Polyunsaturated Fatty Acids Market is Estimated to Witness High Growth Owing to Wide Applications in Food Products
Polyunsaturated fatty acids (PUFAs) are unsaturated fatty acids that contain more than one double bond in their backbone. PUFAs have wide applications in the food industry in bakery, dairy, confectionery, and other products. PUFAs are increasingly being added to various food products due to associated health benefits such as lowering the risk of heart diseases. Omega-3 and omega-6 fatty acids are among the most common PUFAs used in the food industry.
The Global PUFAs Market is estimated to be valued at US$ 7.33 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the PUFAs market are Advanced, Ariba, Inc. (SAP SE), Coupa Software Inc, GEP, Procurify, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay), and others. The wide applications of PUFAs in various food products is creating substantial opportunities for market players to expand their business. Wide acceptance of omega-3 fatty acids due to associated health benefits such as lowering risk of heart diseases is fueling the demand. Ongoing R&D for development of algal-based PUFAs is opening new avenues for market players.
Market Drivers
Increasing health consciousness among consumers and growing awareness about importance of consuming PUFAs is a key factor fueling the demand. Wide applications of PUFAs in bakery, confectionery, convenience foods and growing demand for such products is boosting the PUFAs market. Ongoing research for developing PUFA-fortified animal feeds to enrich the nutrition quotient of meat and dairy products is also driving the polyunsaturated fatty acids market. Growing vegan population and emphasis on vegan and plant-based diets is augmenting the demand for algal-based PUFAs.
Current challenges in Polyunsaturated Fatty Acids Market
The Polyunsaturated Fatty Acids Market Size is facing challenges due to the ongoing COVID-19 pandemic. Supply chain disruptions caused due to nationwide lockdowns have negatively impacted the production and distribution of polyunsaturated fatty acids. Additionally, the decline in demand from end-use industries like food processing and cosmetics has also posed challenges. Maintaining prices at competitive levels while managing rising input costs is another major issue for players in this market. strict environmental regulations pertaining to wastewater disposal from manufacturing units add to the compliance burden as well.
SWOT Analysis
Strength: High health benefits of PUFA such as omega-3 and omega-6 fatty acids. Wide range of applications in various industries.
Weakness: Vulnerable to price fluctuations of raw materials. Regulatory hurdles and environmental compliance issues.
Opportunity: Rising demand for nutritious and healthy foods worldwide. Growing personal care industry offers new opportunities.
Threats: Easy availability of substitutes. Stringent food safety laws across regions.
Geographical regions with high market value
North America dominates the global market with a share of over 35% due to well-established food processing industry and growing health-conscious population. Europe accounts for around 30% share led by countries like Germany, UK, and France. The Asia Pacific region is a major market as well led by China, India with their large population base and improving lifestyles.
Fastest growing region
The Asia Pacific region excluding Japan is expected to be the fastest growing region during the forecast period owing to rising disposable incomes, growing health awareness, and increasing demand from food manufacturers to meet nutrition needs in highly populated countries like India and China.
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