Omega-3 Ingredients Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global omega-3 ingredients market is projected to grow, witnessing a CAGR of 9.48% during the forecast period (2020-2025).
Growing consumer health awareness and concerns toward a healthy lifestyle, majorly in regions like Asia-Pacific, Latin America, and Africa, is leading to an increased demand for omega-3 fatty acids, such as EPA and DHA. Owing to the reasons, like increasing the percentage of the smoking population, incidences of heart-related complications, and other health-related issues in the Asia-Pacific region, is fueling the growth of the omega-3 ingredient market in developing economies. In countries, like China, where approximately 18% of the total population is hypertriglyceridemic, approximately eight companies are seeking approval in China for omega-3-based pharmaceuticals for triglyceride reduction. All these factors have emphasized the need for spending on such products to maintain a healthy body.
Omega-3 concentrates are highly purified oils supplying merely the desired fatty acids, EPA and DHA, in a convenient small dosage form. This enables a convenient intake of significant quantities and also the condition for a specific use. Convenience, coupled with health benefits, is one of the most important factors that is driving the demand for concentrated forms of Omega-3. Researches on new product formulation are being carried out to tailor new products, with a significant focus on improved absorption/utilization of Omega-3 concentrates on dietary supplements and pharmaceuticals with further benefits for consumers. In countries and regions, like the United States, China, and Europe, there is a shift in consumer demand in the dietary supplements category. The consumers of supplements are shifting away from refined anchovy oils and toward concentrates of higher concentration. Also, the market for concentrates is booming, as more and more consumers are becoming familiar with the benefits of Omega-3, and are looking for the benefits of higher doses.
The global omega-3 ingredients market is dominated by a few players, such as Croda International Plc, Omega Protein Corporation, Corbion, BASF SE, Royal DSM, Pelagia AS, and others. The most notable point to be observed in the global omega-3 ingredients market is the effect of strategic mergers, acquisitions, partnerships, and investments. For instance, KD Pharma Group merged with the North American omega-3 dietary supplement manufacturer Marine Ingredients to have a balanced supply of its ingredients, as well as expand its presence in the supplements market.