Omega-3 Market Outlook 2031
The global Omega-3 market size was USD 2.42 Bn in 2022 and is likely to reach USD 4.72 Bn by 2031, expanding at a CAGR of 7.7% during 2023–2031. Increasing awareness regarding supplements and nutrition across the globe drives the market.
Rising demand for omega-3 supplements and growing awareness regarding their nutritional value are expected to drive the market during the forecast period. Heart diseases require medication that strengthens the heart muscle by enriching the heart cells. Omega-3 fatty acids effectively treat the formation of triglycerides and lipids in the blood vessels and arteries, and thereby preventing the heart suffering from cardiovascular diseases (CVDs). Furthermore, the increasing applications of these fatty acids in treating various chronic illnesses on a cellular level are expected to drive the market in the coming years.
Omega-3 fatty acid is a polyunsaturated fatty acid (PUFA) that has biochemical significance in the human body. PUFA supplements help the body recover quickly from injuries and regularize cellular functions. These supplements provide essential nutrients such as ALA, DHA, and EPA that are essential in brain development in kids and muscular recovery in adults. It is found in various seafood, seeds, nuts, and berries and is majorly used in treating CVDs such as atherosclerosis, hyperlipidemia, and chronic heart conditions. The supplement helps in the degeneration of lipids formed in the blood vessels. The rising number of deaths caused by CVDs and congenital heart diseases (CHDs) is expected to drive the market in the coming years. For instance,
The COVID-19 pandemic moderately impacted the market. During the initial period of the pandemic, there was a massive disruption in the supply chain operations, due to travel restrictions. Various industries did not get sufficient supplies of raw materials to cater to the growing demand.
The pharmaceutical industry faced a surge in the demand for vitamins and dietary supplements during the pandemic. This was attributed to the increasing awareness regarding the benefits of vitamins and dietary supplements for immunity-building and fast recovery. People who were unaffected by the virus opted to follow a balanced diet with regular consumption of multivitamins and supplement doses of omega-3. This helped the players in the market to quickly recover from the initial losses. For instance,
-
According to a report published by the National Institutes of Health (NIH), in April 2022, omega-3 fatty acids help in fast recovery from COVID-19 and prevention from SARS-CoV-2. These acids help reduce the symptoms as well as the risk of damaging the respiratory and renal dysfunction.
Omega-3 Market Dynamics
Major Drivers
Rising prevalence of heart diseases drives the market. Cardiovascular diseases such as blood pressure, blood lipids, inflammation, and coronary heart diseases weaken the cardiac tissues. This obstructs the pumping mechanism of heart and leads to heart arrhythmias, increasing the chances of stroke or heart attacks.
Omega-3 fatty acids contain AHA and DHA, the long-chain fatty acids, which help improve heart health by strengthening the heart. They help clear the blood vessels, thereby treating CVDs. Moreover, increasing their application in muscular recovery in sports nutrition and supplements is driving the market.
Increasing awareness among the end-users, due to various marketing campaigns conducted by key players in the market is expected to drive the market during the projection period.
Existing Restraints
High cost of omega-3 supplements is projected to hamper the market in the coming years. The high cost of these supplements is attributed to a variety of sources that these supplements are obtained from. These supplements are often costly, as they are extracted from natural sources such as fatty fish and seafood. These things are volatile in terms of availability and the market price. The high price often deters the low to mid-income consumers. This is likely to impede the market during the forecast period.
Emerging Opportunities
Research and development to gain maximum yield from genetically modified sources are anticipated to provide substantial opportunities in the market. Omega-3 is extracted from fatty fish, nuts, and seeds. All the natural sources are usually seasonally available. Furthermore, technological advancements in growing omega-3-rich plants and fishes in the artificial environment by feeding nutritious feed is expected to drive the market in the coming years.
Scope of the Omega-3 Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Omega-3 Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Type (EPA, ALA, and DHA), Source (Plants, Seafoods, Eggs, and Others), and Application (Pharmaceuticals, Dietary Supplements & Functional Foods, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Orkla; BASF SE; Omega Protein Corporation; Lonza; AKER BIOMARINE; Epax; Croda International Plc; DSM; GC Rieber; and IDBS
|
Omega-3 Market Segment Insights
Type Segment Analysis
Based on type, the market is divided into EPA, ALA, and DHA. The DHA segment held a major revenue share in 2022, due to its high nutritional value. DHA is Docosahexaenoic acid, which is essential for infants for their functional brain development. DHA gets majorly absorbed in the brain and enhances learning ability as well as activates growth function in kids.
Infants fed with DHA-deficient diets are diagnosed with fetal alcohol syndrome disorder (FASD). In many cases, the disorder is caused, due to alcohol consumed by their mothers during pregnancies. DHA is used in drugs and baby nutrition food to treat children with this disorder. For instance,
-
According to the news published by Medical News Today on November 29, 2022, in 2017, about 7.7 out of 1000 infants had FASD and the number of affected kids varies by region.
DHA is also used in omega-3 supplements and pre-workout supplements for adults, as it fastens the muscular recovery that is expected to drive the segment.
