EPA/DHA (Omega3) Ingredients Market size to exceed $3.8bn by 2026
Published Date: October 26, 2020 Authors: Kunal Ahuja, Kritika Mamtani
EPA/DHA (Omega3) Ingredients Market size is set to surpass USD 3.8 Billion by 2026, according to a new research report by Global Market Insights, Inc
Increasing product penetration of EPA/DHA (Omega3) ingredients owing to its numerous health benefits such as improved brain and reduced risk of cardiovascular diseases. Moreover, EPA/DHA ingredients finds a leap in infant formula such as cereals, juices and bakery products, cookies, condiments and flavored milk and milk products. Since, it offers require adequate nutrition in order to support changes occurring during early stages such as immune system, vision, cognitive health, metabolism and others for normal development during infancy and toddlerhood. These listed factors are supporting the growth of EPA/DHA (Omega3) ingredients market.
EPA/DHA (Omega3) ingredients industry from dietary supplement is anticipated to surpass USD 2.2 billion by 2026 due to change in consumer lifestyle and their eating habits. This has led to several diseases such as diabetes, inflammation, and other cardiovascular diseases. Thus, consumers are opting for healthy products. Further, the rapidly rising health-consciousness among consumers and their demand for health supplements is stipulated to increase the consumption of EPA/DHA ingredients in the health supplements industry. In addition to these, manufactures are also trying to offer food and beverage products using new healthy ingredients that would help to attract more consumers. Thereby, there has been an increase in the incorporation of EPA/DHA ingredients in food and beverage products in the past few years.
Continuous innovation in healthy food and beverage is one of the defining reasons which supporting the growth of EPA/DHA (Omega3) ingredients market in North America and Asia Pacific. A shift in curnilary preferences has been witnessed and consumer are eager to try out new products, which taste goods are also high in nutritional value. Millennial mainly responsible for this trend as they are willing to experiment with innovative products and willing to pay premium prices. Manufacturers are targeting as a part of their marketing strategy. Innovation in taste are higher and texture facilitates higher sales of EPA/DHA ingredients products Rising proportion of ageing population especially in the countries such as Japan and India have increased the demand for healthy ageing drinks and other functional beverages.
COVID -19 pandemic to Hinder market growth
EPA/DHA (Omega3) ingredients market is likely to slow down amid lockdown imposed across many countries. Further, supply chain disruption is one of the significant hindering the market trends. Trade disruption, border closures and quarantine are restricting consumer’s access to their daily necessity goods easily. This has led to hinder the market statistics.
Browse key industry insights spread across 300 pages with 396 market data tables and 30 figures & charts from the report, EPA/DHA (Omega3) Ingredients Market Analysis by Source (Anchovy/Sardine Oil, High Concentrates, Medium Concentrates, Low Concentrates, Algae Oil, Tuna Oil, Cod Liver Oil, Salmon Oil, Krill Oil, Menhaden Oil), By Application (Dietary supplements, Pharmaceuticals, Functional Foods, Pet & Animal Feed, Infant Formulas), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Rising Demand for Healthy Pet Food and Pet Ownership Is Gaining Traction
EPA DHA(Omega3) Ingredients is driven by the rise in the pet ownership and increasing demand for nutritious food for animal. Pet owners nowadays, have become increasingly aware about the pet food products that they buy, and the nutritional benefits offered by these products. Nutrition has become utmost importance for pet owners. Thus, manufacturers of pet food products have started incorporating high nutritional value in their products by including EPA/ DHA Ingredients in them. Since, EPA DHA(Omega3) ingredients helps to supporting the brain development of puppies, reduces inflammation and helping dogs with arthritis. Moreover, it also helps benefiting the immune system, kidney, and heart health of canines.
EPA/DHA (Omega3) ingredients market from dietary supplements will upsurge owing to increasing demand for the healthy and nutritious food and prevalence of chronic diseases amongst population.
Growing consumer health consciousness supported owing to change in dietary habits and lack of physical activity may drive industry trends. Omega 3 fortified drugs and dietary supplements are potentially safe alternatives in certain health areas reducing mortality rate mainly by cardiovascular diseases. These ingredients are recognized as safe for daily consumption for all the age groups from infants to geriatric population.
North America EPA/DHA (omega3) ingredients market is primarily driven by Mexico and U.S. The industry growth can be attributed towards increased consumer awareness about preventive healthcare along with ageing population. Growing influence of advertising in pharmaceutical and retail industries and rapid advancement in dietary supplements products are some of the key factors influencing market demand. Pharma sector which is a major end use industry of omega 3 is on rise in U.S. Major market players are eyeing developed states to start their production facilities in order to maintain their product quality and brand name.
EPA/DHA (Omega3) Ingredients market from pet food is likely to register over 8.5% CAGR through 2026, owing rising trend of pet humanization and increasing product penetration across the globe.
Market players in EPA/DHA(Omega3) Ingredients industry are also investing in research and development activities as it finds a wide array of application in food and beverage business such as in functional foods, dietary supplements, and others. Some of the key players operating in the market are BASF, Koninklijke DSM N.V., Croda International plc, Omega Protein, Nordic Naturals, Inc., Copeinca ASA, Epax Norway AS, Arista Industries, Inc., GC Rieber, Solutex, Olvea and Lysi others.