The Global Omega 3 Ingredients Market was valued at US$ 3.83 billion in 2016, according to a new report published by Coherent Market Insights. Omega 3 ingredients are naturally-occurring polyunsaturated fatty acids and nutrients that are essential for human health. There are three types of omega 3 ingredients, namely alpha-linoleic acid (ALA), eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA).
Increasing cardiovascular disease and growing demand for supplements, especially in North America and Europe is surging demand for DHA and EPA. Consumers are increasingly inclined towards food rich in omega 3 fatty and also supplements containing the acid, due to increasing awareness about the various health benefits associated with the same. Cold water fish are the primary source of omega 3 fatty acids and have various health benefits such effective treatment of hypertriglyceridemia and other cardiovascular diseases. This in turn creates a highly conducive environment for growth of the global omega-3 market.
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Average life expectancy worldwide during 2010–2013, was pegged at 71.0 years. Increasing life expectancy, in turn increases incidence of lifestyle and age-related diseases and conditions such as high blood pressure, diabetes, obesity, and cholesterol. Consumers across the world are looking to follow healthy lifestyles to ensure optimum calorie intake and nutrition to keep diseases at bay. This change in consumer lifestyle is characterized by increasing demand for omega 3 ingredients.
The U.S. and Japan are the largest markets for omega 3 ingredients. This is mainly attributed to high discretionary income and relatively high health awareness among the populace in these countries. China, India and Brazil are emerging economies that offer major potential for the omega 3 ingredients market. Germany and Israel have emerged as the key innovation hubs of the omega 3 ingredients industry. In Germany, the industry is driven by the joint venture of Royal DSM and Evonik in March 8, 2017, for omega 3 fatty acid products from natural marine algae for animal nutrition. This innovation will enable the production of omega 3 fatty acids for animal nutrition without using fish oil. Also, in May 6, 2014, AstraZeneca got approval of Epanova (omega 3 carboxylic acid), from U.S. Food and Drug Administration (FDA) which is used to lower the triglyceride level with severe hypertriglyceridemia.
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Key takeaways of the market:
- Asia-Pacific is projected to be the third-largest region in global Omega 3 Ingredients market. It accounted for around 27.64% of overall Omega 3 Ingredients market share in 2016. The growing demand for nutritious food is expected to be the key driver for the growth of Omega 3 Ingredients in the Asia-Pacific region.
- The market in Latin America is expected to register steady growth rate over the forecast period. Rise in public awareness along with increasing intake of saturated fatty acids is expected to create lucrative growth opportunities for the players in this region.
- Pharmaceuticals sector is one of the key industries for the use of Omega 3 Ingredients. Omega 3 ingredients research started as an epidemiologic curiosity which has generated the strongest dataset for nutrients in pharmaceuticals sector, primarily by reducing the risk of cardiovascular disease. To meet the dietary supplements and drugs, the advent of novel oils from single cell organisms and plants are enabled by biotechnology is expected to fuel the growth for omega 3 ingredients in pharmaceuticals. Also, omega 3 fatty acids helps in decreasing the triglycerides and fats deposited in the liver. For instance, BASF SE introduced Omacor, the first EU and FDA approved pharmaceuticals drug derived from omega 3 fatty acids.
- Koninklijke DSM NV, BASF SE, Croda International Plc., NU-MEGA Ingredients Pty Ltd., Pronova BioPharma ASA, Omega Protein Corporation, and Ocean Nutrition Canada Limited among others are few of the key players in global Omega 3 Ingredients market.
- Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market. For instance, in July 24, 2013, FMC Corporation acquired Epax Nautra Holding III AS and Epax UK Holding III AS, a market leading manufacturer of omega 3 fatty acid, which primarily deals with premium grade omega 3 fatty acid used in pharmaceuticals, nutraceuticals and food.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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