According to the market research report, the global omega-3 market size generated a revenue of $19.7 billion in 2019, and is further expected to reach $49.7 billion in revenue by 2030, exhibiting a CAGR of 8.8% during the forecast period (2020–2030). According to the categorization made based on end user, the dietary supplements category is predicted to register the fastest growth during the forecast period. This can be attributed to the widespread consumption of dietary supplements due to the increasing consumer awareness about the requirement of food supplements and the adoption of healthier lifestyles.
One of the biggest trends being witnessed in the omega-3 market is the growing trend of veganism and the resultant consumption of plant-based supplements. The consumers showcasing the inclination toward turning vegan are also exhibiting a shifting consumption trend toward plant-based omega-3 supplements. They are also more likely to accept these supplements.
Due to the consumer’s preference for quality sources, the omega-3 market is witnessing an increasing incorporation of plant-based options. As a result, it is expected that the demand for plant-based supplements will witness massive surge over the next decade. Furthermore, due to the increase in concerns raised over the safeguarding of marine ecosystems and biodiversity, the prominent players in the market are developing vegetarian alternatives to fish oil, which is the primary source for omega-3.
The growing prevalence of chronic diseases is affecting both high-income as well as middle- and low-income countries (LMICs). As per the World Health Organization (WHO), 9.6 million people succumbed to cancer in 2018. Amongst these, around 70% were reported in LMICs. Therefore, in order to overcome these challenges, the consumption of food supplements is rising, thereby boosting growth in the omega-3 market.
Under the product type segment, the liquid form category had the larger share in the omega-3 market in 2019. This can be ascribed to the availability of the liquid form at lower price point and higher levels of EPA concentration.
The animals category had the larger share in the omega-3 market in 2019, under the source segment. This is mainly attributed to the fact that the human body needs DHA and EPA in much greater amounts than the ALA and the omega-3 obtained from animals contains DHA and EPA as compared to the one obtained from plants.
North America and APAC are together, expected to hold more than 71.0% share cumulatively in the global omega-3 market in 2030. In North America, the numerous health benefits of omega-3 are pushing the demand for these supplements. The growth of the market in APAC is primarily due to the increasing demand for the omega-3 supplements in India, China, and Australia. The widespread consumption of fish oil, growing utilization of omega-3 in the pharmaceutical industry, and the increasing awareness among the people about the benefits of omega-3 are other factors augmenting the demand for these supplements.
The omega-3 market was not dominated by any single player in 2019. Instead, the market was fragmented in nature, characterized by the presence of a large number of companies, joint ventures, and strategic alliances at various stages of the supply chain. Some of the prominent players in the market are Croda International PLC, GC Rieber Oils AS, Reckitt Benckiser Group PLC, Abbott Laboratories, Pharma Marine AS, Omega Protein Corporation, Polaris SACA, OLVEA Group, Sanofi SA, and Herbalife Nutrition Ltd.
The adoption of modern innovations has resulted in the development of advanced product solutions by the developers. Furthermore, the market has massive opportunities for the players for developing directly food and beverage-based supplements, as a large number of people prefer to add these supplements directly to their diets, instead of consuming them in the form of pills.
One of the biggest trends being witnessed in the omega-3 market is the growing trend of veganism and the resultant consumption of plant-based supplements. The consumers showcasing the inclination toward turning vegan are also exhibiting a shifting consumption trend toward plant-based omega-3 supplements. They are also more likely to accept these supplements.
Due to the consumer’s preference for quality sources, the omega-3 market is witnessing an increasing incorporation of plant-based options. As a result, it is expected that the demand for plant-based supplements will witness massive surge over the next decade. Furthermore, due to the increase in concerns raised over the safeguarding of marine ecosystems and biodiversity, the prominent players in the market are developing vegetarian alternatives to fish oil, which is the primary source for omega-3.
The growing prevalence of chronic diseases is affecting both high-income as well as middle- and low-income countries (LMICs). As per the World Health Organization (WHO), 9.6 million people succumbed to cancer in 2018. Amongst these, around 70% were reported in LMICs. Therefore, in order to overcome these challenges, the consumption of food supplements is rising, thereby boosting growth in the omega-3 market.
Under the product type segment, the liquid form category had the larger share in the omega-3 market in 2019. This can be ascribed to the availability of the liquid form at lower price point and higher levels of EPA concentration.
The animals category had the larger share in the omega-3 market in 2019, under the source segment. This is mainly attributed to the fact that the human body needs DHA and EPA in much greater amounts than the ALA and the omega-3 obtained from animals contains DHA and EPA as compared to the one obtained from plants.
North America and APAC are together, expected to hold more than 71.0% share cumulatively in the global omega-3 market in 2030. In North America, the numerous health benefits of omega-3 are pushing the demand for these supplements. The growth of the market in APAC is primarily due to the increasing demand for the omega-3 supplements in India, China, and Australia. The widespread consumption of fish oil, growing utilization of omega-3 in the pharmaceutical industry, and the increasing awareness among the people about the benefits of omega-3 are other factors augmenting the demand for these supplements.
The omega-3 market was not dominated by any single player in 2019. Instead, the market was fragmented in nature, characterized by the presence of a large number of companies, joint ventures, and strategic alliances at various stages of the supply chain. Some of the prominent players in the market are Croda International PLC, GC Rieber Oils AS, Reckitt Benckiser Group PLC, Abbott Laboratories, Pharma Marine AS, Omega Protein Corporation, Polaris SACA, OLVEA Group, Sanofi SA, and Herbalife Nutrition Ltd.
The adoption of modern innovations has resulted in the development of advanced product solutions by the developers. Furthermore, the market has massive opportunities for the players for developing directly food and beverage-based supplements, as a large number of people prefer to add these supplements directly to their diets, instead of consuming them in the form of pills.
Table of Contents
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 4. Introduction
Chapter 5. Global Market Size and Forecast
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
Chapter 12. Company Profiles
Chapter 13. Appendix
List of Tables
List of Figures
Companies Mentioned
- Abbott Laboratories
- Sanofi SA
- Pharma Marine AS
- Croda International PLC
- OLVEA Group
- GC Rieber Oils AS
- Polaris SACA
- Reckitt Benckiser Group PLC
- Omega Protein Corporation
- Herbalife Nutrition Ltd.
Methodology
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