OMEGA-3 PRODUCTS MARKET ANALYSIS

The global omega-3 products market size was valued at USD 44,149.6 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.59% from 2023 to 2030. Growing consumption of omega-3 based product due to its various health benefits is expected to fuel market growth. Research shows that fish oil and other omega-3 fatty acids may help reduce the risk of coronary heart disease by lowering LDL (bad) cholesterol levels, and triglycerides. Moreover, omega-3 fatty acids have been shown to support a healthy mood, sleep pattern, and stress response. Additionally, increasing focus of key players on introducing omega-3 based functional food and beverages is further expected to propel market growth.

Global Omega-3 Products Market: Regional Insights

Based on geography, the global omega-3 products market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Regionally, North America is expected to dominate the global omega-3 products market over the forecast period owing to the rise in demand for vegan and plant-based products. In September 2019, Heather Mills has launched a vegan omega-3 supplement named V-mega 3. With this product, the company aims to take advantage of the sustainable aspects of the products. In September 2019, Heather Mills has launched a vegan omega-3 supplement named V-mega 3. With this product, the company aims to take advantage of the sustainable aspects of the products.

In Asia Pacific, the market for omega-3 fatty acids is expected to grow at rapid pace over the next five years. The region is home to many developing economies that are interested in promoting healthy lifestyles. This is why the consumption of omega-3 fatty acids is likely to increase in this region, particularly in China and India. The Chinese omega-3 product market was valued at USD 7,304.29 million in 2020, and it is projected to reach USD 11,924.89 million by 2026, witnessing a CAGR of 8.57 % over the forecast period (2021-2026).

The Indian omega-3 product market was valued at USD 960.54 million in 2020, and it is projected to reach USD 1,775.32 million by 2026, witnessing a CAGR of 10.84% over the forecast period (2021-2026).

Figure 1 . Global Omega-3 Products Market , By Region 2022

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Global Omega-3 Products Market Drivers:

Health benefits associated with omega-3 consumption to propel market growth

Eicosapentaenoic acid and docosahexaenoic acid are the most widely used omega-3 ingredients in the pharma industry. They are used to treat a number of chronic diseases and conditions, such as depression, arthritis, and atherosclerosis. The demand for these fatty acids is expected to increase as the global population grows older and more people suffer from chronic illnesses. Docosahexaenoic acids are vital for the human body, as they are responsible for cellular communication. They play a crucial role in the immune system, as well as other aspects of the body’s structure and function. They also help fight the effects of stress, cancer, aging, and depression.

Technological evolutions for better production of omega-3 products to foster market growth

Key players in the market are increasingly spending on research and development activities to integrate technology that will improve the bioavailability of omega-3 in the body. For instance, in October 2019, Pharmako Biotechnologies launched a new Aquacelle self-emulsifying drug delivery system that boosts oral omega- 3 absorption by six-fold compared to the standard fish oil for oral consumption.

Global Omega-3 Products Market Opportunities:

Various companies are focusing on introducing quality-based snacking food products for health-oriented consumers. Key players are highly focused on launching functional food and beverage products due to shifting consumer preference towards ready-to-eat snaking food such as cookies, snack bars, and others. For instance, Omega3 Innovations offers a range of omega 3 cookies, omega 3 bars which are coated with chocolate and infused with EPA and DHA ingredients. This is expected to provide significant growth opportunities for key players.

Growing demand for omega-3 in personalized nutrition is projected to offer significant growth opportunities. According to Cambridge Diagnostic Imaging (CaDi), the female fertility market serve major opportunity for the nutrition industry to offer targeted, personalized supplements that could increase birth rates and health in pregnancy. Spotting the opportunity, in 2020, Cambridge Diagnostic Imaging (CaDi) introduced two potent DHA omega 3 supplements, one designed to preserve ovarian health in women and a second to prepare them for egg retrieval and IVF. The supplements can be accompanied by AI technology that customizes and traces treatment for each patient.

Global Omega-3 Products Market Trends:

Omega 3 infused beverages gaining immense popularity worldwide

Due to growing health and wellness trend omega-infused beverages are gaining high demand among health conscious consumers. For instance, in May 2020, Coca-Cola launched the brand Gomega, under which it offers new omega-3 superfusion drinks in three flavors, namely Berry Acai, Strawberry Guava, and Mango Passionfruit. All three varieties contain 32mg of DHA omega-3s, 25 calories, and no more than 2 g of sugar. Gomega is gluten-free, soy-free, vegan, kosher, and made with plant-based sweeteners and 100% natural flavors.

Vegan pet food with functional benefits is a recent trend

At present, there is a growing trend among pet owners to give their pet fortified foods or supplements. In February 2020, Nestlé launched a pet care accelerator program called Unleashed. The program aims to identify and support dynamic and creative start-ups that integrate science and technologies into innovative products and services for pets. The program provides start-ups access to pet health and nutrition expertise, proof of concept funding, and established commercial networks. Each selected start-up will receive funding up to CHF 50,000 (USD 51,853).

Global Omega-3 Products Market Restraints:

Gap between omega-3 awareness and omega-3 products usage to restrict market growth

For instance,  according  to  GOED  2017,  a  global  organization  for  the  EPA  and  DHA  omega-3  industry, recommendations from doctors and product quality are the two main factors hampering the consumption of omega-3 products in Europe. In the United Kingdom, 63.5% of the consumers put recommendations from the doctors as a top factor, followed by 85.1% in Turkey, 61.9% in Russia, 83.6% in Spain, 71.4% in France, and others. However, increasing focus of key players on introducing omega-3 based functional food and beverage is expected to favor the market growth.

Negative impact of covid-19 on the global economy to hamper market growth

The COVID-19 outbreak has negatively impacted the omega 3 products market worldwide. The disruption in value chain, including workforce at industrial level,    distribution, trade and logistics, raw material supply, production, and inventory levels across the overall food and beverage industry has hampered the demand for omega-3 based products.

Figure 2. Global Omega-3 Products Market, By Product Type 2022

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Global Omega-3 Products Market Segmentation:

The global omega-3 products market report is segmented into product type, distribution channel, source, and geography

Based on product type, the market is segmented into Functional Food, Dietary Supplements, Infant Nutrition, Pet Food and Feed, and Pharmaceutical. Out of which, Functional Food is expected to dominate the global market over the forecast period and this is attributed to the growing popularity of omega-3 fortified food and beverages along with the rising trend of personalized nutrition management. The functional food and beverage segment of the global omega-3 products market was valued at USD 13,479.17 million in 2022. It is projected to reach USD 26,349.82 million by 2030, witnessing a CAGR of 8.74% over the forecast period.

Dietary Supplements segment is also expected to witness significant growth in the near future and this is owing to their growing popularity as these omega-3 based supplements helps in maintaining bone and heart health. Fish oil (which provides EPA and DHA) and flaxseed oil (which provides ALA) are two most common dietary supplement available in market today.

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 retailers 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.

Pharmacies and Drug Stores segment is also expected to witness significant growth in the near future and this is owing to the fact that pharmacies maintain the image of product quality and safety that attract consumers to buy omega-3 based products. The pharmacies and drug stores segment of the global omega-3 products market was valued at USD 15,947.55 million in 2022. It is projected to reach USD 29,627.30 million by 2030, witnessing a CAGR of 8.05% over the forecast period.

Based on source, the market is segmented into Plant-based and Animal-based. Out of which, xxxx is expected to dominate the global market over the forecast period and this is attributed to the growing number of vegan population coupled with the increasing number of ethically conscious consumers. According to the Waitrose Food and Drink Report 2019; 33.5% of the population are cutting down/cutting out meat and animal-based products, with 3% of the British public identifying as vegan, which equates to roughly two million people who avoid dairy products, hence, resulting in the increased demand for the most suitable alternatives. The plant-based segment of the global omega-3 products market was valued at USD 8,635.61 million in 2022. It is projected to reach USD 17,081.10 million by 2030, witnessing a CAGR of 8.90% over the forecast period.  

Animal-based segment is also expected to witness significant growth in the near future and this is owing to the affordability of animal-sourced omega-3 products. The animal-based segment of the global omega-3 products market was valued at USD 35,513.96 million in 2022. It is projected to reach USD 62,262.32 million by 2030, witnessing a CAGR of 7.27% over the forecast period.

Global Omega-3 Products Market: Key Developments

In October 2021, Nestle announced its plans to add plant-based eggs and shrimp to the menu to tap into vegan growth. The egg substitute, branded Garden Gourmet vEGGie in Europe, contains soy protein and omega-3 fatty acids. It could be scrambled or used in a frittata or as an ingredient in cakes and cookies.

In December 2020, Nestle Omega Plus® ready-to-drink UHT introduced a new dark chocolate variant to its popular plain milk drink, which contains ActiCol®, a plant sterol that is proven effective to lower cholesterol by blocking it from entering the bloodstream.

In May 2021, Unilever acquired Wellness Supplements Firm Onnit, an Austin, TX-based supplement supplier that supports mental performance, emotional wellness, and physical fitness.  Onnit perfectly complements the company’s growing portfolio of innovative wellness and supplement brands.

In December 2020, Unilever announced the acquisition of SmartyPants Inc., a producer of premium multi-vitamins, from Morgan Stanley Expansion Capital. SmartyPants Vitamins complements Unilever’s portfolio of brands (Horlicks, OLLY, Equilibraand Liquid IV) in the functional nutrition and supplement segment.

In March 2020, SmartyPants revealed the debut of its first pediatrician- designed baby multivitamin with omega-3 DHA and lutein focused on cognitive and visual development. The launch was an addition to the brand’s current line of supplements for stages of life, from prenatal through 50 plus.

In April 2020, Amway and Tata Consultancy Services entered into a strategic partnership where the IT services provider could re-haul its global technology operations.

In April 2019, Amway India announced the launch of Nutrilite DHA Yummies to support the nutritional gap of omega-3 fatty acid and vitamin D in children of age five years and above.

In November 2020, At CIIE (China International Import Export) expo, Aker BioMarine had signed one commercial frame agreement for Superba (contains omega-3 acids) for 2021, in addition to three strategic partnerships. Two of the strategic partnerships are for Superba and one for QRILL. The strategic partnerships were defined for China for 2021.

In October 2020, Aker BioMarine had opened a new warehouse in India. The new Chennai warehouse strengthens its local presence in India while also serving its customers across the region with its nutrient-rich, krill-based ingredients for fish and shrimp feeds such as omega-3 fatty acids.

In June 2020, Aker BioMarine established an independent company in the United States called Epion Brands Inc.  to launch  Kori  krill  oil  to  the consumer market through food, drug, and mass retailer channels.

Global Omega-3 Products Market: Key Companies Insights

The global omega-3 products market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global omega-3 products market are Nestle SA, Unilever PLC, Amway Corp., Aker BioMarine, Blackmores Group, Herbalife Nutrition Ltd, Glanbia PLC, Reckitt Benckiser Group PLC, Natrol LLC, Nordic Naturals Inc., Now Foods, and Pharmacare Laboratories Pty Ltd

*Definition: Omega-3 Products are a great choices to support health and prevent disease at the same time. Adding a supplement to daily routine can be an easy way to improve health. Omega-3 fatty acids are known for their anti-inflammatory properties. They can help manage inflammation by targeting and reducing the production of inflammatory compounds called TMAO (triglyceride-adjusted mucopolysaccharides). Moreover, studies show that omega-3 fatty acids help regulate blood sugar, triglycerides and cholesterol.