Omega 3 Market | Contrive Datum Insights

Market Overview:

The Global Omega 3 Market Is Projected To Grow At USD 2.43 Billion By 2022 And USD 4.39 Billion By 2030 With A CAGR Of 7.7% During The Forecast Period From 2022 To 2030.

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Omega-3 fatty acids can be found in plants, nut oils, fish like tuna, salmon, and halibut, and other sea foods like krill and algae. Omega-3 fatty acids are important for human health and are called essential fatty acids. These fatty acids are needed for the brain to work and for people to grow and develop. Cancer, heart disease, and arthritis are less likely to happen if you eat foods with omega-3 fatty acids.

In recent years, there have been more deaths from heart disease around the world, which tends to make the omega 3 market grow. Western sub-Saharan Africa and South Asia have both seen a rise in cardiovascular disease. Omega 3 fatty acids are found naturally in supplements and foods like certain fish, nuts, and seeds. The demand for omega 3 fatty acids around the world is expected to rise. have been talked about for a long time because they are good for your health, especially your heart. But chronic diseases like heart disease, arthritis, stroke, and cancer are likely to get worse.

COVID-19 Impact:

The COVID-19 pandemic had a positive impact on the EPA/DHA (Omega3) ingredients industry trends. Despite supply chain shortages and associated disruptions in demand and product prices, the pandemic fueled consumer interest in dietary supplements that are rich in Omega 3. To address the surging demand for Omega 3, new manufacturing capacities have been established in recent years along with extensive R&D on EPA and DHA. For instance, in September 2022, the Karolinska Institutet in Sweden conducted a study showcasing the efficacy of intravenous administration of Omega 3 to boost the immunity of COVID-19 patients.

Market Dynamics:

Market Trends:

• Omega 3 Infused Beverages Gaining Immense Popularity Worldwide

As health and wellness become more popular, people who care about their health are buying more omega-infused drinks. For example, in May 2020, Coca-Cola started selling new omega-3 superfusion drinks under the brand name "Gomega." These drinks come in three flavors: "Berry Acai," "Strawberry Guava," and "Mango Passionfruit." All three kinds have 25 calories, no more than 2 grams of sugar, and 32 mg of DHA omega-3s. Gomega is made with plant-based sweeteners and 100% natural flavors. It is also gluten-free, soy-free, vegan, and kosher.

• Vegan Pet Food with Functional Benefits is a Recent Trend

There is a growing trend among pet owners to give their pets foods or supplements that are made to help them stay healthy. Nestlé started a pet care accelerator program called Unleashed in February 2020. The goal of the program is to find and help young, innovative companies that use science and technology to make new products and services for pets. The program gives new businesses access to experts in pet health and nutrition, proof-of-concept funding, and commercial networks that have already been set up. Each chosen start-up will get up to CHF 50,000 in funding (USD 51,853).

Driving Factors:

• Health Benefits Associated with Omega-3 Consumption

Docosahexaenoic acid and eicosapentaenoic acid are the two omega-3 ingredients that are used most often in the pharmaceutical industry. They are used to treat depression, arthritis, and atherosclerosis, all of which are long-term conditions. As the world's population ages and more people get chronic illnesses, the need for these fatty acids is likely to grow. Docosahexaenoic acids are important for the body because they allow cells to talk to each other. They are very important for the immune system and other parts of how the body is built and works. They also help fight stress, cancer, getting older, and depression.

• Technological Evolutions for Better Production of Omega-3 Products

Key players in the market are spending more and more money on research and development to add technology that will make omega-3 more bioavailable to the body. For example, in October 2019, Pharmako Biotechnologies released a new self-emulsifying drug delivery system called Aquacelle. This system makes it six times easier for the body to absorb omega-3s through the mouth than with the usual fish oil.

The omega-3 fatty acids lower the risk of arrhythmia, which is a type of irregular heartbeat that can lead to a sudden death. It also helps lower blood pressure and triglyceride levels and slows the growth of atherosclerotic plaque. People are switching to healthier options more and more because they see preventative care as an important way to live healthy lives. Omega 3s are becoming more and more popular because they are a great source of proteins, vitamins, and minerals and can help treat conditions like asthma, cancer, and depression.

• Marketing Tactics and Product Endorsements to Spur Market Expansion

A few things that affect what people buy are how well-known the brand is, how healthy the food is, and how safe it is. There has been a lot of talk in print and online media about the benefits of omega-3-based supplements, which is likely to have an effect on what people buy. People are going to use fish more and more, especially in developing countries. Fish oil is the main source of Omega-3 fats.

