Global Omega 3 Ingredients Market: Snapshot
The current application scope of omega 3 ingredients is expected to receive an overhaul over the coming years, as research and development efforts are able to make omega 3 ingredients that can be used in a wide array of food and beverage products. At the same time, the current foods and beverages that are enriched with omega 3 ingredients are finding a greater audience in emerging economies. A prime example of this would be the use of omega 3 fatty acids in infant formula. It is being made available in growing volumes in Asia Pacific, thereby significantly increasing the consumption of omega 3 ingredients in this region.
More and more people are becoming aware of the health benefits related to consuming omega 3 fatty acids on a regular basis. This has been possible on a global scale through the high level of urbanization in many countries. The urban population is easier to reach when it comes to nutritional supplements food additives and are also likely to fall prey to the diseases that can be avoided by consuming these supplements. Awareness is predominantly increased through marketing attempts as well as the publication of scientific studies. In the case of omega 3 fatty acids, research has shown that regular consumption can reduce the risks a person runs of suffering from skin and prostate cancer. EPA/DHA can also help reduce asthma severity and reduce bronchial inflammation.
Despite these attempts, there is still a largely low awareness level among people when it comes to differentiating between fatty acids that are “good” and “bad” for consumption. There are several specifics in the use and intake of fatty acids that consumers need to be aware of, and at the moment the rate of awareness is considerably low.
Owing to the factors, above, the global market for omega 3 ingredients is expected to reach a revenue of US$7.49 bn by 2021. In terms of revenue, from 2014 to 2021, this market is expected to witness a CAGR of 15.2%, and is projected to reach US$3.70 bn by the end of 2016.
North America Consumption of Omega 3 Ingredients at All-time High
Lifestyle changes have been the common factor among all regions that are showing an increase in the consumption rate of omega 3 ingredients. These include positive diet changes such as the inculcation of nutritional supplements or even the negative lifestyle choices that can increase risks of cancer and other diseases. Currently, the leading rate of consumption of omega 3 ingredients is done in North America, while Asia Pacific is showing massive improvements in consumption rates owing to intensifying urbanization drives and increasing disposable incomes.
North America had taken up half of the global consumption of omega 3 ingredients in 2014 and is expected to stay close to its current share percentage till 2021. It is expected to lose a bit of share to the surging demand for omega 3 ingredients in Asia Pacific.
Supplements and Functional Foods Continue Being Key Source of Omega 3 Fatty Acids
By the end of 2021, it is expected that 52.2% of the global demand for omega 3 ingredients comes from supplements and functional foods. This is actually a reduction in share percentage from its older values, due to the gains in demand by other application segments. Both application segments of supplements and functional foods, and pharmaceuticals, are quite mature in terms of using omega 3 ingredients in products. They therefore enjoy a greater level of developments as well as product awareness. Meanwhile, the demand for omega 3 ingredients applications in infant formula and pet and animal feed are gaining steam, and are likely to continue doing so for the foreseeable future.
The key players in the global market for omega 3 ingredients include Koninklijke DSM NV, BASF SE, Croda International Plc., NU-MEGA Ingredients Pty Ltd., Pronova BioPharma ASA, Omega Protein Corporation, and Ocean Nutrition Canada Limited.
Increasing demand for omega-3 fatty acids due to health benefits has boosted the growth of the global omega-3 ingredients market. The report offers a detailed study on the global omega-3 ingredients market and projects the growth and valuation of the market during the period between 2015 and 2021. The report points out the key factors impacting the growth of the market and opportunities for the market to grow in future. The report also analyzes the impact of Porter’s five forces on the market’s growth.
The report studies the global omega-3 ingredients market on the basis of applications and key geographical regions. The demand for omega-3 ingredients across various application segments has been projected and the growth of the market in key geographical regions has been assessed in the report. Describing the competitive landscape, the report profiles some of the key players in the global omega-3 ingredients market and provides insightful information about them.
Overview of Global Omega-3 Ingredients Market
Increasing consumer health concerns and awareness regarding the benefits associated with the consumption of omega-3 fatty acids such as EPA and DHA are driving the demand from the global omega-3 ingredients market. Studies have proven that the consumption of omega-3 fatty acids prevents heart diseases, cancer, and arthritis. Cancers of the colon, prostrate, and breast can be prevented with the intake of omega-3 fatty acids. Further, omega-3 fatty acids play an important role in improving brain development in infants. All these factors are expected to drive the demand from the global omega-3 ingredients market.
However, the report points out that the low awareness about the types of fats and their benefits will hinder the growth of the global omega-3 ingredients market. Further, consumer perception about the taste and smell of omega-3 ingredients will also restrict the growth of the market. The report notes that the global omega-3 ingredients market has a huge opportunity to grow with improved technology and growing demand for omega-3 ingredients from Asia Pacific.
On the basis of application, the report categorizes the global omega-3 ingredients market into infant formula, supplements and functional food, pharmaceuticals, pet and animal feed, and others. The report points out that the global omega-3 ingredients market will be driven by the demand from supplements and functional food application segment. The segment will dominate the market owing to growing awareness about the benefits of omega-3 enriched supplements and functional food. The report mentions that the infant formula application segment will register the fastest growth during the forecast horizon.
The report segments the global omega-3 ingredients market into five key regions: Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. North America dominates the overall omega-3 ingredients market owing to high disposable income and better healthcare infrastructure. However, during the forecast horizon, Asia Pacific is expected to emerge as the fastest growing omega-3 ingredients market.
Companies Mentioned in the Research Report
Describing competitive landscape, the report profiles some of the key players of the global omega-3 ingredients market such as FMC Corporation, Arista Industries Inc., Copeinca ASA, PronovaBioPharma ASA, Omega Protein Corporation, Croda Inc., NU-MEGA Ingredients Pty Ltd., BASF SE, and Koninklijke DSM N.V. The report provides insightful information about the key players including financial overview, business strategy, and recent developments.
Major geographies analyzed under this research report are:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments