May 30, 2019
Worldwide omega 3 market is estimated to reach over US $4,262.5 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Burgeoning awareness regarding healthy diet, health benefits proffered by omega 3, and changing lifestyles are the key factors propelling the growth of the global omega 3 market. Other factors impelling market growth include the burgeoning use of omega 3 in functional foods and pharmaceuticals, and rising inclination towards organic products. Global market players are expected witness various growth opportunities during the projected period, on account of the growing demand from emerging nations.
Consumers are increasingly becoming aware of the health advantages offered by omega 3, which is helping enhance its adoption. Omega 3 aids in brain development & functioning, muscle activity, digestion, blood clotting, fertility, and cell division & growth.
The factors such as improved lifestyles, rise in per capita income, increased awareness of health & nutrition, and changes in consumer behavior are likely to boost the adoption of omega 3 in the ensuing years, cites the report.
Speaking of the product gamut, the global omega 3 market is bifurcated into DHA (Docosahexaenoic Acid), ALA (Alpha-Linolenic Acid), and EPA (Eicosapentaenoic Acid). Based on the source, the Omega 3 market is divided into plant sources, marine sources, and others.
Omega 3 is extensively using across an array of applications including pharmaceuticals, functional food & supplements, animal feed, infant formula, and others. In the year 2017, the functional food & supplements segment led the global omega 3 market in terms of revenue. In functional food & supplements, the presence of Omega 3 helps in proper nutrition and enables efficient functioning of the human body. The growing segmental demand, especially from the athletes & sports sector, is likely to boost the market size.
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In terms of regional contribution, the North America market accounted for the highest market revenue in the worldwide omega 3 market in the year 2017. Growing geriatric population, combined with higher disposable income in the region, is presumed to fuel the regional market growth. Moreover, the surging consumer awareness regarding omega 3 benefits and increasing health concerns, are further enhancing the demand for omega 3 in the region.
In addition, the Asia Pacific market is predicted to expand at the highest CAGR during the forecast timeline, on account of surging disposable income in developing nations, and augmented demand of omega 3 for animal feed, pharmaceutical, and infant formula.
The global omega 3 market is endowed with a highly competitive market situation, with the key market players being Reckitt Benckiser Group Plc, Omega Protein Corporation, Cargill Inc., GC Reiber Oils, Croda International PLC, Nordic Naturals Inc., Pharma Marine AS, Natrol LL, Arista Industries Inc., Pharma Nord B.V., Pharmavite LLC, and Royal DSM. These companies are focusing on expanding the product portfolio and teaming up with other leading market players to innovate and introduce new products and cater to the growing requirements of consumers.