Omega 3 Market Segmentation, Parameters and Prospects 2024 to 2030 Industry Research Report

 Omega 3 Industry Overview

The global omega 3 market size was valued at USD 2.62 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2030.

This is attributable to the rising use of ingredients in the human diet to support brain and heart health. Furthermore, the increasing consumer investment in healthcare and one’s well-being is also expected to boost product demand. The market is witnessing continuous diversification in its product offerings as consumers are looking for alternatives to traditional fish oil. Krill oil is one of the widely used sources of omega-3 due to its superior properties as compared to conventional fish oil. The majority of consumers in Europe and North America prefer krill oil over any other source of fish oil owing to its acid reflux, unpleasant taste, and large-sized pills. Such factors are anticipated to trigger product demand during the forecast period.

Gather more insights about the market drivers, restrains and growth of the Omega 3 Market

The demand for omega-3 fatty acids in the U.S. is projected to grow significantly over the next few years owing to rising consumer awareness in the country regarding the several health benefits offered, including lowering blood pressure and cholesterol and reducing risks related to heart diseases. Moreover, growing consumer preference for a healthy and nutritional diet is further expected to fuel product demand shortly.

Numerous manufacturers present in the U.S., including BioProcess Algae, Martek Biosciences Corporation, and Omega Protein Corporation are focusing on research and development activities for launching pharmaceutical-grade product in the market. Increasing consumption of enhanced medicines to treat and prevent chronic diseases is likely to spur overall consumption in the coming years.

Rising pressure on anchovy fisheries to extract fish oil has increased the demand from non-fish sources, including flaxseed, walnuts, algae, and krill oil. Furthermore, increasing government initiatives to promote the product usage in different end-use applications are projected to positively impact the market demand.

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• The global fumaric acid market size was valued at USD 561.5 million in 2023 and is projected to grow at a CAGR of 4.2% from 2024 to 2030.

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Global Omega 3 Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global omega 3 market report on the basis of type, source, application, and region:

Type Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

·         Docosahexaenoic acid (DHA)

·         Eicosapentaenoic acid (EPA)

·         Alpha-linolenic acid (ALA)

·         Docosapentaenoic acid (DPA)

·         Others

Source Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

·         Marine Source

o    Fish Oil

o    Algal Oil

o    Krill Oil

o    Others

·         Plant Source

o    Nuts & Seeds

o    Vegetable Oils

o    Soy

Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

·         Supplements & Functional Foods

·         Pharmaceuticals

·         Infant Formula

·         Animal Feed & Pet Food

·         Others

Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

·         North America

o    US

o    Canada

o    Mexico

·         Europe

o    Germany

o    UK

o    France

o    Spain

o    Italy

o    The Netherlands

o    Norway

·         Asia Pacific

o    China

o    India

o    Japan

o    Australia

o    New Zealand

·         Central & South America

o    Brazil

o    Argentina

·         Middle East & Africa

o    UAE

o    South Africa

Key Companies & Market Share Insights

Growing consumption of the product in various applications coupled with rising awareness regarding health and chronic diseases, and regulations favoring the use of omega-3 in infant formulations has influenced manufacturers to invest in technologies and product development in order to meet consumer demands. The market has been experiencing an increase in the number of new entrants across the value chain owing to the growing profits and huge market potential of manufacturers.

In March 2023, Epax announced an investment of USD 40 million in molecular distillation technology for improving the processing of highly concentrated omega 3.

In May 2023, Nuseed Global introduces Nuseed Nutriterra plant-based oil enriched with omega-3, tailored to meet the needs of the human nutrition and dietary supplement markets.

In addition, key companies such as Aker Biomarine Antarctic AS are focusing on expanding their capacity by introducing new catching vessels to increase their products, which was reflected in the sales of the company in the year 2021. Governments across developing regions are taking several initiatives to support Antarctic Krill fishing by providing research funds and creating innovation alliances, which may trigger industry growth

Key Omega 3 Companies:

·         Aker Biomarine Antarctic AS

·         Orkla Health

·         BASF SE

·         Omega Protein Corp.

·         GC Reiber Oils

·         Lonza

·         Croda International Plc

·         EPAX

·         BioProcess Algae, LLC

·         Koninklijke DSM N.V.

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