Omega-3 Market Size Expected to Boost after COVID19 Pandemic in Upcoming Year

Rising consumer awareness regarding the health benefits of omega-3 fatty acids which include maintaining heart health, in addition to safeguarding against cancer and birth defects and offsetting symptoms of diabetes, arthritis, cognitive decline, depression, and several other conditions has significantly contributed to the growth of this market.

According to ResearchCMFE, “The omega-3 market is projected to grow at a CAGR of 13.0% to reach USD 9.4 billion by 2026 from 4.0 billion in 2019.”

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The omega-3 market has predominantly been 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.

The research report categorizes the Omega-3 Market to forecasts the revenues and analyses the trends in each of the following below-mentioned market segments.

By Type
• Docosahexaenoic acid (DHA)
• Eicosapentaenoic acid (EPA)
• Alpha-linolenic acid (ALA)

By Application,
• Functional food & beverages
• Pharmaceuticals
• Infant formula
• Pet food & feed
• Others

By Source
• Marine source
o Fish Oil
o Algal Oil
o Krill Oil
o Others

• Plant source
o Nuts & Seeds.
o Vegetable Oils
o Soy

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By Concentration level
• 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%)

Drivers: Growing demand from Pharmaceutical Industry and Pet / Animal Nutrition products

Omega-3 is growing on account of growing product usage in the Active Pharmaceutical Ingredient (API), rising awareness regarding chronic diseases, and regulations favoring the usage of omega-3 in infant formulations. Increasing usage of omega-3 in pet nutrition and animal feed products is further expected to propel the market growth in the coming years.

Restraints: Lack of clarity among consumers

The market for omega-3 is facing hindrance in growth on account of the absence of official recommended doses which has created confusion in the minds of consumers. This is having a higher impact in developing countries where consumer awareness is low and healthcare infrastructure is not fully established.

Opportunity: Research for the development of alternative sources to obtain omega 3

In order to meet the increasing demand for EPA & DHA and increasing fish oil prices there are vast opportunities for extracting omega-3 from new sources such as microalgae and krill oil rich in phospholipid form of omega-3. There are also new opportunities for Highly Concentrated Omega-3 Ingredients on account of demand from Pharma and Dietary Supplements Markets. Spray drying and encapsulation of omega-3 oils is providing new opportunities for product development.

Challenges: Fluctuating Fish Oil Prices

The omega-3 market is being impacted by the fluctuating prices of raw materials such as fish and marine oils.

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This release was published on openPR.