Restraining Factors:

• Gap Between Omega-3 Awareness and Omega-3 Products Usage

For example, GOED 2017, a global organization for the EPA and DHA omega-3 industry, says that the main things stopping people in Europe from buying omega-3 products are doctor recommendations and the quality of the products. 85.1% of people in Turkey, 61.9% of people in Russia, 83.6% of people in Spain, 71.4% of people in France, and other countries put doctor recommendations at the top of their list. But the market is expected to grow because key players are putting more effort into making functional food and drinks with omega-3.

• Fish Farming’s Impact on Environment 

The market isn't growing as fast as it could because there aren't enough fish to go around and the demand for fish from other sources is growing. Too many metals and dangerous pollutants in the environment are making fish toxic, which could slow their growth.

Opportunities:

• Introducing Quality-Based Snacking Food Products for Health-Oriented Consumers

Several companies are focusing on making high-quality snack foods for people who care about their health. Key players are putting a lot of effort into making functional food and drinks because consumers are increasingly interested in ready-to-eat snacks like cookies, snack bars, and others. Omega3 Innovations, for example, sells a variety of omega-3 cookies and bars that are covered in chocolate and made with EPA and DHA. This is expected to give key players a lot of growth opportunities.

• Growing Demand for Omega-3 in Personalized Nutrition 

It is expected that the growing demand for omega-3 in personalized nutrition will create a lot of growth opportunities. Cambridge Diagnostic Imaging (CaDi) says that the female fertility market is a big chance for the nutrition industry to offer targeted, individualized supplements that could increase the number of births and keep pregnant women healthy. Cambridge Diagnostic Imaging (CaDi) saw an opportunity and came out with two powerful DHA omega-3 supplements in 2020. One was made to keep women's ovaries healthy and the other was made to get them ready for egg retrieval and IVF. AI technology can be used with the supplements to make sure that each patient gets the right treatment and to track how well it is working.

• Increasing Application of Omega 3 Fatty Acids in Pet Food and Pharmaceuticals

Omega-3 fatty acids are being used more and more in pet food and medicines. This is helping the market, as are more public health and fitness programs, which are also helping the market. People are becoming more aware of the health benefits of omega-3, which is pushing market players to come up with new ideas to stay competitive. On the other hand, the technology delivers smelly oils in a micro-emulsified form that is meant to help the surface absorb more of the oil. The OmegaZero Technology helps to break up smelly oil in the gut so that it doesn't form a layer on top of the gastric juice. This makes the oil much less likely to come into contact with air.

Challenges:

• Extremely Volatile Fish Oil Prices

Omega-3 is made from fish and other sea oils, which are expensive and very unstable. The market for omega-3 fatty acids is hard to grow because of this factor. Changes in the cost of raw materials are hurting the omega-3 business. The sharp rise in price of these raw materials is caused by the rising costs of aquaculture.

• Fish Oil Allergies and Difficult Extraction Methods

Feed is the most important part of aquaculture, and because feed prices change often, it is expensive to keep. The price of fish that is bought or brought in is going up a lot. The cost of labor, electricity, and power is going up, and fishing is limited on the high seas. This makes it harder for the industry to grow. S-Fish and krill are the two most important marine sources of omega-3-rich oils. Due to how hard it is for producers to get omega-3, like controlling the smell and taste of fish, these goods may not be as popular and the market may not grow as much as expected over the next few years. Also, problems with the process, like low yield and high-temperature extract, could lower the quality of the product. This could affect the price of the final product and, in turn, stop the omega-3 market from growing in terms of revenue, the rising cost of raw materials is making it hard for the industry to grow.

Strategic Development:

• In October 2021 - Nestle said that it would add vegan eggs and shrimp to its menu to take advantage of the growing vegan market. In Europe, the egg substitute is sold under the name Garden Gourmet vEGGie. It is made with soy protein and omega-3 fatty acids. It could be scrambled, made into a frittata, or added to cakes or cookies.
• In December 2020 - Ready-to-drink Nestle Omega Plus® will be UHT's popular plain milk drink now comes in a dark chocolate flavor. It contains ActiCol®, a plant sterol that has been shown to lower cholesterol by keeping it from getting into the bloodstream.
• In May 2021 - Unilever bought Wellness Supplements Firm Onnit, which is based in Austin, Texas, and makes supplements that help with mental performance, emotional wellness, and physical fitness. Onnit is a great addition to the company's growing list of innovative brands for wellness and supplements.
• In December 2020 - Morgan Stanley Expansion Capital sold SmartyPants Inc. to Unilever. SmartyPants makes high-quality multivitamins. Horlicks, OLLY, Equilibra, and Liquid IV are all brands owned by Unilever. SmartyPants Vitamins is a new brand in the functional nutrition and supplements market that goes well with these products.
• In March 2020 - SmartyPants announced the release of its first baby multivitamin made by a pediatrician with omega-3 DHA and lutein to help with brain and eye development. The launch was an addition to the brand's current line of supplements for all stages of life, from prenatal to 50 plus.
• In April 2020 - Amway and Tata Consultancy Services formed a strategic partnership so that the IT services company could reorganize its global technology operations.
• In April 2019 - Amway India announced the launch of Nutrilite DHA Yummies to help children over the age of five get enough omega-3 fatty acids and vitamin D.
• In November 2020 - At the CIIE (China International Import Export) expo, Aker BioMarine signed three strategic partnerships and a commercial frame agreement for 2021 for Superba, which has omega-3 acids. Two of the strategic partnerships are for Superba, and one is for QRILL. The strategic partnerships for China in 2021 have been set.
• In October 2020 - In India, Aker BioMarine opened a new warehouse. With the new warehouse in Chennai, India, the company has a stronger local presence and can serve customers all over the region with its krill-based ingredients for fish and shrimp feeds, such as omega-3 fatty acids.

