The omega-3 market size is estimated to account for a value of USD 4.1 billion in 2019 and is projected to grow at a CAGR of 13.1%, to reach a value of USD 8.5 billion by 2025. Consumer awareness regarding the health benefits of omega-3 and an increase in application profiling and existing applications finding new markets are projected to drive the growth of the omega-3 industry.
Opportunity: Research for the development of alternative sources to obtain omega-3
Anchovy is the leading source of omega-3 and constitutes around 70% of the market. End users in some parts of the world avoid fish-based products due to their taste, smell, and dietary preferences. Therefore, fish oil manufacturers are considering new algae, new zooplanktons (krill), and genetically modified (GM) plants as alternative sources to produce omega-3. To meet the increasing demand for EPA & DHA, research is further developing large-scale cultivation of microalgae by studying various strains to develop viable and cost-effective omega-3 products further. New algae suppliers such as Algae Biosciences (US), Aurora Algae (US), and Lonza (Switzerland) are entering the market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=227
Krill has emerged as the next potential source for DHA & EPA as krill oil comes attached to phospholipids, and this leads to better absorption and delivery of DHA to the brain. Aker Biomarine (Norway) is the only krill oil supplier sponsoring in-vitro, in-vivo, and human clinical trials with phospholipid EPA & DHA from krill oil. GM plants are also being considered to play an essential role in sourcing omega-3. However, the amount of omega-3 harvested is generally lower through GM plants; therefore, the market penetration for GM plants is minimal plants. There are still some commercial barriers, such as certification and regulations, to overcome the usage of GM plants as an alternative source.
Challenge: Highly Unstable Fish Oil Prices
The cost of fish and other marine oils that are used to derive omega-3 is high and highly unstable. This factor is posing a challenge for the growth of the omega-3 market. The fluctuating prices of raw materials are adversely affecting the omega-3 industry. The sudden rise in the prices of these raw materials is due to the increase in the cost of aquaculture. The feed is the primary input for aquaculture, and the prices of feed are continuously changing due to which aquaculture is expensive to maintain. The cost of imported or purchased fish is also increasing significantly. The increase in the cost of labor, energy, and power and restrictions on fishing in high sea areas are further slowing the growth of the industry. Thus, the rising prices of raw materials are creating a challenge for the growth of the market.
By application, the dietary supplements segment is projected to dominate the omega-3 market during the forecast period
The dietary supplements segment is projected to account for the largest share in the market during the forecast period. Though there are many food products that are naturally rich in omega-3, since the amount of omega-3 in such products is not enough, consumers these days have started consuming capsules for omega-3. By consuming such supplements, a sufficient amount of omega-3 can be consumed and regulated. Also, they are easy to consume so as to ensure the requisite amount of daily intake is met.
The marine source is projected to dominate the omega-3 market during the forecast period.
The marine source of omega-3 fatty acids is estimated to account for the largest share because of the large EPA and DHA content in most oily fish such as salmon and tuna. Most manufacturers are also producing marine-based omega-3 to meet the growing demand for EPA and DHA, which are not abundantly present in other plant-based sources.
Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=227
North America is projected to account for the largest market share during the forecast period.
In 2018, North America accounted for the largest market share in the market. The omega-3 market in North America is primarily dominated by the US, as the adults prefer to consume fish oil sourced omega-3 capsules as dietary supplements. The market in North America is also characterized by the presence of several players such as Cargill (US), Epax Norway AS (Norway), DSM (Netherlands), and Arista Industries (US). These players extensively used innovative technologies to increase their productivity and meet the consumer demand for value-added omega-3 products in the region. Also, the omega-3 deficiency among the citizens in the US and Canada has highly impacted the surge in demand for omega-3-based products.
This report includes a study on the marketing and development strategies, as well as the product portfolios of the leading companies operating in the omega-3 market. It includes the profiles of leading companies such as Epax (Norway), Croda International (UK), Golden Omega (Chile), GC Rieber (Norway), Cargill (US), DSM (Netherlands), BASF (Germany), Lonza (Switzerland), KD Pharma (Germany), and Pharma Marine (Norway).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/omega-3-omega-6-227.html