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Strategic Analysis of the Asia Pacific Marine and Algae Oil Omega-3 Ingredients Market
Frost & Sullivan, March 2010, Pages: 76
This study covers the state of the Asia Pacific marine and algae oil Omega-3 ingredient Market, examining drivers and restraints for growth, pricing, distribution, legislation, demand and geographical trends. Following from these, market growth for regional and market segments are forecasted. In addition, an in-depth analysis of the competitive situation including vendors' market shares is performed, along with detailed profiles of the key vendors in the industry. The base year is 2008 with forecasts running through 2013. The market is further divided into two subsegments including marine oil omega-3 ingredients and algae oil omega-3 ingredients.
Marine Oils
- Marine oils represented the most widely used form of omega-3 fatty acids in 2008. Well-established health benefits backed by sound science and high level of marketing activities by market participants are the prime factors responsible for the growth in the marine oils market
- The 18:12 EPA/DHA fish oil is presently in the late-growth phase of its product life cycle. In contrast, the fish oil concentrates are in an attractive growth phase and witnessing significant growth.
- Growth in this market was largely driven by the convergence of three major aspects –increasing consumer awareness, a sound scientific platform, and increasing technological developments.
- 18:12 EPA/DHA fish oil and fish oil concentrates are the two main categories of omega-3 marine oils. The Asia Pacific omega-3 marine oil market is largely driven by 18:12 fish oils; however, in recent times, fish oil concentrates have gained grounds.
- The increase in the demand for concentrates can be attributed to the increasing preference for high concentrations in dietary supplements that are positioned for specific health benefits.
- Concentrates are preferred when product space is a constraint, typically when several ingredients are capsulated/tabulated into a single supplement.
Algae Oils
- Algae oil was the fastest-growing product source of omega-3 fatty acids in 2008. Its well-established health benefits, in addition to it being a more sustainable source of omega-3, are the prime growth drivers in this market.
- Currently, algae oil is nearing the mature phase of the product lifecycle. This could be attributed to the saturation of infant formula application, which is by far the largest application for algae oils in Asia Pacific.
- Algae oil is a good source of DHA, and it is widely used for its cognitive health benefits in infant formula and other children’s follow-on formulae across the world.
- Infant nutrition is the largest application sector for algae oils
- A relatively small proportion of this product is also used in dietary supplements.
- The usage of algae oils in the functional foods sector is relatively new and growing.
- Although algae oil is considered a premium priced form of omega-3, it is affordable if the food manufacturer gauges DHA content as opposed to oil content.
- In 2008, algae oil market is witnessing a declining pricing trend.
- The price of algae oil has declined since 2006, and this trend is anticipated to continue due to better economies of scale and growing competition
- As the price of algae oils becomes more competitive, their usage is likely to increase in the functional foods sector
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