Omega 3 Market Share, Size, Trends, Industry Analysis Report, 2024 - 2032
Omega 3 Market Share, Size, Trends, Industry Analysis Report, 2024 - 2032

Omega 3 Market Share, Size, Trends, Industry Analysis Report, By Type (DHA (Docosahexaenoic Acid), ALA (Alpha Linolenic Acid), and EPA (Eicosapentaenoic Acid)); By Source by Application; By Region; Segment Forecast, 2024 - 2032

  • Published Date:May-2024
  • Pages: 119
  • Format: PDF
  • Report ID: PM1061
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

The omega 3 market size was valued at USD 2,336.39 million in 2023. The market is anticipated to grow from USD 2,477.74 million in 2024 to USD 4,459.28 million by 2032, exhibiting a CAGR of 7.6% during the forecast period.

Industry Trend

The Omega-3 market has experienced significant growth and diversification in recent years, driven by various factors influencing consumer preferences and industry dynamics. As awareness regarding the health benefits of Omega-3 fatty acids continues to rise, the market has witnessed a surge in demand for Omega-3 fortified products across sectors such as pharmaceuticals, nutraceuticals, food and beverages, and dietary supplements. This increasing demand can be attributed to growing concerns over cardiovascular diseases, rising health consciousness among consumers, and a shift towards preventive healthcare measures. 

Omega 3 Market size

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Furthermore, the expanding aging population, coupled with the prevalence of chronic diseases, has bolstered the demand for Omega-3 supplements as part of a healthy lifestyle regimen. Additionally, the incorporation of Omega-3 ingredients in functional foods and beverages has gained traction, driven by the trend towards functional and fortified food products catering to specific health needs. Moreover, technological advancements in extraction and processing techniques have enhanced the availability and bioavailability of Omega-3 supplements, further fueling market growth. Industry players are also investing in research and development activities to explore new sources of Omega-3 and develop innovative delivery formats to cater to diverse consumer preferences. With a focus on sustainability and environmental concerns, there is a growing emphasis on sourcing Omega-3 from sustainable fisheries and alternative sources such as algae-based supplements. 

Strategic collaborations, partnership, mergers, and acquisitions among key industry players are anticipated to drive market consolidation and foster innovation in product development and marketing strategies

  • For instance, in January 2021, GC Rieber VivoMega AS announced its partnership with Meelung Trading Co. Ltd, a nutritional supplements distributor and marketer, to sell VivoMega omega-3 fish oils in Taiwanese markets exclusively.  As the Omega-3 market continues to evolve, with expanding applications and a widening consumer base, industry stakeholders are poised to capitalize on the lucrative opportunities presented by this dynamic market landscape.

In addition, regulatory initiatives and endorsements by healthcare professionals and regulatory bodies advocating the benefits of Omega-3 consumption are expected to bolster market growth.

Key Takeaway

  • North America dominated the largest market and contributed to more than 38% of the share in 2023.
  • The Asia Pacific market is expected to be the fastest-growing CAGR during the forecast period.
  • By type category, the DHA (Docosahexaenoic Acid) segment accounted for the largest market share in 2023.
  • By application category, the pharmaceutical segment is projected to grow at a high CAGR during the projected period.

What are the market drivers driving the demand for the omega-3 market?

Increasing product application scope in many end-use industries.

The Omega-3 market has witnessed a significant surge in demand owing to the increasing product application scope across numerous end-use industries. Omega-3 fatty acids, renowned for their health benefits, have catered attention not only in the pharmaceutical and nutraceutical sectors but also in food and beverage, cosmetics, and animal feed industries. 

One of the primary driving factors behind this expanding application scope is the growing consumer awareness regarding the importance of omega-3 fatty acids in maintaining overall health and well-being. Consumers are increasingly seeking out products fortified with omega-3s, such as supplements, functional foods, and beverages, to address various health concerns, including cardiovascular health, cognitive function, and inflammation management.

Moreover, the rising prevalence of chronic diseases globally has propelled the demand for omega-3 fatty acids as a preventive and therapeutic solution, further augmenting market growth. Pharmaceutical companies are incorporating omega-3s into their formulations to develop drugs and supplements targeted at addressing specific health conditions, thereby expanding the market's reach into the healthcare sector. Additionally, the growing adoption of omega-3s in animal nutrition to enhance the nutritional profile of animal feed and improve animal health has contributed to the market's expansion. In the food and beverage industry, manufacturers are increasingly incorporating omega-3-rich ingredients into a wide range of products, including functional foods, fortified beverages, and infant formula, to meet the rising consumer demand for healthier options. This trend is driven by consumers' shifting preferences towards health and wellness-oriented products, prompting food companies to innovate and diversify their product offerings with omega-3-fortified alternatives.

Which factor is restraining the demand for the omega-3 market?

