The Omega-3 Products market is estimated to be valued at US$ 47500.55 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Omega-3 products are dietary supplements derived from fish, algae, krill, and calamari oil. These products provide omega-3 fatty acids which are important for brain, heart, joints, and eye health. Fish oil supplements, omega-3 fortified foods, and functional foods and beverages are some common omega-3 products available in the market. Rising cases of cardiovascular diseases, dry eyes, arthritis and mental health issues have fueled the demand of these products globally.
Rising health consciousness among consumers regarding health benefits of omega-3 is a major factor driving growth of this market. Omega-3 fatty acids such as DHA and EPA help lower risk of heart diseases, reduce inflammation, and improve brain and eye health. Additionally, increasing prevalence of lifestyle diseases has raised adoption of dietary supplements containing essential nutrients. Furthermore, omega-3 fortified food products such as juices, bakery products and packaged foods are gaining traction due growing preference for functional and convenience foods over conventional diet. However, high cost of organic and sustainable sourced omega-3 ingredients is a major challenge for players in this market.
Strength: The Omega-3 Products Market Size has considerable health benefits associated with its consumption. Omega-3 fatty acids help improve heart health and brain function. The rising health awareness among consumers is boosting the demand for omega-3 products. Manufacturers are utilizing innovative ingredients and formulations to enhance the nutritional profile of products.
Weakness: Raw material price volatility remains a major challenge for the market. The prices of fish oils which are primary sources of omega-3 fatty acids fluctuate frequently. Short shelf life and oxidation issues associated with certain omega-3 products reduce their market attractiveness.
Opportunity: Growing vegan population and their rising spending power present significant growth prospects. Plant-based omega-3 product launches catering to vegan demands are expected to gain traction. Adoption of omega-3 ingredient enriched food products by major food chains provides new avenues.
Threats: Stringent regulatory frameworks and certification compliance requirements increase operational expenses. Intense competition amongst existing market players limits potential pricing flexibility.
The global Omega-3 Products Market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing health consciousness among consumers. Rising awareness about health benefits of DHA and EPA has driven the sales of omega-3 fortified supplements, infant formulas, and food products in recent years.
The North American region currently dominates the global omega-3 products market owing to rising prevalence of lifestyle diseases. Europe holds the second largest market share on account of growing elderly population susceptible to age-related ailments. However, the Asia Pacific region is projected to witness the fastest growth rate over the coming years. Factors such as rising disposable incomes, burgeoning middle class, and increasing health expenditure will boost omega-3 product demands in the region.
Key players operating in the Omega-3 Products Market are Nestle SA, Unilever PLC, Amway Corp., Aker BioMarine, Blackmores Group, Herbalife Nutrition Ltd, Glanbia PLC, Reckitt Benckiser Group PLC, Natrol LLC, Nordic N