(I-BusinessNews.Com, June 16, 2021 ) Omega-3 PUFA Market size in 2020 is estimated to be $3 billion, growing at a CAGR of 7% during the forecast period 2021-2026. Omega-3 is an essential fatty acid found in fish oil & plants that acts to lower level of cholesterol and LDL low density lipoprotein in the blood. It cannot be synthesized by human body so consumers consume omega-3 from animal and plant source. There are three main omega-3 fatty acid are alpha-linolenic acid (ALA), eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA). Increasing consumption of dietary supplements coupled with rising awareness about health benefits of omega-3 are the major factors driving the growth of the market. Moreover, Increasing demand of omega-3 in functional foods & pharmaceuticals industries further enhance the overall market demand for Omega-3 PUFA during the forecast period 2021-2026.
Omega-3 PUFA Market Segment Analysis – By Type
Based on the Type, Omega-3 PUFA Market is segmented into Alpha-linolenic acid (ALA), Eicosapentaenoic acid (EPA), Docosahexaenoic acid (DHA). The Docosahexaenoic acid (DHA) segment is forecast to be the fastest-growing segment growing at a CAGR of 6.5% during the forecast period 2021-2026. This is mainly owing to its rising demand in infant formulas, dietary supplements, and clinical nutrition. DHA is reported to memory and support generation of nerves.
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Omega-3 PUFA Market Segment Analysis – By Source
Based on the Source type, Omega-3 PUFA Market is segmented into Marine source, Plant source. In 2020, Marine source is estimated to account for major share of the market. The major source of omega-3 is fish oil and other marine organisms. However, the plant source is projected to be the fastest-growing as more people are switching to vegetarianism.
Omega-3 PUFA Market Segment Analysis – By Geography
North America dominated the Omega-3 PUFA market share accounting for 43% of the market in 2020. This is owing to rising awareness among consumers about health benefits of omega-3 and rise in research activities in the region contribute to its dominance.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2021-2026. This is mainly owing to rising demand of infant nutritional formula owing to high birth rates in countries such as China, India. According to a Green Book of Population and Labor co-released by the Chinese Academy of Social Sciences and Social Sciences Academic Press in January 2019, population of China to reach its peak at 1.44 billion in 2029.
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Omega-3 PUFA Market Drivers
Increasing Prevalence of Chronic Diseases
Increasing prevalence of chronic diseases such as diabetes, cancer and others across the globe is driving the growth of Omega-3 PUFA market as omega-3 PUFA is increasingly used for helping in chronic disease treatments. According to the International Diabetes Federation, in 2019, around 463 million adults are living with diabetes and by 2045 to reach 700 million.
Rising awareness among consumers
Rising awareness among the people about health benefits of omega-3 are some factors driving the growth of the market. The American Heart Association (AHA) recommends that everyone should eat fish which contain high omega-3 fatty acid at least twice in a week that helps in preventing heart diseases. Moreover, changing preference of the people have led to increased consumption of health supplements which is also set to drive the market growth.
Omega-3 PUFA Market Challenges
Finite supply of fish oil and strict regulation by government authorities is challenging the growth of the market. For instance, according to the IEG (International Expert Group) recommendations, The EPA content in infant formula should not exceed the DHA content, which poses a hurdle for key players eager to launch EPA-based infant formula products. Moreover, with the outbreak of COVID-19 most industries including food and beverage industry have been impacted owing to supply chain disruptions. These have impacted the omega-3 PUFA market as well even though the demand of omega-3 had increased to boost immunity. According to Global Organization for EPA & DHA omega-3s (GOED), in the initial days of the COVID-19 outbreak, omega-3s experienced a surge in demand from consumers to bolster their health.
Omega-3 PUFA Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Omega-3 PUFA Market. Omega-3 PUFA top 10 companies are Cargill, BASF, DSM, Croda International Plc, omega Protein Corporation, KD pharma, Lonza, Novotech Nutraceuticals Inc, Corbion NV, Clover Corporation Ltd.
Acquisitions/Product Launches:
In January 2019, KD pharma group has acquired a manufacturing site in UK to expand capacity for manufacturing omega-3. This acquisition expands its leading position in omega-3 pharmaceutical market.
In April 2018, Polaris, a leading international expert in the field of functional lipids, has launched Omegavie DHA 650 Qualitysilver5, high concentrate & highly performing Omega-3 Algal oil.
Key Takeaways
In 2020, North America dominates the Omega-3 PUFA Market owing to high consumption of pharmaceutical and food products that constitute Omega-3.
Growing incidence of cardiovascular diseases and other chronic disease are driving the market growth.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Omega-3 PUFA Market report.
Finite supply of fish oil and strict regulation by government authorities are challenging the growth of the market.
Related Reports :
A. EPA and DHA Omega-3 PUFA Market
https://www.industryarc.com/Report/19060/epa-and-dha-omega-3-pufa-market
B. Omega 3 Supplement Market
https://www.industryarc.com/Research/Omega-3-Supplement-Market-Research-504946
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