Fluctuations in raw material

Fluctuations in raw material prices significantly impact the Omega-3 market, presenting both challenges and opportunities for industry players. As a vital component in the production of Omega-3 supplements and fortified foods, the availability and cost of raw materials, such as fish oil, krill oil, and algal oil, directly influence production costs and profit margins. Volatility in raw material prices arises from various factors, including environmental factors affecting fish stocks, changes in fishing regulations, geopolitical tensions in regions where raw materials

For instance, disruptions in fishing operations due to adverse weather conditions or overfishing can lead to temporary shortages of raw materials, causing prices to spike. Similarly, regulatory changes aimed at preserving marine ecosystems or promoting sustainable fishing practices may impact the availability and cost of raw materials. Moreover, currency fluctuations can affect the cost of imported raw materials, further complicating pricing dynamics for Omega-3 manufacturers.

In the Omega-3 market, fluctuating raw material prices pose a significant challenge for businesses aiming to maintain stable product pricing and profit margins. To mitigate the impact of price fluctuations, companies often employ hedging strategies, such as forward contracts or futures contracts, to secure favorable pricing for raw materials and minimize exposure to market volatility.

Report Segmentation

The market is primarily segmented based on type, source, application, and region.

By Type

By Source

By Application

 By Region

  • DHA (Docosahexae noic Acid)
  • ALA (Alpha Linolenic Acid)
  • EPA (Eicosapentae noic Acid)
  • Plant-Based
  • Marine-Based
  • Pharmaceutical
  • Dietary Supplements
  • Animal Feed & Pet Food
  • Functional Food & Beverages
  • Infant Formula
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Category Wise Insights

By Type Insights

Based on Type analysis, the market is segmented on the DHA (Docosahexaenoic Acid), ALA (Alpha Linolenic Acid), and EPA (Eicosapentaenoic Acid). DHA (Docosahexaenoic Acid) held the largest market in 2023. Docosahexaenoic acid (DHA) has emerged as a market leader, primarily driven by its increasing use in infant formulas to enhance overall infant health. As the most vital and abundant omega-3 fatty acid in the human diet, DHA plays a key role in maintaining human body health. It is particularly crucial for the development and maturation of an infant's brain and eyesight.  The innovation introduced by key players in the DHA in the Omega-3 product segment indicates a notable increase in demand within the Omega-3 market.

This innovation likely includes advancements such as improved formulation techniques, enhanced bioavailability, novel delivery methods, or the development of products with higher concentrations of DHA (docosahexaenoic acid), a key omega-3 fatty acid known for its health benefits. As a result, consumers are showing greater interest and demand for omega-3 products that offer specific benefits associated with DHA, such as cognitive health, heart health, and overall well-being. For instance, in November 2022, Orlo Nutrition unveiled a DHA Starter Kit featuring an algae-based omega-3 supplement designed to promote brain, heart, joint, and overall health. Furthermore, omega-3 is extensively used in dietary supplements and fortified foods. Its applications extend to the treatment of conditions like dementia, attention deficit hyperactivity disorder (ADHD), coronary artery disease (CAD), and Type 2 diabetes. The health and longevity benefits associated with DHA have led to its inclusion in geriatric nutrition products.

By Application Insights

Based on application analysis, the market has been segmented on the basis of agriculture & forestry, utility, and industrial. The Pharmaceuticals segment is expected to be the fastest-growing CAGR during the forecast period. Due to the benefits of omega-3 fatty acids in reducing the risk of abnormal heartbeats (arrhythmias) leading to sudden death, lowering triglyceride levels, slowing atherosclerotic plaque growth, and decreasing blood pressure. The nutrients also offer potential benefits in managing conditions like cancer, asthma, and depression. In dermatology, Omega 3's scalp nourishment properties are valued for preserving skin lipid content, preventing moisture loss, and maintaining skin hydration. The rising use of Omega 3 in pharmaceutical applications for treating skin and scalp conditions is expected to drive market growth. Factors such as the growing elderly population, lifestyle-related diseases, and cancer prevalence are driving demand for omega-3-based pharmaceutical products.

Technological advancements in active pharmaceutical ingredient (API) manufacturing are also projected to enhance market growth. Key players are collaborating to innovate omega-3 products tailored for pharmaceutical industry use, further fueling market expansion. For instance, in August 2020, KD Pharma Group SA and Stratum Nutrition announced a partnership aimed at developing a distinctive joint health formula by combining Stratum's NEM brand eggshell membrane with KD Pharma's kd-pür marine omega oils. The resulting combined product, named MOVE3, is being marketed in soft gel form through the global sales networks of both Stratum and KD Pharma. The collaboration between Stratum and KD Pharma includes a global exclusivity agreement for the combination of NEM and kd-pür marine fish oils. A recent study has been published assessing the combination's effectiveness in treating joint pain and stiffness.

