July 14, 2024
Omega-3 Products Market

Omega-3 Products Market is Expected to be Flourished by Rising Health Consciousness of Consumers

The Omega-3 products market includes food products fortified with omega-3 fatty acids such as fish oil, algal oil, krill oil, and calamari oil. Omega-3 products provide various health benefits such as improved cardiovascular health, enhanced brain and eye development, reduced inflammation, and joint health. Fish oil is the major source of omega-3 fatty acids and is used extensively in the preparation of supplements, infant formulas, functional food & beverages, pharmaceuticals, and animal feed. Rising awareness about the various health benefits of omega-3 fatty acids and growing health-consciousness among consumers are driving the demand for omega-3 fortified food products.

The global omega-3 products market is estimated to be valued at US$ 47500.55 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Health Consciousness and Disease Management: Increasing prevalence of cardiovascular diseases, depression,arthritis and other chronic conditions have raised awareness about disease prevention through diet and nutrition. Growing consumer knowledge about omega-3 benefits in reducing inflammation and improving heart health is driving demand for omega-3 fortified food products. This is expected to significantly drive the omega-3 products market growth over the forecast period.

Rising Demand for Plant-based Omega-3: Negative media attention on overfishing and sustainability issues related to fish sources has led to rising demand for plant-based vegan omega-3 supplements and algal oil as an alternative to fish oil. Moreover, growing vegan and vegetarian population base has opened new opportunities for algal and plant-based sources of omega-3. This is expected to boost the market growth of omega-3 products during the forecast period.

Segment Analysis
The global omega-3 products market is segmented into fish oil, algal oil, krill oil, and plant-based omega-3 products. Among these, the fish oil segment dominates the global market, with over 60% share. This is primarily because fish oil is the most effective source of long-chain omega-3 fatty acids EPA and DHA, which have shown numerous health benefits. However, the krill oil segment is expected to witness the fastest growth during the forecast period due to the growing consumer preference for lower environmental impact sources of omega-3s.

PEST Analysis
Political: The market is positively impacted by regulations promoting sustainable fishing and farming practices to ensure steady supply of fish and algae as omega-3 sources. Many nations focus on R&D for alternative plant-based omega-3 sources.
Economic: Rising disposable incomes and growing health awareness are driving demand for premium priced omega-3 supplements globally. However, economic slowdowns can curb consumer spending on supplements.
Social: Increasing prevalence of lifestyle diseases and growing social media influence have boosted popularity of omega-3 supplements for heart, brain and eye health. Consumers are more receptive to functional ingredients.
Technological: Advances in algal cultivation techniques have enhanced yields and sustainability. Supplement formulations now offer enhanced bioavailability and stability through innovative delivery systems like micro and nano emulsions.

Key Takeaways
The Global Omega-3 Products Market Size is expected to witness high growth during the forecast period owing to increasing health consciousness among consumers globally. Regionally, North America dominates currently due to robust consumer demand, however Asia Pacific is projected to emerge as the fastest growing market led by countries like China, India and Japan.

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 Naturals Inc., Now Foods, and Pharmacare Laboratories Pty Ltd. The companies are focusing on strategic partnerships and new product launches with enhanced formulations to strengthen their position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it