The global omega 3 market is expected to reach USD 3.01 billion by 2022, according to a new report by Grand View Research, Inc. Growing consumer demand for omega 3 owing to its benefits for physical as well as mental wellbeing is expected to propel growth over the forecast period.
Demand for omega 3 was highest in supplements & functional foods accounting for over 75% of the global volume share in 2014. Growing demand for functional foods as they help in reducing risk of heart diseases as well as promote optimal health is expected to drive demand for the ingredient over the forecast period. Increasing tendency of obesity, particularly among the younger generation, is likely to fuel demand for dietary supplements over the next few years.
North America Omega 3 market revenue, by application, 2012 – 2022 (USD Million)
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Further key findings from the report suggest:
- Omega 3 demand in infant formulas is expected to witness significant gains at a CAGR of 8.7%, in terms of volume, over the forecast period. Rising population of infants, particularly in Africa and Middle East, coupled with rising awareness among parents regarding nutrient gap is expected to propel demand for baby food with high nutrient content.
- Increasing awareness regarding the benefits of adding omega 3 to pet & animal food to improve their overall health as well as diary yield is expected to propel demand. Demand is expected to exceed 11.0 kilo tons by 2022.
- Pharmaceuticals & infant formulations are low volume and high value segments, together accounting for over 40% of the market revenue in 2014. Rising consumer awareness in Asia Pacific and Middle East regarding general wellbeing, increasing disposable income and ease of accessibility to healthcare facilities is expected to propel demand in the region over the next seven years.
- Asia Pacific is expected to lead the global market over the next few years owing to the rising consumption of omega 3 in the form of supplements & functional foods, pharmaceuticals as well as infant formulations. The region is expected to account for over 30% of the global volume share by 2022.
- The market is dominated by major participants including BASF, DSM, Pronova, Croda and Omega Protein. Other players include Aker BioMarine, EPAX, BioProcess Algae, Martek Biosciences, GC Rieber Oils, Lonza and Axellus. In October 2015, DSM launched a new line of high concentrate DHA (docosahexaenoic acid) and EPA (eicosapentaenoic acid) products sourced from fish oil and a high concentrate docosahexaenoic acid from the vegetarian algal oil. The products contains 85% omega 3 to support cardiovascular and cognitive health. In June 2015, Croda introduced Incromega DHA which is ideal for cognitive health and has certification of EFSA (European Food Safety Authority).
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