Omega-3 Products Market - Growth, Trends, and Forecast (2020 - 2025)
発行: Mordor Intelligence LLP
ページ情報: 英文 110 Pages
The global omega-3 products market is forecasted to reach USD 58.16 billion by 2024 growing at a CAGR of 7.4% during the forecast period (2019-2024). Omega-3 fatty acids possess a plethora of health attributes, which has driven the demand for omega-3 supplements, thereby, driving the global omega-3 products market. Omega-3 finds major application in the infant nutrition industry, which is expected to drive the market during the forecast period. Recent demand for convenient and highly efficient ultra-high concentrates is augmenting the demand for omega-3 products. However, the gap between usage and awareness is a major restraint to the market. Omega-3 seeks growth opportunity with personalized nutrition being the new trend among millennial. Reckitt Benckiser Group PLC, Nestle SA, and Unilever are the major players in the global omega-3 products market.
The global omega-3 products market offers a range of products including functional food, dietary supplements, infant nutrition, pet food and feed, and pharmaceutical. The market mainly relies on grocery retailers, pharmacies and drug stores, internet retailing, and other points of sales for distributing products. The study also covers the market scenario at the global level.
Infant Nutrition Emerges as the Highest Consumed Omega-3 Products
Owing to the increasing popularity of omega-3 in other applications, many researches are being carried out to assess the effect of omega-3 in baby food/infant nutrition. It has been found out that consumption of DHA-enriched formula in infancy may be linked to positive cognitive outcomes in childhood. In infants, most of the brain development occurs during pregnancy and throughout the first two years of life. During these times, infants need DHA and ARA. These nutrients are responsible largely for brain development, which is the major reason for the growing sales of omega-3 infant nutrition products. Due to the increase in the number of working individuals in a family, including women, parents find it difficult to constantly monitor the health of their children. This has shifted their focus to synthetically formulated foods, which can assist in the health of their children.
Asia-Pacific Dominates the Global Omega-3 Products Market
The shift in consumer preference toward a healthy diet, comprising of omega-3 ingredients and the use of fish oil in Asia-Pacific, is expected to boost the sales. China is the third-largest market for EPA and DHA oils in the world. Consumers in China mostly obtain their omega-3s from fish, supplements, and fortified foods. Omega-3 sourced from fish oil dominates the dietary supplements sector, while algal DHA oil leads in the fortified food and beverage industry. Cooking oil, eggs, and health drinks are some popular fortified omega-3 products in the Indian market. Over the last decade, consumer demand has increased, as more Australians are recognizing the benefits of algal oils for improving joint, cardiovascular health, and fighting depression.
The global omega-3 product market is highly fragmented. Some of the key players in the market are Reckitt Benckiser Group PLC, Nestle SA, Sanofi, Herbalife, and Unilever. The small scale companies operating at the regional and country level forms the major market share in the omega-3 products market. Most of the companies operating at the regional levels are the private companies, thus, their market visibility is less as compared to the other prominent players in the market studied.