"Overview of Omega-3 market"
The omega-3 market valued US$ XX Mn in 2018 and it is estimated to reach more than US$ 4.8 Bn by 2027, likely to witness a CAGR of 8.3 % during the forecast period.
Omega-3 can be defined as a group of polyunsaturated fatty acids ALA, DHA, and EPA that are found in seafood such as shellfish (oysters, mussels, and crab) and fatty fish (trout, salmon, and tuna). These acids are essential for several functions in the body. Some of the major factor driving the growth of the global omega-3 market includes benefits associated with omega-3, prevention of several diseases, high demand in pharmaceuticals, R&D activities in the filed of omega-3.
Consumer Awareness Regarding Health Benefits Of Omega-3 To Drive The Global Market
The major factor driving the growth of the global omega-3 market is consumer awareness regarding the health benefits associated with omega-3. Omega-3 offers several benefits for maintaining the health of the body and brain. Omega-3 can fight depression and anxiety, improve eye health, promote brain health during pregnancy, prevent heart disease, reduce symptoms of ADHD in Children, reduce metabolic syndrome, fight autoimmune disease, fight age-related metal decline, prevent cancer, reduce asthma in children, improve joint and bone health, and many other superior advantages. Owing to these advanced features omega-3 has registered a high adoption rate in different end-use verticals for different applications. Hence, the above-mentioned factors are anticipated to fuel the growth of the global omega-3 market during the forecast period of 2018-2024.
However, high costs associated with omega-3 and stringent government regulation barriers might hamper the growth of the global market. Though, in response to high demand from different end-users, the manufacturers are indulged in research and development activities in order to provide innovative products to cater to the demand of consumers.
Dietary Supplement Is Projected To Grow At a higher CAGR During The Forecast Period
By application, the dietary supplements segment dominates the global market and is anticipated to grow at a significant CAGR over the forecast period. The presence of omega-3 in natural sources are not enough for the human body. Since consumers are inclining towards dietary supplements such as omega-3 capsules which provides a sufficient amount of omega-3 to be consumed for better physical and mental health. This, in turn, is anticipated to create lucrative opportunities for the global dietary supplement segment during the forecast period.
Marine Segment had dominated the Global Market in 2018
In terms of source, the marine segment dominates the global market, accounting for a significant share in 2018. The DHA and EPA content is majorly found in tuna and salmon fishes. These are not found in plant-based sources.
North America Held Major Share in Global Market In 2018
North America dominates the global market by holding a larger market share in the global market. The region registered 37.33% share in 2018. The dominance can be attributed to rising penetration of fish oil in American countries. Since last few years, a rapid increase has been registered for fish-oil based omega-3 capsules in the U.S. In addition, the presence of major players such as Arista Industries, Cargill, DSM, and Epax Norway AS in the region is supporting the growth of the market in North America.
Asia Pacific is expected to show substantial growth during the forecast period. The growth can be attributable to rising health concerns among consumers across the region. However, the Middle East is projected to grow at a steady scale in the coming years. In the Middle East, the rising healthcare industry is supporting the growth of the omega-3 market.
Key Players are focusing on investments in Product Developments to achieve Product Differentiations
DNA sequencing was used routinely for detecting non-cancer applications. Currently, Omega-3 not has a similar kind of sensitivity when compared with tissue biopsy and is not yet considered as a standard testing procedure. As of now, companies use this test as a complimentary test with tissue biopsy. Also, they are continuously involved in clinical trials to test the validation through accuracy and the ability to detect cancer type.
Companies present in this market include Epax, Orkla Health, Epax (Norway), Croda International (UK), Golden Omega (Chile), GC Rieber (Norway), Kinomega (China), Sinomega (China), Cargill (US), DSM (Netherlands), Polaris (France), Pharma Marine (Norway), BASF (Germany), Lonza (Switzerland), Huatai Biopharm (China), KD Pharma (Germany), Runke Bioengineering (China), Nordic Naturals (US), Algysis (US), Biosearch life (Spain), Corbion (Netherlands), and Orkla Health (Norway)
Omega-3 Market by Products and Services
- Assay Kits
Omega-3 Market by Application
- Cancer Application
- Breast (Female – Male)
- Colon and Rectal (Combined)
- Kidney (Renal Cell and Renal Pelvis) Cancer
- Lung (Including Bronchus)1
- Prostate & Pancreatic
- Non-Cancer Application
Omega-3 Market by End-User
- Academic & Research Centres
Omega-3 Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America