Regional Insights

North America

North America region accounted to be the largest market share in 2023. The Omega-3 market in North America is experiencing significant growth, driven by the increasing consumer awareness of the health benefits associated with Omega-3 fatty acids and their growing incorporation into various food and dietary supplements. The primary driving factor behind the growth of the Omega-3 market in North America is the rising prevalence of chronic diseases such as cardiovascular disorders, arthritis, and cognitive impairments. For instance, according to the Centers for Disease Control and Prevention, approximately 695,00 people died because of heart disease in the year 2021. Omega-3 fatty acids, particularly EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid) have been extensively studied for their potential to reduce the risk of these conditions and support overall heart and brain health. As a result, consumers in North America are increasingly seeking out Omega-3-fortified products, including functional foods and supplements, as part of their daily diet. Similarly, the increasing healthcare expenditure in North America is a significant driver of the market. As consumers become more health-conscious, they are turning to nutritional supplements and functional foods rich in omega-3 fatty acids. Overall, the Omega-3 market in North America is poised for continued growth, driven by factors such as increasing consumer health consciousness, industry players' product innovation efforts, and supportive regulatory frameworks.

Asia Pacific

Asia Pacific is expected for the growth of fastest CAGR during the forecast period. As people are becoming more health-conscious, there is a shift towards preventive healthcare. Omega-3 fatty acids are known for their potential to reduce the risk of various lifestyle-related diseases such as cardiovascular diseases, diabetes, and obesity. India is witnessing a rise in lifestyle-related diseases due to changing dietary patterns, sedentary lifestyles, and increasing stress levels. Omega-3 fatty acids are perceived as an important nutrient to combat these diseases, leading to a higher demand for omega-3 supplements and fortified foods.  

India is one of the rapidly growing markets in Asia, with a rapidly expanding consumer base that is increasingly health-conscious. The demand for nutritional supplements, including Omega-3 products, is on the rise due to greater awareness of the health benefits associated with these supplements. Evonik, a global leader in specialty chemicals operating across more than 100 countries, launching Omega-3 products in India to establish a foothold in the Asian market. India serves as a strategic location that provides access to neighboring countries in the region, offering opportunities for further expansion and increased distribution channels.

Competitive Landscape

The omega 3 market is marked by the presence of several key players. The companies possess a large customer base and strong distribution networks, providing them with a competitive advantage in terms of market reach and penetration. The omega 3 market is characterized by intense competition, with players striving to gain market share through continual advancements in product, strategic collaborations, and a commitment to innovation. To stay abreast of evolving market needs and adhere to stringent quality standards, companies are actively investing in research and development. The competitive landscape of the omega 3 market is complex and dynamic, with various players competing across different segments and geographies. The market is a highly competitive space, and as such, companies must remain vigilant and agile to stay ahead of the curve.

Some of the major players operating in the global market include:

  • AKER BIOMARINE
  • BASF SE
  • Croda International Plc
  • Pelagia Holding AS
  • GC Rieber
  • DSM-Firmenich AG
  • Omega Protein Corporation
  • Corbion
  • Nuseed Global
  • Cargill Inc.

Recent Developments

· In March 2024, DSM-Firmenich partnered with SCN BestCo to develop high-load omega-3 gummies using life’s OMEGA O33-P100. The company aims to offer superior formulations exceeding 400 mg EPA+DHA per two-piece serving, revolutionizing omega-3 supplementation in North America with science, taste, and sustainability.

· In October 2023, DSM-Firmenich introduced life’sOMEGA 03020, an algal omega 3 with EPA/DHA ratio matching fish oil, addressing sustainability concerns in the marine omega-3 market while offering consumers a plant-based alternative to meet nutritional needs.

· In September 2023, Aker BioMarine collaborated with Swisse to introduce Swisse Ultiboost High Strength Krill Oil, featuring Superba Boost, with exclusive health benefits in Australia.

· In March 2023, Epax launched a full-spectrum oil offering a unique combination of Omegas 3, 9, and 11, with particular potential for skin health supplements.

· In January 2022, Aker BioMarine, expanded in Asia with a new Tokyo office. Superba krill oil, rich in omega-3, serves Japan's growing nutraceutical market.

Report Coverage

The omega 3 market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions. The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, type, source, application, and their futuristic growth opportunities.

Omega 3 Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 2,477.74 million

Revenue forecast in 2032

USD 4,459.28 million

CAGR

7.6% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD million and CAGR from 2024 to 2032

Segments covered

By Type, By Source, By Application And By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

FAQ's

The global omega 3 market size is expected to reach USD 4,459.28 million by 2032

Key players in the market are AKER BIOMARINE, BASF SE, Croda International Plc., Pelagia Holding AS, GC Rieber

North America contribute notably towards the global Omega 3 Market

The omega 3 market exhibiting a CAGR of 7.6% during the forecast period.

The Omega 3 Market report covering key segments are type, source, application, and region.