Rise of Veganism Driving Growth in Fish-Free Omega – 3 Ingredients Market
Industry experts are of the belief that the global fish free Omega 3 Ingredients market is going to be a landscape rife with innovation over the coming period. And, this will push the market up a little higher on the growth trajectory. In fact as per analysts from Transparency Market Research (TMR), the growth rate, compounded annually for the market would be about 9% between 2019 and 2029. This will lead to a higher market worth of USD 1.3 billion by the end of the stated forecast period. It is a steep increase from the market worth of USD 590 million, as pegged at in the year 2019.
Understanding Growth Dynamics
The surge in demand is an outcome of various factors and some of the most prominent ones in the list include rising levels of awareness regarding health and the benefits of Omega – 3. But, it is pertinent to make note of a trend that is catching up with the millennial populace like wildfire – veganism. Coupled, with vegetarianism, it leads to a high demand for non-animal sources of food items and supplements. And, as vegetarian and vegan sources lack or are low in Omega – 3, other sources are being looked at.
The components that are particularly low in the two trending diets are that of DHA and EPA. Thus, in the blood stream of people following the diet, these two fatty acids fall short of. And, so as market players took note, development of products is happening at a dizzying pace, leading to intense competition and growth in the global fish free omega 3 ingredients market. Some of the vegetarian sources that are proving critical in the development of these products are flaxseed oil, hemp seeds, canola oil, chia seeds, walnuts, and hemp seeds.
Another critical factor that is driving growth in the global fish-free omega 3 ingredients market is the fact that supplements derived from fish oil are oxidized and thus rancid, As a result, they can lead to atherosclerosis or damage to cells in the human body. These DNA cells that are susceptible to damage do not react well to free radicals which are often found in the rancid oils.
However, here, it is important to note that free radicals are produced by body during normal processes as well when there is a presence of toxins. Again, these are carcinogenic and might cause severe damage to arteries.
Besides, polychlorinated biphenyls and other such fat soluble pollutants hold the potential to interfere with food chains that are marine in nature, bio-magnifying in their harmful impact. And, these often end up in fishes, impacting the oil that is extracted and fish-oil supplements. This too is pushing consumers towards plant-based supplements for all vitamins and minerals. It goes without saying that in turn is leading to much growth in the global fish free omega 3 ingredients market.
Competitive Landscape – A Glimpse
The global fish free omega 3 ingredients market is fragmented and key players include the following:
- Croda International Plc.,
- Natural Products Drugs GmbH.
- Hero Nutritionals Inc.
- Koninklijke DSM N.V.
- Cargill Inc.
- Epax Norway AS.
- Arista Industries Inc.
- BASF SE.
- Barleans Organic Oils L.L.C.
- Algaecytes Limited
- Cellana, Inc.
- ALGISYS, LLC.
- Denomega Nutritional Oils
Region-wise, North America will dominate owing to a massive population moving towards veganism and presence of some of the most notable players in the market landscape.
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