Omega 3 Market 2024 Latest Innovations And Challenges By 2030
Omega 3 Industry
The global omega-3 market was valued at USD 2.62 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2030. This anticipated growth is primarily due to the increasing incorporation of omega-3 ingredients into the human diet to support brain and heart health. Additionally, the rising consumer investment in healthcare and overall well-being is expected to further boost product demand. The market is currently experiencing continuous diversification in its product offerings as consumers seek alternatives to traditional fish oil. Among these alternatives, krill oil has emerged as one of the most popular sources of omega-3 fatty acids due to its superior properties compared to conventional fish oil.
In regions like Europe and North America, a significant number of consumers prefer krill oil over other fish oil sources, largely due to its lower incidence of acid reflux, more pleasant taste, and smaller pill sizes. These consumer preferences are anticipated to drive demand for krill oil during the forecast period.
In the United States, the demand for omega-3 fatty acids is projected to grow significantly over the next few years, fueled by increasing consumer awareness regarding the various health benefits associated with omega-3, including its ability to lower blood pressure, reduce cholesterol levels, and mitigate risks related to heart diseases. Furthermore, a growing preference among consumers for a healthy and nutritious diet is expected to enhance product demand in the near future.
Numerous manufacturers operating in the U.S., including BioProcess Algae, Martek Biosciences Corporation, and Omega Protein Corporation, are intensifying their focus on research and development activities to introduce pharmaceutical-grade omega-3 products into the market. The increasing consumption of enhanced medicines aimed at treating and preventing chronic diseases is likely to spur overall omega-3 consumption in the coming years, further solidifying the market's growth trajectory.
Gather more insights about the market drivers, restrains and growth of the Omega 3 Market
Source Insights
Marine Source Dominance in 2023:
- The marine source segment led the market in 2023 with a significant revenue share of 83.5%.
- The dominance of marine sources is due to the high concentration of DHA and EPA omega-3 fatty acids found in:
- Fish bodies or oily fish such as salmon, pollock, tuna, and mackerel.
- Fish liver oils and other fatty fish.
- Marine microorganisms like krill and algae that are rich in omega-3.
- Forage fish species with smaller bodies, such as anchovies, herring, sardines, mackerel, hoki, and capelin, are also excellent sources of EPA and DHA.
- Globally, marine sources are recognized as primary suppliers of EPA and DHA, which has led to increased demand for omega-3 products derived from marine ingredients.
Growth in the Plant Source Segment:
- The plant source segment is anticipated to grow over the forecast period due to:
- Rising global demand for vegetable oils rich in omega-3 fatty acids, such as those derived from soybeans, safflower, sunflower, cotton, and corn seeds.
- A shift by key players toward plant-based omega-3 sources as sustainable alternatives to fish oil, aligning with growing environmental awareness and consumer preference for eco-friendly options.
Key Developments in Plant-Based Omega-3:
- Innovations by industry leaders include:
- Nuseed Global’s introduction of Nuseed Nutriterra plant-based oil in May 2023, designed to meet the nutritional needs of the human nutrition and dietary supplement markets with omega-3-rich vegetable oil.
- Nordic Naturals Algae Omega, a popular plant-based omega-3 product, provides vegans and vegetarians a sustainable source of EPA and DHA derived from high-quality algae oil. This product supports brain, eye, heart health, and immune system function while offering a reliable plant-based alternative to marine-sourced omega-3.
Order a free sample PDF of the Omega 3 Market Intelligence Study, published by Grand View Research.
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