Key Vendors:

Top market players are

• Aker Biomarine Antarctic AS

Aker BioMarine is an innovator in biotechnology and a company that gathers krill from Antarctica with the goal of making people and the planet healthier. The company makes ingredients from krill that are used in nutraceuticals, aquaculture, and animal feed. The company's fully transparent value chain starts with the sustainable harvesting of krill in Antarctica's clean waters and goes all the way to its customers around the world via its Montevideo logistics hub and Houston production plant.

• Orkla Health

Orkla ASA (Orkla) provides grocery, bakery, and out-of-home markets with branded consumer goods and concept solutions. The company makes margarine and butter blends, marzipan and ice cream, bread and cake improvers and mixes, household care and personal care products, dietary supplements and health products, painting tools and cleaning products. Orkla markets its products under Nugatti, Fun Light, Toro, Denja, MTR, Panda brand names.

• BASF SE

BASF SE makes chemicals. Chemicals, plastics, performance products, functional solutions, agricultural solutions, and oil and gas are the six areas that the company works in. BASF makes products for the chemical, automotive, construction, agriculture, oil, plastics, electrical, electronics, furniture, and paper industries. It also offers a wide range of system solutions and services.

• Omega Protein Corp.

Omega Protein creates, makes, and ships important nutritional ingredients all over the world for three main industries: human nutrition, animal nutrition, and plant nutrition. Omega Protein started out as a commercial fishing business in 1913. This gave the company the foundation it needed to become one of the world's top producers of fish oil and the largest producer of fish meal in the United States.

• GC Reiber Oils

Animal food is made by Gc Rieber Vivomega AS. The company sells fish oil and other oils from marine animals, as well as fish and animal meals. GC Rieber: Vivomega is a company that does business all over Europe.

• Lonza

Lonza Group Ltd., or "Lonza," is a company that provides contract manufacturing and development services. It provides services like commercial manufacturing for both mammals and microbes, clinical development, and manufacturing. It also offers high-potential active pharmaceutical ingredients, cell and gene therapy, advanced intermediates, oral drug product development services, cell-culture modeling, genome editing, endotoxin products, research media, and testing products.

• Croda International Plc

Croda International plc is the parent company of a group of companies that make a wide range of chemicals and chemical products, such as oleochemicals and industrial chemicals. Croda sells its products to companies in the personal care, pharmaceutical, plastics, food processing, nutrition, fire prevention, engineering, and automotive industries.

• EPAX

Epax is a leading global brand that supplies some of the most well-known retail brands in the world with high-quality omega-3 ingredients. Customers have put a lot of trust in Epax's brand and have come to expect and rely on its ingredients and service. Epax is known in the supplement business for its purity, quality, and new ideas.

• BioProcess Algae, LLC

BioProcess Algae LLC offers services related to clean energy. The company designs, makes, and runs integrated systems that let biomass be grown in an autotrophic, heterotrophic, or mixotrophic environment in an efficient and cost-effective way. BioProcess Algae focuses on meeting the needs of the industries that make fuel for cars and feed for animals.

• Koninklijke DSM N.V.

The Royal DSM N.V. is a company that works in life sciences, biotechnology, food, and healthcare ingredients. The company offers innovative business solutions for human and animal nutrition, personal care and aroma, medical devices, green products and applications, new mobility, and connectivity. Koninklijke DSM serves clients worldwide.

Segmentation Analysis:

The market is segmented on the basis of type, solution, application, dietary supplement and region.

By Type Outlook:

In 2022, 62.4% of the market's revenue came from the docosahexaenoic acid (DHA) type. This made it the market leader. This is because the product is being used more and more in infant formulas to improve a baby's overall health. DHA is the most important and most common omega-3 fatty acid in the human diet. It helps keep the human body healthy.

DHA is a very important part of how a baby's brain and eyesight grow and develop. Also, it is used a lot in nutritional supplements and foods that are made healthier. It is also used to treat Alzheimer's disease, ADD/ADHD, coronary artery disease (CAD), and Type 2 diabetes. Because DHA is good for your health and can help you live longer, it is also used in foods for older people.

