The global algae omega 3 ingredient market size was valued at USD 6.4 Billon in 2022 and is likely to reach USD 15.85 Billion by 2031, expanding at a CAGR of 6.40% during 2023–2031. The growth of the market is attributed to rising demand for algae omega-3 ingredients in various applications, such as food & beverages and dietary supplements.
Algae is the common name for a group of photosynthetic eukaryotic organisms. Algae omega-3 ingredients can be found in spirulina and chlorella products, shellfish, marine spices, and turquoise seaweed. These ingredients have high nutritional value in terms of protein content. Algae omega-3 ingredients are composed of essential fatty acids that are beneficial for the health of brain, eyes, and heart.
Omega-3 oils are essential fatty acids that have a broad range of health benefits. This, in turn, has increased its end-user applications such as dietary supplements, infant nutrition, functional food and beverages, and pharmaceutical and clinical nutrition.
Algal oil is gaining high traction among vegans and people who wants a source of long-chain omega-3 fatty acids (EPA and DHA). Moreover, it does not pose the risk of contamination with pollutants, such as polychlorinated biphenyls.
Algae Omega 3 Ingredient Market Trends, Drivers, Restraints, and Opportunities
- Growing consumer preference for healthy lifestyle is one of the major drivers that is contributing to the growth of the global algae omega 3 ingredient market.
- Increasing disposable income is expected to augment the market growth.
- Lack of awareness about the benefits of algae omega 3 ingredients can restrain the growth of the market.
- The outbreak of COVID-19 has positively impacted the algae omega 3 ingredient market, as consumers are increasingly including nutritional products in their daily diet.
- Rising awareness about the importance of growth in infants is anticipated to create lucrative opportunities for the market growth.
Scope of Algae Omega 3 Ingredient Market Report
The report on the global algae omega 3 ingredient market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Algae Omega 3 Ingredient Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Eicosapentaenoic Acid (EPA), Docosahexaenoic Acid (DHA), and EPA/DHA), Applications (Food and Beverages, Dietary Supplements, Pharmaceuticals, and Animal Nutrition)
North America, Latin America, Europe, Asia Pacific and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
DSM, Corbion, BASF, Polaris S.A., and Neptune Wellness Solutions Inc.
Algae Omega 3 Ingredient Market Segment Insights
Types Segment Analysis
Based on types, the market is divided into eicosapentaenoic acid (EPA), docosahexaenoic acid (DHA), and EPA/DHA. The EPA/DHA segment is anticipated to account for a key market share and is anticipated to grow at a steady rate during the forecast period. Quinolones is mainly ascribed to the fact that DHA and EPA are essential for infant brain development and immunity strength. DHA has well-established legal strains for its incorporation into infant formula products.
Applications Segment Analysis
Based on applications, the market is divided into food and beverages, dietary supplements, pharmaceuticals, and animal nutrition. The dietary supplements segment is anticipated to account for a major share due to growing preference for algae omega-3 infused products in the daily diet. Moreover, increasing prevalence of lifestyle diseases and growing number of people taking preventive healthcare measures are further driving the segment growth.
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is anticipated to account for a considerable market share owing to rising consumption of Omega 3 supplements and fortified foods. Furthermore, domestic expansion of the leading companies and frequent launches of products with enhanced formulations in the US and Canada are fueling the growth of the market in the region.
The global algae omega 3 ingredient has been segmented on the basis of
- Eicosapentaenoic Acid (EPA)
- Docosahexaenoic Acid (DHA)
- Food and Beverages
- Dietary Supplements
- Animal Nutrition
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Polaris S.A.
- Neptune Wellness Solutions Inc.
The major players of the market are Teva Pharmaceutical Industries Ltd, Sun Pharmaceutical Industries Ltd, Mylan N.V., ALLERGAN, Pfizer Inc., Cipla Ltd, F. Hoffmann-La Roche Ltd, Shionogi Inc., Amway, DuPont Nutrition & Biosciences. Companies are majorly focusing on partnerships and expansion of product portfolio to expand their market share.