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Anticipating Growth: Omega-3 Market Poised to Reach $4.28 Billion by 2027 with a Strong 8.3% CAGR || Royal DSM NV, BASF SE, Lonza, Epax, Croda International PLC
Omega-3 Market
The Business Research Company's Omega-3 Global Market Report 2023 the growing demand for immunity-boosting diet supplements global is the major driver for the omega-3 market's growth in the forecast period. Diet supplements can assist manage various health issues and enhance general health. Certain diet supplements, when used correctly, can help lower the risk of certain diseases. Individuals across the globe are increasing spending on immunity-boosting diet supplements to counter emerging viruses and keep them healthy against possible health-related difficulties. For instance, according to the Council for Responsible Nutrition survey 2020, a US-based trade association for ingredient suppliers and manufacturers in the diet supplement industry, approximately 43% of supplement users have altered their supplement regimens after the pandemic, whereas 91% of these users report an increase in supplement intake, including the addition of new supplements to an existing routine (46%), the taking of the same supplements more frequently (25%), or the increasing of doses (22%).
The global omega-3 market size grew from $2.89 billion in 2022 to $3.12 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The omega-3 market size is expected to grow to $4.28 billion in 2027 at a CAGR of 8.3%.
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Major competitors in the omega-3 market are Royal DSM NV, BASF SE, Lonza, Epax, Croda International PLC., Golden Omega, Aker Biomarine Antarctic AS, Orkla Health, Bioprocess Algae LLC.
A key trend in the omega-3 market includes technological advancements. Manufacturers operating in omega-3 market are focusing on utilizing advanced technologies to remove environmental pollutants, minimizing oxidation, and concentrating the omega-3 content in the final product to assure optimal delivery of the healthy parameters. For instance, Sweden-based omega-3 maker, Smartfish has introduced manufacturing techniques that prevent the oxidation of oil and provide high-temperature resistance.
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The omega-3 market is segmented -
• By Type: Alpha-Linolenic Acid (ALA), Docosahexaenoic Acid (DHA), Eicosapentaenoic Acid (EPA)
• By Source: Plant Source, Vegetable Oil, Nuts and Seeds, Soy, Marine Source, Other Sources
• By Distribution Channel: Supermarkets/Hypermarkets, Pharmacies and Drug Stores, Online Retailers, Other Distribution Channels
• By Application: Supplements & Functional Foods, Pharmaceuticals, Infant Formula, Animal Feed & Pet Food, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the omega-3 market.
The Business Research Company's "Global Omega-3 Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Omega-3 Market Include:
1. Executive Summary
2. Omega-3 Market Characteristics
3. Omega-3 Market Trends And Strategies
4. Omega-3 Market - Macro Economic Scenario
5. Omega-3 Market Size And Growth
……………
27. Omega-3 Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Omega-3 Market
29. Omega-3 Market Future Outlook And Potential Analysis
30. Appendix
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