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The global omega-3 market is anticipated to be worth USD 3.82 billion by 2028. Factors likely to drive the industry’s growth include a rise in the occurrence of cardiovascular diseases (CVDs), modifications in dietary habits, and the importance of immunity development. The addition of omega-3 ingredients to the diet tends to maintain brain and heart health, which strives to increase the demand for the product. Besides, an inactive lifestyle, remote working trends, and poor physical activity are projected to increase the demand and boost the industry’s growth during the forecast period.
A huge surge in heart and obesity-related cases, especially in the U.S. is expected to up-scale the industry in the forecast period. For instance, according to the data report of the American Medical Association, heart disease was one of the main causes of death in the U.S in 2020 that accounted for 690,882 deaths. Hence, the approval of omega-3 supplements by the U.S. Food and Drug Administration (FDA) has been useful for the treatment and diagnosis of patients with diseases. Besides the inclusion of docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) are regarded as essential adjuncts to diet. All these factors are likely to boost the industry’s growth during the forecast period.
The role of manufacturers in the active adoption of innovative and advanced manufacturing technologies is expected to drive the industry’s growth in the forecast period. Manufacturers are on the verge of effectively eliminating environmental pollutants from fish oil and curtailing oxidation, thus striving to increase the omega-3 content in final products to constitute the provision of health benefits associated with fish oil. For instance, Smartfish has inaugurated manufacturing strategies that combat oil oxidation and ensures high-temperature resistance for its products.
In terms of segment, the marine source segment dominated the market on the account of the availability of fish oil, which is considered the main marine source, usually derived from anchovy fish. Additionally, the processing and extraction cost of fish oils as well as the accessibility of anchovy fish tend to determine the price of omega 3, which tends to drive the industry’s growth during the forecast period. Besides, the growth of mercury levels in fish is projected to negatively impact the price of fish oil in the forecast period.
In terms of regional growth, North America dominated the market owing to the increase in awareness of consumers regarding healthy products. The demand for nutrition-enhanced products from food to essential supplements is likely to drive the industry’s growth during the forecast period. Besides, the presence of various organizations like BioProcess Algae, Martek Biosciences Corp., and Omega Protein Corp, is expected to contribute towards the industry’s growth owing to the focus on research and development (R&D) activities to expand the development of omega 3 products.
Key players are focused on the provision of differentiated products to enhance market competition and gain the highest market share. For instance, Aker BioMarine has introduced the latest platform known as the Omega 3 Index Project as a part of its product portfolio development to create awareness regarding the intake of omega 3 DHA and EPA. Besides, a rise in the trend of veganism has made manufacturers focus on non-fish sources. For instance, Polaris inaugurated Omegavie DHA 800 oil in June 2021. This oil made provision for a huge collection of 800 mg of DHA useful for the production of vegan capsules, thus contributing towards the escalation of the industry.
Research Support Specialist, USA