omega-3 market has been segmented in terms of application as Functional food & beverages, Pharmaceuticals, Infant formula, Pet food & feed, others
Omega-3 Source Market
The market of Omega-3 market has been segmented in terms of source as Marine source and Plant Source
Omega-3 Market by Concentration level
The market of Omega-3 market has been segmented in terms of concentration as 18/12 (30% Omega-3) Fish Oils, Omega-3 Low Concentrate (40% to 55%), Omega-3 Medium Concentrate (60% to 80%), Omega-3 High Concentrate (above 85%)
Omega-3 Market by Geography
The market of Omega-3 market has been segmented in terms of geography as North America, Europe, Asia Pacific, South America, and ROW. Major countries have been analysed in each of these geographies
Key Companies Analysed by this report include: Cargill, BASF SE ,Orkla Health, Croda International , Lonza, KD Pharma, Corbion, GC Rieber, Epax, Pharma Marine AS, Aker Biomarine , Antarctic AS, BioProcess Algae, Koninklijke DSM N.V. amongst others
The unique insights and benefits provided by this report also include the following:
- In-depth value chain analysis
- Opportunity mapping
- Sector snapshot
- Technology landscape
- Regulatory scenario
- Patent trends
- Market trends
- Covid-19 impact analysis
- Raw material supply analysis
- Pricing trends
- Sustainability trends and environmental concerns
- Critical Success Factors
- Sources of competitive advantage
- Customer preferences
Each section will provide market data, market drivers, trends and opportunities, top-selling products, key players, and competitive outlook. This report will also provide market data in the form tables and charts for various geographic regions covering the sub-segments and micro-markets. In addition, the report also provides company profiles for each of its sub-segments.