Top Emerging Trends Of Omega 3 Market Progress Forecast 2030 |Grand View Research, Inc.

Author : Mrudula Karmarkar | Published On : 18 Jan 2024

San Francisco, 18 January 2024: The Report Omega 3 Market Size, Share & Trends Analysis Report By Type (EPA, DHA, ALA), By Source (Marine, Plant), By Application (Supplements & Functional Foods), By Region, And Segment Forecasts, 2024 - 2030

The global omega 3 market size is expected to reach USD 4.45 billion by 2030 and register a CAGR of 7.9% from 2024 to 2030, as per the new report by Grand View Research, Inc. This is attributed to the growing utilization of omega-3 fatty acids in pharmaceutical products, dietary supplements, and food & beverages, owing to their exceptional health benefits such as reduced eczema, prevention of heart diseases lowers blood pressure and cholesterol among others. Additionally, rising awareness about healthcare and the prevention of chronic diseases is likely to trigger the demand across end-use industries.

Furthermore, government regulations in various emerging economies encouraging the usage of omega 3 in infant formulations are anticipated to boost the market growth in the coming years. Among the various sources available for omega 3 fatty acids, fish oil accounts for more than 50% market share and is the most widely available dietary source of DHA (Docosahexaenoic acid) and EPA (Eicosapentaenoic acid). The growing consumption of fish oil across the globe is anticipated to positively impact the overall market growth over the forecast period.

In Europe, the demand for omega 3 is anticipated to witness a significant increase over the forecast period due to the rise in the product demand in dietary supplements across developed economies including France, Germany, the U.K., and The Netherlands among others. In Asia Pacific, the rising demand for improved healthcare facilities, coupled with an increase in the number of hospitals and multispecialty clinics across developing countries, is projected to positively impact the growth of the pharmaceutical industry. This, in turn, is anticipated to boost the growth of the market.

The omega 3 market witnessed a slight growth after the outbreak of COVID-19 on the account of the rising consumer preferences for organic food products. There was a shift in the mindset of the consumers regarding their overall health, which led to a significant rise in the demand for nutraceutical products across the globe. The growing demand for nutraceuticals is projected to positively impact the demand for the omega 3 market over the forecast period.

The key players in the market are focusing on offering the right quality products and services at suitable prices and in the required quantities as per the convenience of customers. The prominent market participants are engaged in the expansion of their product portfolios by adopting numerous strategies, primarily mergers & acquisitions. For instance, in August 2021, Aker BioMarine signed an engineering, procurement, and construction contract with GEA Group AG for the delivery of process equipment for its new krill-based protein plant in Norway.

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This is attributable to the rising use of ingredients in the human diet to support brain and heart health. Furthermore, the increasing consumer investment in healthcare and one’s well-being is also expected to boost product demand. The market is witnessing continuous diversification in its product offerings as consumers are looking for alternatives to traditional fish oil. Krill oil is one of the widely used sources of omega-3 due to its superior properties as compared to conventional fish oil. The majority of consumers in Europe and North America prefer krill oil over any other source of fish oil owing to its acid reflux, unpleasant taste, and large-sized pills. Such factors are anticipated to trigger product demand during the forecast period.

Omega 3 Market Report Highlights

• Docosahexaenoic acid (DHA) dominated the market with a revenue share of more than 56% in 2023
• The marine source dominated the market with the highest revenue share of 83.5% in 2023
• Supplements & functional foods dominated the market with a revenue share of over 51% in 2023
• North America region dominated the market with a revenue share of more than 37.1% in 2023

The demand for omega-3 fatty acids in the U.S. is projected to grow significantly over the next few years owing to rising consumer awareness in the country regarding the several health benefits offered, including lowering blood pressure and cholesterol and reducing risks related to heart diseases. Moreover, growing consumer preference for a healthy and nutritional diet is further expected to fuel product demand shortly.

Numerous manufacturers present in the U.S., including BioProcess Algae, Martek Biosciences Corporation, and Omega Protein Corporation are focusing on research and development activities for launching pharmaceutical-grade product in the market. Increasing consumption of enhanced medicines to treat and prevent chronic diseases is likely to spur overall consumption in the coming years.

Rising pressure on anchovy fisheries to extract fish oil has increased the demand from non-fish sources, including flaxseed, walnuts, algae, and krill oil. Furthermore, increasing government initiatives to promote the product usage in different end-use applications are projected to positively impact the market demand.

Global Omega 3 Market Report Scope

Growing consumption of the product in various applications coupled with rising awareness regarding health and chronic diseases, and regulations favoring the use of omega-3 in infant formulations has influenced manufacturers to invest in technologies and product development in order to meet consumer demands. The market has been experiencing an increase in the number of new entrants across the value chain owing to the growing profits and huge market potential of manufacturers.

• In March 2023, Epax announced an investment of USD 40 million in molecular distillation technology for improving the processing of highly concentrated omega 3.
• In May 2023, Nuseed Global introduces Nuseed Nutriterra plant-based oil enriched with omega-3, tailored to meet the needs of the human nutrition and dietary supplement markets.
• In addition, key companies such as Aker Biomarine Antarctic AS are focusing on expanding their capacity by introducing new catching vessels to increase their products, which was reflected in the sales of the company in the year 2021. Governments across developing regions are taking several initiatives to support Antarctic Krill fishing by providing research funds and creating innovation alliances, which may trigger industry growth.

List of Key Players in the Omega 3 Market

• Aker Biomarine Antarctic AS
• Orkla Health
• BASF SE
• Omega Protein Corp.
• GC Reiber Oils
• Lonza
• Croda International Plc
• EPAX
• BioProcess Algae, LLC
• Koninklijke DSM N.V.