iCrowd Newswire – Jul 21, 2020
The global omega-3 market generated a revenue of $19.7 billion in 2019, and is further expected to reach $49.7 billion in revenue by 2030, exhibiting a CAGR of 8.8% during the forecast period (2020–2030). According to the categorization made based on end user, the dietary supplements category is predicted to register the fastest growth during the forecast period. This can be attributed to the widespread consumption of dietary supplements due to the increasing consumer awareness about the requirement of food supplements and the adoption of healthier lifestyles.
One of the biggest trends being witnessed in the omega-3 market is the growing trend of veganism and the resultant consumption of plant-based supplements. The consumers showcasing the inclination toward turning vegan are also exhibiting a shifting consumption trend toward plant-based omega-3 supplements. They are also more likely to accept these supplements.
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The growing prevalence of chronic diseases is affecting both high-income as well as middle- and low-income countries (LMICs). As per the World Health Organization (WHO), 9.6 million people succumbed to cancer in 2018. Amongst these, around 70% were reported in LMICs. Therefore, in order to overcome these challenges, the consumption of food supplements is rising, thereby boosting growth in the omega-3 market.
- Under the product type segment, the liquid form category had the larger share in the omega-3 market in 2019. This can be ascribed to the availability of the liquid form at lower price point and higher levels of EPA concentration.
- The animals category had the larger share in the omega-3 market in 2019, under the source segment. This is mainly attributed to the fact that the human body needs DHA and EPA in much greater amounts than the ALA and the omega-3 obtained from animals contains DHA and EPA as compared to the one obtained from plants.
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Together, APAC and North America are expected to hold 71.0% share cumulatively in the global omega-3 market in 2030. Health benefits of omega-3 are encouraging the North American consumers to purchase these nutritional supplements. APAC region’s growth is primarily driven by rising product demand in China, India, and Australia. Wide usage of fish oil in regular diet and increasing health awareness are augmenting the product demand.
The research includes detailed analysis of;
Based on Product Type
- Liquid Form
- Tablet or Capsule Form
Based on Source
- Krill oil
- Fish oil
- Cod liver oil
- Flaxseed oil
- Algae oil
Based on End Use
- Dietary Supplements
- Functional Food Ingredients
- Infant Nutrition Formulas
- Veterinary Supplements
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Keywords: Omega-3 Market, Omega-3 Market Growth, Omega-3 Market Size, Omega-3 Market Share, Omega-3 Market Forecast