Chicago, March 15, 2024 (GLOBE NEWSWIRE) -- Omega-3 Market Growth Projection
The Omega-3 market refers to the commercial landscape involving products containing omega-3 fatty acids, which are essential nutrients for human health. This market encompasses a wide range of products, including supplements, fortified foods, and functional beverages, all aimed at providing consumers with the health benefits associated with omega-3s. The market is driven by factors such as growing awareness of the importance of omega-3s for heart health, cognitive function, and overall well-being, as well as increasing demand for convenient and innovative delivery formats. The global omega-3 market is expected to witness substantial growth, with estimates indicating a rise from USD 3.9 billion in 2024 to USD 7.4 billion by 2029, representing a compound annual growth rate (CAGR) of 13.5% during the forecast period.
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Key Players in the Omega-3 Market
- BASF SE (Germany)
- Cargill, Incorporated. (US)
- ADM (US)
- Kerry Group Plc (Ireland)
- Croda International Plc (UK)
- Orkla (Norway)
- Corbion (Netherlands)
- GC Rieber (Norway)
- Pelagia AS (Norway)
- KD Pharma Group SA (Switzerland)
- Cooke Aquaculture Inc. (Canada)
- AlgiSys Biosciences, Inc. (US)
Omega-3 Market Trends
- Rising Demand for Supplements: The demand for omega-3 supplements remains strong, driven by growing awareness of their health benefits, including heart health, cognitive function, and inflammation reduction. Consumers are increasingly turning to supplements to fill nutritional gaps in their diets.
- Expansion of Omega-3 Fortified Foods: Omega-3 fortified foods, such as fortified milk, bread, and yogurt, are gaining popularity as consumers seek convenient ways to incorporate omega-3s into their daily diets. Food manufacturers are responding to this demand by introducing a wider variety of fortified products.
- Focus on Sustainability and Traceability: With increasing concerns about overfishing and environmental sustainability, consumers are looking for omega-3 products sourced from sustainable and responsibly managed fisheries. Companies are responding by emphasizing their commitment to sustainability and offering products with transparent sourcing and traceability.
- Plant-Based Omega-3 Alternatives: As interest in plant-based diets grows, there is a rising demand for plant-based omega-3 alternatives derived from sources like algae and flaxseed. These alternatives appeal to vegan and vegetarian consumers seeking omega-3 supplements that align with their dietary preferences.
- Personalized Nutrition: The trend towards personalized nutrition is influencing the omega-3 market, with companies offering customized omega-3 supplements tailored to individual health needs and preferences. Personalized recommendations based on factors such as age, gender, and health goals are becoming more common.
- Innovation in Delivery Formats: There is ongoing innovation in omega-3 delivery formats, with companies introducing new formulations such as emulsions, gummies, and powders to cater to diverse consumer preferences. These innovative formats offer convenience and improved taste, making omega-3 supplementation more appealing to a broader audience.
Embracing Proactive Health Management Practices
A noticeable trend among consumers in the Omega-3 market is the embrace of proactive health management practices. This shift has led to a surge in the consumption of dietary supplements, particularly Omega-3 supplements.
Reinforced Consumer Trust through Endorsement of Health Claims
Regulatory agencies have endorsed health claims associated with Omega-3 fatty acids, reinforcing consumer trust in Omega-3 dietary supplements. These substantiated health assertions, such as promoting heart health and cognitive function, motivate consumers to integrate Omega-3 supplements into their daily routines.
Continued Growth Driven by Eicosapentaenoic Acid (EPA)
Eicosapentaenoic Acid (EPA) is estimated to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period in terms of value. Numerous clinical trials and research studies have provided strong evidence supporting the effectiveness of EPA in addressing various health conditions, including cardiovascular disease, inflammation, and mood disorders like depression. The broadening scope of therapeutic applications for EPA contributes to its increasing demand in the Omega-3 market.
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Regional Analysis for Omega-3 Market
Regulatory agencies across the Asia Pacific region have endorsed health claims associated with Omega-3 fatty acids, which enhance consumer confidence in these products. These health claims, including heart health and cognitive function benefits, motivate consumers to integrate Omega-3 into their daily dietary routines. Additionally, the rise of chronic health conditions like cardiovascular disease, diabetes, and obesity, stemming from rapid urbanization, sedentary lifestyles, and dietary shifts, prompts consumers to increasingly seek out nutritional supplements such as Omega-3 to bolster their overall health and wellness in response to these lifestyle changes.
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