Global Omega 3 Ingredients Market Set For Rapid Growth, Expected To Reach USD 8.65 Billion By 2024

08-Aug-2018 | Zion Market Research

Zion Market Research has published a new report titled “Omega 3 Ingredients Market By Type (ALA, DHA, and EPA), By Source (Nuts and Seeds, Vegetable Oils, Marine, and Soya) and By Application (Infant Formula, Supplements & Functional Foods, Animal Feed, Pharmaceuticals): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global omega 3 ingredients market was valued at around USD 3.41 billion in 2017 and is expected to reach approximately USD 8.65 billion by 2024, growing at a CAGR of around 14.2% between 2018 and 2024.

Omega 3 ingredients are long chain fatty acids consisting of docosahexaenoic acid (DHA), alpha-linolenic acid (ALA), and eicosapentaenoic acid (EPA). Consuming balanced and adequate amounts of omega 3 ingredients is essential for good health. Cod liver oil and krill oil are the natural sources of omega 3 ingredients. Plant oils containing omega 3 ingredients include flaxseed oil, walnut, hemp oil, edible seeds, etc. Human body utilizes omega 3 ingredients for maintaining immunity, brain health, and better vision.

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Global Omega 3 Ingredients Market

The global omega 3 ingredients market is growing at a significant CAGR. The growth of the omega 3 ingredients market is mainly due to the growing inclination of consumers towards health and fitness coupled with high consumption of omega 3 ingredients. Additionally, increasing consumer spending on healthy food, rising incorporation of functional and supplementary food in the daily diet, and high disposable income is anticipated to boost the growth of the omega 3 ingredients market within the forecast period. The rising urban population and rapidly expanding end-use industries in developing countries such as India and China are the key factors expected to propel the growth of the omega 3 ingredients market within the forecast period.

Based on product type, the market is classified into ALA, DHA, and EPA. DHA segment accounted for the largest market share in terms of revenue in 2017. The high growth rate of the segment is due to its increasing application in manufacturing infant formula products. EPA is the second fastest growing segment with its increasing importance in health and fitness improvement. On the basis of source, the market is classified into nuts and seeds, vegetable oils, marine, and soya. Nuts and seeds segment is anticipated to grow at considerable CAGR within the forecast period. On the basis of application, the market is segmented into infant formula, supplements & functional foods, animal feed, and pharmaceuticals. Supplements & functional foods segment is the dominant segment with increasing consumption in both emerging and developed countries. Pharmaceutical is the second largest segment projected to grow at the highest CAGR within the forecast period. Ongoing research and development activities and government initiatives in expanding pharmaceutical industry in developed countries are expected to enhance the omega 3 ingredients market growth over the forecast period.

The North America omega 3 ingredients market accounted for the largest market share in terms of revenue in 2017. Health conscious population and high disposable income are driving the growth of the omega 3 ingredients market in the region. Asia Pacific is the second largest market and is anticipated to grow at significant CAGR within the forecast period. The growth is primarily due to increasing consumption of healthy and nutritious food coupled with rapidly evolving end-user industries. Europe omega 3 ingredients market is expected to grow at the highest CAGR within the forecast period owing to high consumption of fortified food and beverages. Additionally, the growing application of omega 3 fatty acids in the formulation of animal feed and increasing trend of pet adoption is expected to boost the omega 3 ingredient market growth within the forecast period in Europe.

The key companies are focusing on the new product development and acquisition & collaboration strategies in order to expand business in different regions of the world. Some of the key players included in the global omega 3 ingredients market report are BASF SE, NU-MEGA Ingredients Pty Ltd., Koninklijke DSM NV, Ocean Nutrition Canada Limited, Pronova BioPharma ASA, Croda International Plc., Omega Protein Corporation, FMC Corporation, Copeinca ASA, Arista Industries, Inc., and Koninklijke DSM N.V.

This report segments the global omega 3 ingredients market as follows:

Global Omega 3 Ingredients Market: Type Segment Analysis

  • ALA
  • DHA
  • EPA

Global Omega 3 Ingredients Market: Source Segment Analysis

  • Nuts and Seeds
  • Vegetable Oils
  • Marine
  • Soya

Global Omega 3 Ingredients Market: Application Segment Analysis

  • Infant Formula
  • Supplements & Functional Foods            
  • Animal Feed      
  • Pharmaceuticals

Global Omega 3 Ingredients Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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