Eicosapentaenoic acid (EPA) is expected to be in higher demand around the world over the next few years because it has many health benefits, such as preventing heart disease, high blood pressure, inflammation, and high triglycerides (blood fats). It is also used to treat diabetes, ease the side effects of chemotherapy, and help people get better after surgery, among other things.

• Docosahexaenoic acid (DHA)
• Eicosapentaenoic acid (EPA)
• Alpha-linolenic acid (ALA)

By Source:

In 2022, 83.3% of all revenue came from the marine segment, making it the market leader. This is because there are a lot of DHA and EPA omega-3s in fish bodies or liver oil, oily or fatty fish, and marine microorganisms like algae and marine crustaceans like krill. Salmon, pollock, tuna, and mackerel are all good sources of omega-3 for people to eat.

Small-bodied fish that are used as food are another source of EPA and DHA. There are anchovies, herring, sardines, mackerel, hoki, and capelin in this group of fish. So, people all over the world know that marine in general is a good source of EPA and DHA. This has led to a growing demand for omega-3s that come from marine sources.

During the forecast period, the plant source segment is expected to grow. This is because the global demand for vegetable oils made from the seeds of soybeans, safflower, sunflower, cotton, and corn, which are high in omega-3, is rising. Key players are also moving away from fish oil and toward plant sources because they are better for the environment. For example, in October 2018, Cargill Inc. released "Latitude," a sustainable source of Omega 3 made from plants that can be used in fish feed.

• Marine Source
• Fish Oil
• Algal Oil
• Krill Oil
• Others
• Plant Source
• Nuts & Seeds
• Vegetable Oils
• Soy

By Application Outlook:

In 2022, the market was led by the supplements and functional foods application segment, which made up 52.0% of the market's revenue. This is because omega 3 has so many great benefits, such as helping you build muscle, get more minerals, control your weight, and look better. Athletes and gym professionals in China, Italy, India, and the U.S. are becoming more aware of the need to cut calories. This is likely to increase the use of sports supplements and functional food products.

Over the next few years, the pharmaceuticals market is expected to grow a lot. This is because scalp-nourishing pharmaceuticals are being used more and more in dermatology. It is used to keep the lipids in the skin from breaking down, which stops the skin from drying out and keeps it moist. Over the next few years, the market is also likely to be driven by the growing use of omega 3 in pharmaceuticals to treat the skin and scalp conditions listed above.

The number of people over 65, the number of lifestyle-related diseases, and the number of people with cancer are all expected to drive up the demand for omega-3-based drugs. During the forecast period, the growth of the product market is also expected to be helped by improvements in API (active pharmaceutical ingredient) manufacturing technology.

• Supplements & Functional Foods
• Pharmaceuticals
• Infant Formula
• Animal Feed & Pet Food
• Others

By Dietary Supplement:

Based on Dietary Supplements, the market is segmented into Grocery Retailers, Pharmacies and Drug Stores, Internet Retailing, and Other Distribution Channels. Out of which, Grocery Retailers is expected to dominate the global market over the forecast period and this is attributed to the huge retail space catering variety of preferences. Grocery retailers offers omega-3 products of different brands in unique product varieties to increase sales. The grocery retailer segment of the global omega-3 products market was valued at USD 17,200.87 million in 2022. It is projected to reach USD 29,798.23 million by 2030, witnessing a CAGR of 7.11% over the forecast period.

• Grocery Retailers
• Pharmacies and Drug Stores
• Internet Retailing
• Others

Regional Insights

The global Omega 3 market has been looked at in different parts of the world, like North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa (MEA).
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North America brought in the most money in 2021 and is expected to keep growing steadily over the next five years. This is because many of the top manufacturers of omega-3 products are based in countries in this area. These companies are always working on developing more advanced ways to make omega-3 products like vegetable oils, infant formulas, and other new products on a larger scale. People are also becoming more aware of their health, which is another big reason why the market in this region is growing. They are moving away from junk food and toward healthier options.

Due to rising demand for omega-3 as an ingredient in dietary supplements and fish feed, the Europe market is expected to have steady revenue growth over the next few years. The North American market is also growing because more and more end-use industries, such as pharmaceuticals, personal care products, and others, are using omega-3.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The report gives an in-depth analysis of the size of the global omega-3 market, the size of the omega-3 fatty acids market, and future estimates, both in terms of value and volume, from 2022 to 2030.
• It also gives information about the current state of the market, how the market is changing, what omega-3 market trends are expected, and market intelligence.
• The report is a thorough look at the most important things companies do to get noticed in the market.
• Based on the type, source, application, and region, micro-level analysis is done.
• The report looks in depth at the different kinds and uses of omega-3 at the country level.