The global omega 3 market size is expected to reach USD 4.30 Million by 2030 according to a new study by Polaris Market Research. The report “Omega 3 Market Share, Size, Trends, Industry Analysis Report, By Application (Pharmaceuticals, Dietary Supplements, Animal Feed, Food & Beverages, Others); By Source (Plant-based, Marine Based); By Type; By Region; Segment Forecast, 2022 - 2030” offers an in-depth perception into existing market dynamics and provides scrutiny on the market growth of the future.
Growth in the number of omega 3-based pharmaceutical products initiated by industry players because of escalating product application scope in medicines is anticipated to expand industry growth. For instance, in November 2019, BASF Nutrition and Health, along with Ideogen, inaugurated an omega 3 product that tackles non-alcoholic fatty liver disease (NAFLD), a frightful condition.
Additionally, producers are diligently acquiring progressive manufacturing technologies. Manufacturers are concentrating on the logical transfer of environmental contaminants from fish oil, lessening oxidation in its manufacturing procedure, and focusing on the omega 3 content in the concluded product to satisfy optimal delivery of robust frameworks of fish oil, thereby propelling the growth of the industry.
Based on source, the marine source segment holds the largest revenue share. Fish oil is a prominent marine source predominantly acquired from anchovy fish. Prices of the product rely on the extraction and processing cost of fish oil and range correspondingly depending on the obtainability of anchovy fish. Increasing mercury and the other adulterant levels in fish are anticipated to negatively influence the prices of fish oil over the forecast period.
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The supplement and functional food segments dominated the market because the growing vogue of DHA supplements among pregnant ladies and lactating mothers is anticipated to push the product demand over the next few years. Increasing consciousness regarding food intake that is nutritional among athletes and gym professionals will promote the use of the product in sports supplements and functional foods.
Pharmaceuticals are amongst the substantially growing application segments in the industry. It is utilized to enhance heart patients' health and in the dermatology sector due to its scalp nourishment properties. Their consumption assists in sustaining the collagen levels of the skin, which additionally helps in reinforcing the skin structure, thus lessening the emergence of wrinkles and fine lines.
Marketing participants such as Aker Biomarine Antarctic AS, BASF SE, BioProcess Algae, LLC, Croda International Plc, EPAX, GC Reiber Oils, Koninklijke DSM N.V., Lonza, Omega Protein Corp., Orkla Health are some of the key players operating in the market.
For instance, in March 2020, GC Reiber Oils collaborated with Barrington Nutritionals to dispense omega 3 concentrates to the Mexican and U.S. marketplaces.
Polaris Market Research has segmented the omega 3 market report based on type, source, application, and region.
Omega 3, Type outlook (Revenue - USD Billion, 2022 - 2030)
Omega 3, Source outlook (Revenue - USD Billion, 2022 - 2030)
Omega 3, Application outlook (Revenue - USD Billion, 2022 - 2030)
Omega 3, Regional outlook (Revenue - USD Billion, 2022 - 2030)