February 21, 2024
Omega-3 Products Market

The rise in Health awareness to Propel Growth of the Omega-3 Products Market

The global Omega-3 Products Market is estimated to be valued at US$ 47500.55 Mn or billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The omega-3 products market comprises dietary supplements containing omega-3 fatty acids such as docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA). These fatty acids help support brain, heart, skin, and joint health. Omega-3 supplements come in the form of capsules, softgels, and liquids and are taken orally. They are especially important for pregnant women as DHA is crucial for fetal brain and eye development. Omega-3 products are also beneficial for those who wish to lower their risk of cardiovascular disease and depression. The market is driven by growing awareness of omega-3’s health benefits and a shift towards preventative healthcare.

Market key trends:

One of the major trends in the Omega-3 Products Market Size is the growing demand for plant-based omega-3 supplements. While traditional supplements are made from fish oils, some consumers prefer vegan and vegetarian options. Companies are developing supplements containing algae-derived DHA and EPA to cater to this demand. Another trend is the launch of innovative product formats such as gummies, chews, and quick-dissolve strips containing omega-3 fatty acids. These novel formats make supplementation more convenient and appealing, especially for children. Furthermore, there is increasing popularity of customized omega-3 supplements with specific formulations tailored as per an individual’s needs and lifestyle. This emerging trend of personalized nutrition is expected to drive future growth in the market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the omega-3 products market is low due to the high capital requirements for R&D and manufacturing facilities. Bargaining power of buyers: The bargaining power of buyers is high in the omega-3 products market as there are many substitutes available and customers can easily switch between brands. Bargaining power of suppliers: The bargaining power of suppliers in the omega-3 products market is high due to the limited availability and supply of raw materials like fish oil and algal oil. Threat of new substitutes: The threat of new substitutes in the omega-3 products market is high as there are many natural sources providing omega-3 fatty acids like nuts, spinach etc. Competitive rivalry: High in the omega-3 products market due to large number of players globally.

Key Takeaways

The global Omega-3 Products Market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing awareness regarding health benefits of omega-3 fatty acids and growing demand for nutritional and dietary supplements.

Regional analysis:

North America is expected to dominate the global omega-3 products market due to increasing health consciousness and growing consumption of dietary supplements in the region. Asia Pacific is anticipated to grow at fastest pace during the forecast period owing to growing middle class population, improving lifestyle, and rising disposable income in developing countries like China and India.

Key players operating in the 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. Key players are focusing on new product launches, mergers, and acquisitions to increase their market share in the omega-3 products industry.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it