The global Omega-3 Products Market is estimated to be valued at US$ 47500.55 Mn or billions in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Omega-3 products consist of food and beverages enriched or fortified with omega-3 fatty acids like alpha-linolenic acid (ALA), docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA). These products help regulate cardiovascular health, brain function, and eye health. Increasing health awareness among consumers has boosted the demand for omega-3 fortified foods and beverages.
Market key trends:
According to a study, over 75% of American consumers feel that omega-3 fatty acids have been proven to provide various health benefits. The growing vegan population has also augmented the demand for plant-based omega-3 ingredients as an alternative to sea-food. Rising health awareness regarding maintaining an optimal omega-3 to omega-6 fatty acid ratio has triggered the adoption of omega-3 fortified products. Moreover, manufacturer are focusing on launch of innovative food formats such as omega-3 gummies and chews to cater to changing consumer preferences.
Segment Analysis
The global Omega-3 Products Market Size is divided into docosahexaenoic acid (DHA), eicosapentaenoic acid (EPA), and other omega-3 fats. The DHA segment currently dominates the market, accounting for more than 50% revenue share in 2023. DHA is increasingly being used in infant formula owing to its benefits for brain and eye development in infants and growing awareness about these benefits among parents.
Key Takeaways
The global omega-3 products market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing health consciousness among consumers and growing awareness about various health benefits of omega-3 fatty acids.
Regional analysis
North America currently holds the largest share in the global omega-3 products market, and is expected to continue dominating during the forecast period. Rising prevalence of lifestyle diseases and growing consumer preference for preventive healthcare have boosted the demand for omega-3 supplements in the region. Asia Pacific is projected to be the fastest growing regional market over the forecast period, due to rapidly growing middle class population, increasing discretionary spending on health and wellness products.
Key players
Key players operating in the omega-3 products market are Nestle SA, Unilever PLC, Amway Corp., Aker BioMarine, Blackmores Group, Herbalife Nutrition Ltd, Glanbia PLC, Reckitt Benckiser Group PLC, Natrol LLC, Nordic Naturals Inc., Now Foods, and Pharmacare Laboratories Pty Ltd.
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