Global Omega-3 Fatty Acids Market to Witness Promising Growth Owing to Increasing Healthcare Awareness among Consumers
The increasing demand for Omega-3 in Pharmaceuticals and Functional Foods sector is creating lucrative growth opportunities for the global Omega-3 Fatty Acids Market, predicts Fortune Business Insights in their new study. The study is titled,” Omega-3 Fatty Acids Market Size, Share and Global Trend by Type (Eicosapentanoic acid (EPA), Docosahexanoic acid (DHA), Alpha-Linolenic Acid (ALA)), Source (Marine Sources, Plant Sources), Application (Dietary Supplements, Functional Foods & Beverages, Pharmaceuticals) and Geography Forecast till 2026.”
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Some of the companies operating in the Global Omega-3 Fatty Acids Market are;
- Croda Health Care
- Aristra Industries Inc
- Qualitas Health Australia
- Arjuna Natural Pvt. Ltd
- Merck KGaA, Darmstadt, Germany
- TerraVia Holdings, Inc.
- Royal DSM
According to this study, the growing trend of health concerns and consumption habits of healthy diet is increasing demand for specialty nutrient products such as omega-3 fatty acid, and others. This increasing demand is further propelling the market for omega-3 fatty acids during the forecast period.
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Increasing Application in Infant Formulas and Dietary Supplements to Propel Demand
The increasing utilization of omega-3 fatty acids in a variety of food products is among the major factors boosting the global omega-3 fatty acids market. Omega -3 fatty acids finds applications in various products including pharmaceuticals, infant formulas, and other functional food and beverage products besides stand alone omega-3 based dietary supplements.
Furthermore, omega-3 is good for the skin and hair. The rising awareness among consumers about the health benefits of omega-3, is boosting the global market. The rise in focus on preventive healthcare is a major driver for the market for omega-3 fatty acids. This is attributable to the increasing number of chronic disease cases worldwide.
Other factors promoting growth of the global omega-3 fatty acids market include the increasing number of incidences of lifestyle disorder. This has caused manufacturers and consumers to develop specialty nutrition products. Again, the fact that the human body cannot be synthesized to produce omega-3 fatty acids and thus require obtaining them externally is also helping the market grow at promising rates during the forecast period.
However, the market may be face restraint from certain factors such as the high cost of research and development activities of omega-3 fatty acids, sustainability issues faced by fisheries leading to low production of fish oil. In addition to that, the growing competition of raw materials collection and lower catch quotas set by governments may also hinder the growth of the global omega-3 fatty acids market during the forecast duration.
Nevertheless, opportunities such as the rising demand in developing nations and the presence of alternative sources of Omega-3 fatty acids such as plant-oil with high omega-3 content, algae oils, and stearidonic acid, are anticipated to provide lucrative growth opportunities for the market in future.
Asia Pacific to Witness Fastest Growth with Increasing Demand from Infant Formulae Sector
Fortune Business Insights foresees the global omega-3 fatty acids market to be dominated by Europe and North America. This is because of the robust demand for supplements that caters to cardiovascular health. The percentage of mortality due to cardiovascular diseases in Europe as of 2017 statistics at the European Heart Network (EHN) is 45% and that of death in the North America is 37%. Thus, for the maintenance of cardiovascular health in these regions, supplements containing alpha-linolenic acid (ALA), eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA) are high on demand. Thus, these regions are further expected to continue dominating the market during the forecast duration.
On the other hand, Asia Pacific is expected to witness the fastest growth rates on account of the increasing demand for omega-3 fatty acids from infant formulae sector. This demand is especially high in the developing nations of China and India. Besides this, the robust sales performance of dietary supplements in developing markets of Asia Pacific will help the growth of the market in future.
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