Articles

Omega-3 Market: Emerging Trends, Major Key Players Epax, Croda International and Golden Omega

by Mit K. SEO

The global omega-3 market is estimated to be valued at USD 4.1 billion in 2019 and is projected to reach USD 8.5 billion by 2025, recording a CAGR of 13.1%. Consumer awareness regarding the health benefits of omega-3 and an increase in application profiling and existing applications finding new markets are the factors that are projected to drive the growth of the global omega-3 market.

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Driver: Pet food and feed

Omega-3 in pet nutrition is also emerging due to its therapeutic ability to improve immunity and prevent degenerative conditions such as arthritis and inflammatory bowel disease in cats and dogs. Omega-3 is used to fortify animal feeds, treats, and supplements and can be fed to fish and production animals, thereby enriching the meat, eggs, and milk they produce. Manufacturers are investing in products such as treats and supplements or pets.

Flaxseed is an omega-3-rich source used as a nutrient in animal feed. A new regulation in Europe (Regulation 767/2009 of the European Parliament and the Council on the market placement and use of feed) requires substantial evidence that an ingredient imparts health benefits as it claims. Omega-3 is one such ingredient with significant benefits. Therefore, there is an increase in the incorporation of omega-3 in pet food. The pet food industry is expected to grow in the future as pet owners continue to demand health & wellness products for their pets.

Opportunity: Research for the development of alternative sources to obtain omega-3

Anchovy is the leading source of omega-3 and constitutes around 70% of the market. End users in some parts of the world avoid fish-based products due to the taste, smell, and dietary preferences. Therefore, fish oil manufacturers are considering new algae, new zooplanktons (krill), and genetically modified (GM) plants as alternative sources to produce omega-3. To meet the increasing demand for EPA & DHA, research is further developing large-scale cultivation of microalgae by studying various strains to develop viable and cost-effective omega-3 products further. New algae suppliers such as Algae Biosciences (US), Aurora Algae (US), and Lonza (Switzerland) are entering the market.

Krill has emerged as the next potential source for DHA & EPA as krill oil comes attached to phospholipids, and this leads to better absorption and delivery of DHA to the brain. Aker Biomarine (Norway) is the only krill oil supplier sponsoring in-vitro, in-vivo, and human clinical trials with phospholipid EPA & DHA from krill oil. GM plants are also being considered to play an essential role in sourcing omega-3. However, the amount of omega-3 harvested is generally lower through GM plants; therefore, the market penetration for GM plants is minimal plants. There are still some commercial barriers, such as certification and regulations, to overcome the usage of GM plants as an alternative source.

By application, the dietary supplements segment is projected to dominate the omega-3 market during the forecast period

The dietary supplements segment is projected to account for the largest share in the market during the forecast period. Though there are many food products that are naturally rich in omega-3, since the amount of omega-3 in such products is not enough, consumers these days have started consuming capsules for omega-3. By consuming such supplements, a sufficient amount of omega-3 can be consumed and regulated. Also, they are easy to consume so as to ensure the requisite amount of daily intake is met.

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The Asia Pacific region is projected to witness the fastest growth during the forecast period

The omega-3 market in Asia Pacific is projected to witness high growth due to rising awareness about its health benefits and increasing disposable income of the population in the Asia Pacific countries. With the growing inclination toward healthy aging in the region, the adult population prefers consuming dietary supplements, including omega-3, as per the recommendations by the Global Organization for EPA & DHA Omega-3 (GOED). Moreover, in Asia Pacific countries, the governments are also focusing on and promoting fortified foods, and many big brands such as BASF (Germany) and Croda International (UK) have expanded their operations in these countries to cater to the growing demand for omega-3. Key manufacturers prefer expanding in the Asia Pacific region, as it provides cost-effective benefits during production and processing. The high demand for omega-3 and low cost of production are the major factors that are projected to encourage suppliers and manufacturers to invest in this market. In addition, Asia Pacific has the highest growth potential due to factors such as high economic growth and the increase in income of individuals in the region. The high population growth and increase in FDI are factors that are driving the growth of the omega-3 market.

This report includes a study on the marketing and development strategies, as well as the product portfolios of the leading companies operating in the omega-3 market. It includes the profiles of leading companies such as Epax (Norway), Croda International (UK), Golden Omega (Chile), GC Rieber (Norway), Cargill (US), DSM (Netherlands), BASF (Germany), Lonza (Switzerland), KD Pharma (Germany), and Pharma Marine (Norway).


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About Mit K. Senior   SEO

144 connections, 1 recommendations, 871 honor points.
Joined APSense since, August 8th, 2019, From Northbrook, United States.

Created on Jan 18th 2022 04:37. Viewed 128 times.

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