Market Overview:
Polyunsaturated fatty acids (PUFAs) are healthy fats that play an important role in various bodily functions like brain and heart health. PUFAs like Omega-3 and Omega-6 fatty acids cannot be synthesized by the body and need to be supplemented through diet or supplements. They are commonly found in plant oils, nuts, seeds and fatty fish. Due to their health benefits, PUFAs find widespread applications in functional foods & beverages, pharmaceuticals and animal feed industries. Rising awareness about the link between PUFA consumption and reduced risks of cardiovascular diseases and other lifestyle disorders has been fueling their demand.
Market Dynamics:
The Polyunsaturated Fatty Acids market is driven by increasing health consciousness among consumers and growing number of lifestyle disease cases. Research shows that PUFAs help manage cholesterol levels, blood pressure, reduce inflammation and risks of diabetes and obesity. Consumers are actively seeking PUFA-fortified foods and supplements to reap these benefits. This is anticipated to boost market revenues. Additionally, rising demand from the pharmaceutical sector is also propelling growth. PUFAs are commonly used as active ingredients in medicines for treating conditions like arthritis, asthma, depression and attention deficit hyperactivity disorder (ADHD). Growing prevalence of these ailments globally has augmented PUFA incorporation in drug formulations.
Segment Analysis
The Polyunsaturated Fatty Acids market Demand is segmented into omega-3 fatty acids and omega-6 fatty acids. The omega-3 fatty acids segment currently dominates the market, and is expected to continue its dominance over the forecast period. This is owing to increasing awareness about various health benefits of consuming omega-3 fatty acids, such as reducing inflammation and risk of chronic diseases. Additionally, rising demand for supplements containing docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) is also driving the omega-3 fatty acids segment.
PEST Analysis
Political: Governments across various countries are supporting initiatives aimed at promoting consumption of PUFAs due to associated health benefits, which is positively impacting the market.
Economic: Rising income levels and spending on healthcare are key factors fueling the demand for PUFA supplements and fortified foods. Additionally, growth of end-use industries like pharmaceuticals and nutraceuticals is driving the PUFAs market.
Social: Increasing health consciousness among consumers and growing awareness about various health benefits of PUFAs is a major factor boosting demand. A number of educational campaigns are promoting regular intake of PUFAs.
Technological: Advancements in extraction and production technologies have improved the yield and lowered the costs, making PUFAs more affordable. New production methods are also helping lower environmental footprint.
Key Takeaways
The global polyunsaturated fatty acids market is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing health consciousness among consumers. The market size for PUFAs stood at US$ 5.89 Bn in 2022.
Regionally, North America dominated the global market in 2022 and is expected to maintain its leading position during the forecast period as well. This is attributable to early adoption of nutritional supplement and wellness trends in the region.
Key players operating in the polyunsaturated fatty acids market are Koninklijke DSM N.V, BASF SE, Croda International PLC, Enzymotec Ltd., Omega Protein Corporation, Aker Bio Marine AS, Polaris Nutritional Lipids, FMC Corporation, Cargill, Incorporated, GlaxoSmithKline plc. These players are focusing on new product launches, capacity expansion and geographic expansion to strengthen their market presence.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
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