The global omega 3 market size was valued at USD 2.68 billion in 2020 and is expected to grow at a CAGR of 7.8% during the forecast period. Omega-3 is a group of polyunsaturated fatty acids supporting the healthy functioning of the human body. The primary fatty acids include alpha-linolenic acid (ALA), eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA).
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ALA is an essential fatty acid obtained from food products or supplements since the human body does not produce it. Omega 3 can be obtained from vegetable oils, primarily soybean and canola oils, seafood, and flaxseed oil, including shellfish and fatty fish. The fatty acids assist in various bodily functions such as muscle activity, fertility, blood clotting, brain development and functioning, cell division & growth, and digestion.
The increase in the geriatric population, lifestyle changes, and consumer awareness regarding health and nutrition are expected to drive the market. Consumers are increasingly turning towards omega-3 based food products and supplements owing to sedentary lifestyles and the prevalence of lifestyle diseases.
Increasing application of the product in pet food and pharmaceuticals, growing disposable income, and rising public initiatives associated with health and wellbeing further aid the market growth. There has been a rise in the number of memberships for health clubs and gyms, encouraging market players to develop food products fortified with omega-3. New product launches and acquisitions by major players in the market coupled with an increasing requirement from emerging economies have increased in greater market demand for omega-3.
The consumption of omega-3 helps in maintaining cardiovascular health. It reduces triglycerides in the body by 15-30% and keeps the blood pressure checked in people with hypertension. The incorporation of omega-3 in diets results in increased HDL levels while preventing the formation of blood clots. It also enables the healthy functioning of arteries by preventing plaque from building up and preventing from hardening. Consumers are increasingly purchasing omega-3 dietary supplements to maintain their immune health during the pandemic. Market players are developing omega-3 nutrirional supplements to cater to different categories, namely infant, adult, and senior fitness.
The outbreak of COVID-19 has resulted in increased market demand for omega-3, especially dietary supplements, mainly through online platforms. Omega-3 is associated with enhanced immunity and improved cardiovascular and mental health, thereby increasing its sale to fight against the virus. Increasing health awareness and growing consumption of functional food and supplements to increase immunity positively affects the market.
The market is primarily segmented on the basis of type, source, application, and region.
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The type segment has been divided into DHA (Docosahexaenoic Acid), ALA (Alpha-linolenic Acid), and EPA (Eicosapentaenoic Acid). The significant omega-3 in marine sources such as fish oil is EPA and DHA, whereas plant sources mainly provide ALA. ALA is an essential fatty acid. However, EPA and DHA offer greater health benefits. DHA is required for the growth and functional development of the brain in infants and maintenance of normal brain function in adults. It also improves learning ability and cardiovascular health.
On the basis of source, the market is segmented into plant-based and marine-based. The marine source segment is expected to account for the highest market share during the forecast period owing to the high market demand for omega-3 extracted from fish oil and krill oil. Marine-based omega-3 offers health benefits such as reduced blood pressure, lower triglycerides, and decreased chances of abnormal heart rhythm. It also assists in the treatment of mental disorders and aids in weight loss.
The application segment has been divided into pharmaceutical, dietary supplements, animal feed, food & beverages, and others. The demand for nutritional supplements is likely to increase during the forecast period. There has been an increasing demand for dietary supplements owing to increasing consumer awareness regarding weight management, nutritional requirements, and fitness. Consumers are increasingly purchasing dietary supplements to boost their immune health during the pandemic. These supplements also improve cardiovascular health and mental health.
North America dominated the global omega-3 market in 2020. This region comprises U.S. and Canada. In recent years, there has been rising awareness regarding weight loss and the benefits of eating healthy, resulting in an increased demand for omega-3.
The market has registered a significant increase in ready-to-eat and organic food products and beverages sales. The presence of market leaders in the region, and investments in research and development have accelerated the sale of omega-3 in the region.
The leading players in the Omega-3 market include GC Reiber Oils, Omega Protein Corporation, BASF SE, Epax Norway AS, FMC Corporation, Croda International Plc, Cargill, Inc., Koninklijke DSM N.V., Aker Biomarine Antarctic AS, BioProcess Algae, LLC, Orkla Health, and Lonza Group AG.
Market size value in 2020
USD 3.3 billion
Revenue forecast in 2028
USD 5.9 billion
7.5% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD billion and CAGR from 2021 to 2028
By Type, By Source, By Application, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Aker Biomarine Antarctic AS, Axellus, BASF SE, BioProcess Algae, LLC, Cargill, Inc., Croda International Plc, EPAX, FMC Corporation, GC Reiber Oils, Koninklijke DSM N.V., Lonza, Luhua Biomarine (Shandong) Co., Ltd., Martek Biosciences, Nordic Naturals, OLVEA Fish Oils, Omega Protein Corporation, Pharma Marine AS, Pronova, Qualitas Health, Source-omega, Simris Alg