The global omega 3 market size is expected to reach USD 4.86 billion by 2028 according to a new study by Polaris Market Research. The report “Omega 3 Market Share, Size, Trends, Industry Analysis Report, By Application (Pharmaceutical, Dietary Supplements, Animal Feed, Food & Beverages); By Type; By Source; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The consumption of omega-3 has increased owing to the increasing disposable income of consumers and rising health-conscious consumers. Growing application in the animal feed and pharmaceutical sectors has boosted the market growth. The outbreak of COVID-19 has increased the demand for the dietary supplements to enhance immunity and improve cardiovascular and mental health during the pandemic. The different types of the product include DHA (Docosahexaenoic Acid), ALA (Alpha-linolenic Acid), and EPA (Eicosapentaenoic Acid).
The demand for DHA and EPA is high owing to their health benefits such as brain development and function, improved cardiovascular health, and mood regulation. The increasing inclination of consumers towards preventive healthcare has fueled the growth of this segment. There has been increased awareness among consumers regarding wellbeing, weight loss, and nutritional requirement of the body, which supplements the development of this segment.
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They also support healthy skin and reduce asthma symptoms and allergy risk. Companies operating in this segment are developing healthy food and beverages for specific demographics such as children and the aging population. Introduction of new food products containing omega-3 focuses on providing nutritional benefits and good taste to cater to customer requirements. North America has emerged as the largest market in 2020 and is expected to maintain its dominance over the forecast period. However, the demand from Asia-Pacific is expected to increase during the forecast period. Consumers are increasingly realizing the importance of healthy eating and switching to omega-3 based food & beverages.
Increasing population, growing disposable income, and a greater focus on health and wellness have supported the demand growth. Increasing consciousness towards preventive healthcare during the pandemic and demand for dietary supplements to boost immunity has increased its demand. Market leaders are introducing innovative products to cater to the rising needs of consumers in the region. Some major industry participants include BASF SE, Cargill, Inc., Lonza Group AG, Epax Norway AS, Koninklijke DSM N.V., Aker Biomarine Antarctic AS, BioProcess Algae, LLC, Croda International Plc, Omega Protein Corporation, GC Reiber Oils, Orkla Health, and FMC Corporation.
Polaris Market Research has segmented the omega-3 market report on the basis of type, source, application, and region:
Omega-3, Type Outlook (Revenue, USD Billion, 2016 – 2028)
- DHA (Docosahexaenoic Acid)
- ALA (Alpha-linolenic Acid)
- EPA (Eicosapentaenoic Acid)
Omega-3, Source Outlook (Revenue, USD Billion, 2016 – 2028)
Omega-3, Application Outlook (Revenue, USD Billion, 2016 – 2028)
- Dietary Supplements
- Animal Feed
- Food & Beverages
Omega-3, Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa