OMEGA-3 GUMMIES MARKET ANALYSIS

Omega-3 fatty acid is major component of fat that the body uses for energy and tissue growth. Omega-3 fatty acids are essential fatty acids in human nutrition. They are found in fish oils, certain vegetable oils, and nut oils. Omega-3 fatty acids are important constituents of the membranes that surround all cells in the body. DHA levels (docosahexaenoic acid) are particularly high in the retina (eye), brain, and sperm cells. Omega-3 fatty acids also provide calories to fuel the body and perform many functions such as reducing the risk of irregular heartbeat, reducing the fat level in blood in the heart, blood vessels, lungs, immune system, and endocrine system.

Global omega-3 gummies market is estimated to be valued at US$ 528.8 million in 2022 and is expected to exhibit a CAGR of 7.1% during the forecast period (2022-2030).

Figure 1. Global Omega-3 Gummies Market Share (%), by Age Group, 2022

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Global Omega-3 Gummies Market- Driver

Omega-3 gummies supplements are utilized for treatment of cardiovascular disease. Cardiovascular disease is a group of heart and blood vessel diseases and includes coronary heart disease, cerebrovascular disease, and rheumatic heart disease. Thus the increasing prevalence of cardiovascular disease is expected to drive the market growth over the forecast period. For instance, in June 2021, according to World Health Organization data, 17.9 million people die worldwide each year due to cardiovascular disease.

Figure 2. Global Omega-3 Gummies Market Share (%), by Region, 2022

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The key players in market are adopting inorganic strategies such as acquisition for product expansion, which is expected to drive growth of market over the forecast period. For instance, in November, 2020, Unilever, a multinational consumer goods company, acquired SmartyPants Vitamins. SmartyPants Vitamins is a nutritional supplement industry, involved in the development and manufacture of multifunctional nutritional supplements such as dietary supplements. This acquisition will help Unilever to expand its product portfolio

Global Omega-3 Gummies Market– Impact of Coronavirus (COVID-19) Pandemic

The rapid international spread of severe acute respiratory syndrome coronavirus, the cause of coronavirus disease 2019 (COVID-19), had created a global public health emergency in 2020. Till October 3, 2022, there were 615,310,890 confirmed cases of COVID-19, of which 6,524,568 had died.

The COVID-19 impact created opportunity in the global omega-3 gummies market, due to its various applications such as omega-3 fatty acids are known to produce less pro-inflammatory cytokines, so increasing dietary or supplemental intake of omega-3 fatty acids may reduce viral entry, improve immune function, and may reduce the risk of COVID-19 pandemic. Thus increased number of COVID-19 patients and increased demand for omega-3 supplements due to COVID-19 pandemic can be expected to drive the omega-3 gummies market.

However, the COVID-19 pandemic and lockdown caused a disruption in supply chains and transportation of raw materials and drugs, that can cause the shortage of raw material for production of omega-3 gummies.

Global Omega-3 Gummies Market: Key Developments

In July 2022, the Nature Sure, a company known for its hair oils, massage oils, face oils and natural supplements, launched chewable health gummies. These gummies are fortified with powerful ingredients such as curcumin, omega-3, blueberry, elderberry, pomegranate, apple cider vinegar, biotin, inositol, zeaxanthin, astaxanthin, lutein, folic acid, and zinc.

In July 2022, Neptune Wellness Solutions Inc., a diversified, fully integrated health and Wellness Company, launched a new plant-based, forest remedy with multi-omega 3-6-9 gummies and soft gels. Forest Remedies were new multi-omega gummies and soft gels made with Ahi flower seed oil instead of fish oil.

Global Omega-3 Gummies Market: Restraint

The major factors that can hamper growth of the global omega-3 gummies market include presence of substitutes and alternatives such as omega-3 capsules, tablets, and suspension and manufacturing challenges in production of omega-3 gummies. For instance, omega-3 manufacturing challenges include variability in heat stability, rancidity causing oxidation during manufacturing, and extraction of materials from main source such as fish.

 Global Omega-3 Gummies Market: Key Players

Major players operating in the global omega-3 gummies market include Nature's Way Products,LLC, Renew Life, Rainbow Light, Jamieson, Nordiac Naturals, Rexall Sundown, Inc., Unilever, SmartyPants Vitamins, Nutra Solutions USA, Ernest Jackson & Company Ltd, Radius Healthcare Pvt. Ltd., Lexicare Pharma Pvt. Ltd., Makers Nutritions, MOSAIC WELLNESS PRIVATE LIMITED, BuyKayos.com, and Nutrifactor Laboratories (Pvt) Limited.