Pune, India, March 11, 2021 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on the Omega-3 Concentrates Market was valued at US$ 1.63 billion in 2019 and is projected to reach US$ 2.70 billion by 2027; it is expected to grow at a CAGR of 6.6% from 2020 to 2027. Awareness among the consumers regarding the health benefits of omega-3 concentrates is anticipated to influence the market to at a greater extent. However, depleting marine sources hampers the market growth.
In 2019, North America accounted for the largest share in the global omega-3 concentrates market. The market growth in this region is primarily attributed to the rising importance of eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) in the region. EPA and DHA are becoming a part of the North American consumer’s regular diet due to the increased prevalence of lifestyle ailments and rising tendency of taking precautionary healthcare measures. Besides, the growing applications of EPA and DHA in food and dietary supplements, and clinical nutrition further stimulates the omega-3 concentrates market growth in North America.
“Omega-3 Concentrates Market to 2027 – Global Analysis and Forecast – by Form, Source, Concentration, and End Use,”
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Rising Consumer Awareness Regarding Health Benefits of Omega-3 Concentrates Fuels Market Growth
Omega-3 concentrates are highly concentrated oils comprising EPA and DHA that sum up to more than 50% of the oil. These concentrates are obtained from omega-3-rich-fats, derived from fish oil, calamari oil, and algal oil, among other types, which are processed to get EPA or DHA in higher concentrations. These concentrates are also available in powdered form and find their applications in dietary supplement manufacturing; moreover, they are also being used as pharmaceutical-grade components.
Surging demand for omega-3 concentrates is mainly attributed to the rise in awareness among consumers regarding the health benefits of omega-3 concentrates. The consumption of omega-3 concentrates help consumers maintain the cardiovascular, ocular, and brain health. Omega-3 fatty acids help lower the risk of acquiring heart diseases; consuming them in association with appropriate physical exercises and diet help reduce triglyceride levels and increase HDL cholesterol levels. Elevated levels of triglyceride in blood promotes arteriosclerosis development, which eventually increases the risk of developing cardiovascular diseases. Moreover, the consumption of omega-3 concentrates also helps reduce depression and anxiety, suppresses metabolic syndrome-related symptoms, fights inflammation, helps prevent cancer risks, and so on. Thus, the rising incidence of cardiovascular diseases, cancer, and other similar health issues has boosted the demand for omega-3 concentrates worldwide.
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Omega-3 Concentrates Market: Segmental Overview
Based on source, the omega-3 concentrates market is segmented into fish, algae, calamari, Krill, and others. In 2019, the fish segment held the largest share of the market. Fish are the primary food source of EPA and DHA. Fish oil is mainly derived from oily fish tissues containing omega-3 fatty acids—DHA and EPA—which re the precursors of certain eicosanoids known to improve hypertriglyceridemia and lessen inflammation in the body. More than 50% of the world's fish oil used in aquaculture feed is fed to farmed salmon. The cold-water oily fish varieties such as salmon, anchovies, mackerel, and sardines are the most extensively available dietary sources of EPA and DHA.
Based on concentration, the omega-3 concentrates market is segmented into high DHA, high EPA, and balanced EPA-DHA. In 2019, the high DHA segment dominated the market, in terms of revenue share. DHA is an omega-3 fatty acid usually found in the meat of cold-water fish such as tuna, mackerel, salmon, cod liver, and whale blubber, and it can also be found in algae. DHA reduces the risk of developing heart disease, improves attention-deficit hyperactivity disorders, lowers the risks of early preterm births, and fights inflammation. DHA is also prescribed or consumed for improving infant and child development and is commonly used as a supplement for premature babies.
Based on end use, the omega-3 concentrates market is segmented into food and beverages, dietary supplements, pharmaceuticals, infant formula, personal care and cosmetics, and others. In 2019, the dietary supplements segment held the largest market share. Omega-3 dietary supplements, when consumed alongside regular exercise, help in enhancing cardiovascular and metabolic health. Nowadays, consumers are spending significantly on dietary supplement products that contain fish oils, vitamins, minerals, and other similar ingredients. Moreover, these supplements can be purchased without the consultation of physicians.
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Impact of COVID-19 Pandemic on Omega-3 Concentrates Market
As of March 2021, the US, Brazil, India, Russia, Spain, and the UK are among the worst-affected countries in terms of confirmed COVID-19 cases and deaths. The COVID-19 pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food & beverages is one of the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The lockdown of various manufacturing plants and factories is hindering the global supply chains and disrupting the manufacturing activities, delivery schedules, and various materials sales. Numerous companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hampering the business collaborations and partnerships opportunities. These factors have been hindering the food & beverages industry since the last few months, which limited the growth of various markets related to this industry in the coming months.
Omega-3 Concentrates Market: Competition Landscape and Key Developments
Key players operating in the omega-3 concentrates market include BASF SE; AlaskOmega; Golden Omega S.A.; K Pharmtech Co., Ltd; DSM Nutritional Products AG; Nordic Naturals, Inc.; Epax Norway; Norwegian Fish Oil; GC Rieber VivoMega; and Australian Omega Oils Pty. Ltd. These key players are adopting growth strategies such as product launches, expansions, mergers and acquisitions, and technological advancements. Moreover, the leading manufacturers are highly focused on R&D and product releases. Adopting these strategies is likely to allow them to meet the rising demand for omega-3 concentrates across the world.
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