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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Omega-3 products include dietary supplements containing fatty acids such as ALA (alpha-linolenic acid), EPA (eicosapentaenoic acid), and DHA (docosahexaenoic acid). These fatty acids are known to have various health benefits such as reducing risks of heart disease, depression, and other inflammation related diseases. They are available in different forms including supplements, functional foods, and beverages. Major product types include fish oil, krill oil, algal oil, and others.
Market Dynamics:
The increasing awareness about health benefits of omega-3 products is a key driver for the market growth. Studies show that omega-3 can help reduce risks of various chronic diseases. Moreover, changing consumer preferences towards preventive healthcare are also fueling the demand for dietary supplements. Additionally, insufficient intake of omega-3 through regular diet has resulted in the increased adoption of supplements. Furthermore, growing middle-class population along with rising disposable incomes in developing countries is providing opportunities for industry expansion. However, negative publicity regarding certain side-effects and allergies associated with some omega-3 sources act as a key challenge. Strict regulations for supplements production is another factor hindering the market growth.
Segment Analysis
The global Omega-3 Products Market Size is dominated by dietary supplements segment due to increasing health-conscious consumers and growing importance of supplements for maintaining good health. The dietary supplements segment accounted for the largest market share of more than 35% in 2022. Pharmaceuticals segment is expected to witness highest growth during the forecast period owing to rising popularity of omega-3 supplements in treatment of cardiovascular and neurological diseases.
PEST Analysis
Political: The growth of the omega-3 products market is influenced by regulatory policies regarding usage of omega-3 fatty acids in foods, dietary supplements and drugs. Different countries have implemented various regulations.
Economic: Rising disposable income levels and increasing healthcare spending are majorly driving the global omega-3 products market. Higher income groups are willing to spend more on healthier food and supplements.
Social: Growing health awareness about benefits of omega-3 fatty acids and prevalence of lifestyle diseases like heart diseases and depression is propelling the demand for omega-3 products worldwide. Rapid urbanization and modernization also contributes to this trend.
Technological: Leading players are focusing on development of more effective and novel delivery forms of omega-3 such as gummies, chewable soft gels and liquids to increase customer acceptance and adherence to supplements.
Key Takeaways
The global omega-3 products market size was valued at US$ 47500.55 Mn in 2023 and is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period 2023 to 2030, due to increasing health consciousness among consumers.
The North America omega-3 products market accounted for the largest share of more than 35% in 2022 due to rising prevalence of lifestyle diseases and growing adoption of supplements. Asia Pacific is projected to be the fastest-growing regional market during the analysis period propelled by rising populations in countries like China and India along with growing health expenditures.
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. These players are focusing on new product launches, facility expansion and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
