Published: Sep, 2018
The global omega 3 ingredients market has a highly competitive vendor landscape owing to the numerous large and small players present in the market, observes Transparency Market Research. The business present in the market for several years and are relied on strategic alliance and collaborations acting as main factor for their growth. In 2014, BASF SE, Croda International Plc, and Koninklijke DSM N.V. were the most prominent players in the market as they held 48.2% of market share. Apart from them Omega Protein Corporation, PronovaBioPharma ASA, NU-MEGA Ingredients Pty Ltd., and Ocean Nutrition Canada Limited are some of the other players operating the global omega 3 ingredients market. It is also being observed that majority of the business are established in developed countries, however, the local players faced fierce competition from the large players present in the market.
According to TMR, the global omega 3 ingredients market is projected to expand at 15.2% CAGR during the forecast period between 2015 and 2021. The global omega 3 ingredients market was worth US$3.70 bn in 2016 and is estimated to reach US$7.49 bn by the end of 2021.
Application of omega 3 ingredients is widely used in supplements and functional foods pharmaceuticals due to higher product awareness and greater level of developments. On the other hand, application of omega 3 ingredients in infant formula and pet and animal feed are also gaining traction and are expected to grow during the forecast tenure. Based on geography, in 2014, North America was responsible for half of the consumption of omega 3 ingredients and but it is projected that it may loss out few share due to increasing demand for omega 3 ingredients in Asia Pacific. The rising disposable income and strengthening urbanization has increased the consumption rate in Asia Pacific.
Increasing Awareness about the Health Benefits to Boost Market Growth
Globally the demand for omega 3 ingredient is high because of benefits associated with omega 3 acids that helps in treating diseases like prostate cancer, skin cancer, bronchial infections, and asthma. Meanwhile growing efforts in research and development activities that are making omega 3 ingredients used in wide variety of food and beverages products. Moreover, food and beverages that are rich in omega 3 ingredients are finding favorable audience in emerging economies.
Another factor responsible for the high demand for omega 3 ingredients is increasing awareness about the health benefits related with the consumption of omega 3 fatty acids regularly. Moreover, research has shown that regular consumption of omega 3 fatty acids can minimize the risk of a person suffering from prostate and skin cancer. Urbanization has also played a huge role in expand the reach of omega 3 ingredients, as people in these areas are easier to reach when it comes to nutritional supplements food additives and are also likely to fall victim to the diseases that can be avoided by consuming these supplements.
Limited Customer Base Who Can Attain Omega 3 Rich Food to Hamper Market Growth
Various underdeveloped and developing economies are face shortage of omega 3 rich food that directly hampers the market’s growth. Due to the poor availability of omega 3 rich food has decreased the customer base only to a limited segment on people who have the purchasing power, thus, this factor is expected to hamper the demand for omega 3 ingredients especially in developing economies. However, growing efforts by manufacturers to establish themselves and expand their business in developing economies may help in minimizing the above-mentioned factors and benefit the market in coming years.
The information presented in this review is based on a TMR report, titled “Omega 3 Ingredients Market (Applications - Supplements and Functional Foods, Pharmaceuticals, Infant formula, and Pet and Animal Feed) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
The Global Omega 3 Ingredients Market has been segmented as presented below:
Global Omega 3 Ingredients Market, by Application Type:
- Supplements and Functional Foods
- Infant formula
- Pet and Animal Feed
Global Omega 3 Ingredients Market: By Geography
- North America?
- Rest of Europe?
- Asia Pacific
- Rest of Asia Pacific
- Latin America?
- Rest of Latin America
- Middle East & Africa?
- South Africa
- Rest of Middle East & Africa
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