Newark, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the USD 2.27 billion in 2022 global omega-3 market will reach USD 3.71 billion in 2030. Awareness and improvements are two aspects that contribute to the increase in demand for omega-3 fatty acids. People are searching for alternate sources of omega-3 fatty acids outside fish and seafood to replace them with creative vegan or vegetarian options as they become more aware of the health advantages of these fats. To avoid heart disease, high blood pressure, and rheumatoid arthritis, omega-3 supplements are advised. They also serve as an energy source and support the functioning of your immune system, heart, lungs, and blood vessels. The increasing knowledge of these advantages will fuel the market's expansion.
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Key Insight of the Global
North America will dominate the market during the forecast period.
Due to large corporations employing omega-3 as essential components in numerous goods, North America dominates the omega-3 industry. Additionally, the market is being driven forward by the rising incidence of chronic diseases, the intense focus on expanding the customer base, the introduction of novel products, the increased customer awareness of cholesterol control, the advancement of technology, and the expanding merger activities to strengthen the product portfolio.
In 2022, the fish and krill oil segment dominated the market with the largest market share of 18.14% and a revenue of 0.41 billion.
The source segment is divided into algal oil, fish oil and krill oil, canola oil, walnut, soybean oil, pumpkin seeds, bean curd, and others. In 2022, the fish and krill oil segment dominated the market with the largest market share of 18.14% and a revenue of 0.41 billion.
In 2022, the docosahexaenoic acid (DHA) segment dominated the market with the largest market share of 41.11% and market revenue of 0.93 billion.
The type segment is divided into eicosapentaenoic acid (EPA), docosahexaenoic acid (DHA), and alpha-linolenic acid (ALA). In 2022, the docosahexaenoic acid (DHA) segment dominated the market with the largest market share of 41.11% and market revenue of 0.93 billion.
In 2022, the dietary supplement segment dominated the market with the largest market share of 23.15% and revenue of 0.52 billion.
The application segment is divided into infant formula, dietary supplements, pharmaceuticals, fish feed, pet food, and food & beverage. In 2022, the dietary supplement segment dominated the market with the largest market share of 23.15% and revenue of 0.52 billion.
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Advancement in market
New data from a large, comprehensive study of healthy individuals financed by the National Institutes of Health suggests that omega-3 fatty acids, which are rich in fish and fish oil supplements, may be helpful in maintaining lung health. The study offers the greatest evidence of this date link. It emphasises the necessity of adding omega-3 fatty acids to the diet, particularly because many Americans fall short of the recommended amounts. The study's findings were published in the American Journal of Respiratory and Critical Care Medicine. The study was largely funded by the National Heart, Lung, and Blood Institute (NHLBI), a division of NIH.
Market Dynamics
Driver: The rising awareness of omega 3 and its health benefits.
Omega 3-induced fatty acids are found in marine animals. It is also offered in products such as fish oil, which is growing in popularity. The growing awareness about the health benefits omega-3 is expected to contribute to the market's growth. Omega 3 is known to impact brain and heart health positively. It is beneficial for individuals suffering from mental health problems. It is known to reduce plaque in blood vessels and thereby reduce the risk of stroke. The marketing initiatives showcasing and branding products as rich in omega-3 fatty acids have increased awareness about its benefits and will drive the global market's growth.
Restraints: Complex extraction processes.
The production and processing of omega-3 involves its exaction from omega-3-rich products or foods. The lack of commercially viable extraction methods will limit the market's growth.
Opportunities: Increased applications of omega 3.
The growing awareness about omega 3 and its benefits has led to increased research in the industry to develop commercially viable extraction processes. The research and innovation also aim to develop supplement medications with API rich in omega-3 fatty acids and animal feed, among others. Therefore, the increasing applications of omega-3 will propel the market's growth.
Challenges: The potential side effects of omega 3.
Omega 3 has significant benefits; however, it is not without negative consequences. Studies have shown the association of omega 3 with gut problems. It also causes diarrhoea, nausea and heartburn. It is also known to have a bad smell and taste, hence the aversion of potential consumers from the market. Therefore, the potential side effects of omega-3 will hamper the market's growth.
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Some of the major players operating in the global omega-3 market are:
• BASF SE
• DSM
• Glanbia Plc.
• Lonza Group
• SternVitamin GmbH & Co. KG
• Farbest Brands
• ADM
• BTSA Biotechnologias Aplicadas S.L.
• Adisse
• Golden Omega
• Rabar Pty Ltd
• Kinomega Biopharm Inc.
• Polaris
• Sinomega Biotech Engineering Co. Ltd.
• Pharma Marine AS
• Huatai Biopharm
• ALGISYS LLC
• Biosearch Life
Key Segments covered in the market:
By Source
• Algal Oil
• Fish Oil & Krill Oil
• Canola Oil
• Walnut
• Soybean Oil
• Pumpkin Seeds
• Bean Curd
• Others
By Type
• Eicosapentaenoic Acid (EPA)
• Docosahexaenoic Acid (DHA)
• Alpha-Linolenic Acid (ALA))
By Application
• Infant Formula
• Dietary Supplement
• Pharmaceutical
• Fish Feed
• Pet Food
• Food & Beverage
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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