The EPA segment is projected to dominate the market during the forecast period, owing to increasing Alzheimer’s disease and other brain disorders globally. EPA is Eicosapentaenoic acid that promotes higher cognitive performance of the brain cells and prevents disorders such as dementia and severe depression.
EPA consumption reaps immense benefits in the case of CHDs and CVDs such as high blood pressure, inflammation, atherosclerosis, and others. Atherosclerosis is caused due to hardened walls of arterial and blood vessels. For instance,
Furthermore, according to the report published by the World Heart Foundation (WHF) on May 20, 2023, about 20.5 million people are anticipated to decease due to CVD in 2021, making heart disease a leading cause of death. This is likely to boost the segment growth, as EPA effectively strengthens the heart and prevents cardiovascular diseases, high blood pressure, and heart inflammation.
Source Segment Analysis
On the basis of source, the global market is segregated into plants, seafoods, eggs, and others. The Seafoods segment dominated the market in 2022, as seafood is a popular source of omega-3. Increasing awareness regarding the consumption of naturally occurring supplement in fish has accelerated the growth of the segment. Fatty fishes such as mackerel, salmon, tuna, herring, and other seafood contain abundant amounts of omega-3. This has also accelerated the growth of the pisciculture and aquaculture industry, which drives the segment.
The plants segment is projected to register a high CAGR during the forecast period, owing to rapidly changing consumer preferences across the globe. Plant-based sources of omega-3 fatty acids, including flaxseeds, basil seeds, chia seeds, hemp seeds, seaweed & algae, and nuts such as walnuts, pistachio, pecan, and macadamia, are widely consumed by people following vegetarian diets.
The rising awareness regarding the vegan or plant-based diet and its benefits is expected to boost the segment in the coming years. Plant-based omega-3 sources such as seeds, nuts, vegetables, and lentils are majorly consumed by people following vegan diet in order to fulfil all the nutritional requirements of the body. These people also choose to consume these plant-based supplements as a replacement to omega-3 rich whole foods such as seeds, berries, and walnuts. The rising awareness regarding animal cruelty is anticipated to boost consumers of the vegan diet, which is likely to boost the segment in the coming years. For instance,
Application Segment Analysis
On the basis of application, the market is segmented into pharmaceuticals, dietary supplements & functional foods, and others. The pharmaceutical segment is anticipated to register a robust growth rate during the forecast period, as various players in the market operate on e-commerce platforms. The pharmaceutical industries are capable of availing all kinds of medicines on such platforms that are delivered quickly. This lets them operate remotely and cater to a wide consumer base.
Rising prevalence of chronic heart diseases and brain disorders as well as the rising demand for DHA-based supplements for all age ranges are other factors contributing to the growth of the segment. Moreover, technologically advanced marketing tactics and social media as a marketing tool help pharmaceutical companies reach maximum customers, which is expected to drive the segment in the coming years.
Regional Outlook
In terms of region, the global omega-3 market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2022, owing to the increasing number of deaths due to cardiovascular diseases. This is attributed to a majority of people following sedentary lifestyles in the fast-paced work environment, followed by rapid urbanization in the region. Diseases such as coronary artery disease, CVDs, heart arrhythmias, and obesity is widely prominent in the region.
-
According to the report published by the CDC on May 15, 2023, about 8,05,000 people in the US have suffered from heart attack, making it a leading cause of death in the region. It has caused about 6,95,000 deaths in the US in 2021.
The increasing number of omega-3 products and supplements manufacturers in the region are expected to drive the market in the region during the forecast period.
Asia Pacific is expected to dominate the market during the projection period, due to the increasing awareness regarding advantages of supplements in the region. Countries such as China, India, Vietnam, and Indonesia are the major producers of fish, due to the geographical advantage for many of them. This encourages the manufacturers produce and export fish oil and related products in the region.
Awareness regarding vegan food consumption also has a significant effect on the market, as the functional foods such as chia seeds, flaxseeds, and nuts are consumed widely in the region. Countries such as India and Nepal have a significant percentage of the population that consumes vegetarian and vegan foods. The rising awareness regarding the advantages of a vegetarian diet in the region is expected to drive the market in the coming years. For instance,
-
According to the data published on November 2, 2022, China is the major producer and exporter of walnuts, a natural source of omega-3. The country produced 1.1 million metric tons of walnuts in 2022.
Segments
The Omega-3 market has been segmented on the basis of
Type
Source
- Plants
- Seafoods
- Eggs
- Others
Application
- Pharmaceuticals
- Dietary Supplements & Functional Foods
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global omega-3 market are Orkla; BASF SE; Omega Protein Corporation; Lonza; AKER BIOMARINE; Epax; Croda International Plc; DSM; GC Rieber; and IDBS
These companies adopted business strategies, including acquisitions, mergers, collaboration, partnerships, production expansion, and product launches, to increase their revenue share and cater to consumers globally. For instance,
-
On September 5, 2023, AKER BIOMARINE announced about their product Superba, a krill oil supplement, which is now included as assessed listed medicine in the Australian Register of Therapeutic Goods (ARTG).
-
On March 2, 2023, Epax launched the next level molecular distillation technology to separate highly concentrated omega-3 fatty acids from fish, without using any heat or harsh chemicals.
Request For Customization
Enquiry Before Buying
Speak With Analyst
