According to The Insight Partners latest Research on “The global Omega-3 Ingredients Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type [Eicosapentaenoic Acid (EPA), Docosahexaenoic Acid (DHA), and Alpha-Linolenic Acid (ALA)], Source [Plant (Flaxseeds, Chia Seeds, Walnuts, and Others) and Marine (Fish, Algae, Krill, and Others)], Application [Food & Beverages (Infant Formula, Fats and Oils, Dairy and Frozen Desserts, Beverages, and Others), Pharmaceutical and Nutraceuticals, and Others], and Geography, The market is expected to grow from US$ 3 billion in 2022 to US$ 6 billion by 2028, at an estimated CAGR of 12.4% from 2022 to 2028.
Cargill, Incorporated; BASF Corporation; Pharma Marine AS; Croda International Plc; POLARIS; Epax; DSM; Omega Protein; Cellana Inc; and Clover Corporation Limited are a few of the key players profiled during this study on the omega-3 ingredients market. Several other major companies were also analyzed to get a holistic view of the market and its ecosystem.
Health awareness among people has increased significantly in recent years, as people, nowadays, are unable to concentrate on their health, fitness, and regular diet through busy lifestyles and hectic work schedules. As a result, the prevalence of obesity, diabetes, high blood pressure, skin problems, digestive issues, and other diseases has surged considerably. With this, preventive healthcare products and dietary supplements have gained popularity among the masses. Omega-3 ingredients are majorly used in the commercial synthesis of nutritional supplements. In 2019, the US Food and Drug Administration (FDA) announced new health claims for the use of omega-3 ingredients in food and dietary supplements meant to avoid the risk of hypertension and coronary heart disease.
Based on application, the omega-3 ingredients market is segmented into food & beverages, pharmaceuticals and nutraceuticals, and others. The market for the food & beverages segment is sub segmented into infant formula, fats and oils, dairy and frozen desserts, beverages, and others.
The omega-3 ingredients market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report entails the analysis and forecast of the market in 18 countries, along with current trends and opportunities prevailing in the major regions.
North America dominated the omega-3 ingredients market in 2021. Omega 3 ingredients are mainly extracted and processed in North America as a large number of dietary supplement manufacturers and chemical processing companies are functional in the region. Consumers' interest in omega-3 ingredients is increasing in the US due to the rising prevalence of neurological disorders.
The American Heart Association (AHA) suggests people to eat fish, particularly cold-water fish, twice a week to maintain optimum omega-3 levels in their diet. Further, rising healthcare expenditures, changing dietary habits, and increasing per capita incomes are a few of the key factors supporting the growth of the omega-3 ingredients market across North America.
The COVID-19 pandemic has had a mixed impact on the overall omega-3 ingredients market. The imposition of the lockdown led to the temporary discontinuation of various manufacturing activities, disrupting the supply chains, which substantially impacted the omega-3 ingredients market. In addition, travel restrictions resulted in irregularities and uncertainties in the transportation of raw materials.
However, consumers became highly concerned about their health and fitness during this global health crisis, which propelled the demand for immunity-boosting health supplements. Moreover, people began focusing more on physical and mental fitness by performing activities such as yoga, exercises, and Zumba to improve their health, which created strong opportunities for the manufacturers of functional food and beverages.
Omega-3 ingredients are used in a wide range of functional food and beverages. Manufacturers from the food & beverages and nutraceuticals industries are increasingly incorporating omega-3 ingredients as a major source of nutrients in their products.
In 2021, the global marketplace witnessed a resurgence as governments of various countries announced relaxations in several social restrictions, including lockdowns. Manufacturers resumed their operations at full capacities, which helped them overcome the demand and supply gaps. Many also expanded their production capacities to meet the rising consumer demands for omega-3 ingredients.