The Omega-3 Products Market is estimated to be valued at US$ 47500.55 Mn 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.
The Omega-3 Products Market is highly fragmented, with the presence of several international as well as regional players across various regions. Omega-3 products are dietary supplements rich in polyunsaturated fatty acids (PUFAs) such as docosahexaenoic acid (DHA), eicosapentaenoic acid (EPA), and α-linolenic acid (ALA), which help in maintaining health and reducing the risk of chronic diseases. Omega-3 products are increasingly preferred owing to growing health consciousness and demand for preventive healthcare.
Market Overview:
Omega-3 products are available in various forms such as supplements, fortified foods & beverages, pharmaceuticals, etc. and provide various health benefits. Omega-3 fatty acids are essential fatty acids that help maintain heart health, brain function, reduce inflammation, and boost mood & immunity. Omega-3 demands are increasing due to increasing health issues such as heart diseases, arthritis, and depression globally. Improving lifestyles and growing awareness regarding wellness is fueling the adoption of dietary supplements like omega-3 products.
Market key trends:
The Omega-3 Products Market Size is expected to witness high growth owing to the introduction of innovative product formats. The rising popularity of Omega-3 gummies and softgels among consumers is prompting companies to launch unique gel-based and chewable omega-3 supplements. Furthermore, the trend of clean label and vegan formulations is gaining traction in the market. Companies are using high-quality and sustainable ingredients certified non-GMO, gluten-free, soy-free to cater to a wider consumer base. Also, the development of subscription-based business models by key companies allowing consumers to schedule regular delivery of supplements is encouraging repeat purchases in the market. Product innovation in delivery systems, along with customization as per consumer preferences, are some of the prominent trends fueling the growth of the Omega-3 Products Market.
Porter’s Analysis
Threat of new entrants: The omega-3 products industry requires large capital investment to establish manufacturing plants and R&D labs. This poses moderate threat of new entrants.
Bargaining power of buyers: The buyers have moderate bargaining power as there are many established brands in the market offering substitutable products.
Bargaining power of suppliers: The suppliers of omega-3 ingredients like fish oil have significant bargaining power as there are few suppliers for such ingredients.
Threat of new substitutes: There exists threat from other nutrition supplements as substitutes for omega-3 products.
Competitive rivalry: The industry has high competitive rivalry owing to presence of many established brands.
SWOT Analysis
Strength: The omega-3 products market is witnessing strong demand due growing awareness about health benefits of omega-3. Popular product categories like fish oil, algal oil, krill oil, chia seeds act as key strengths.
Weakness: High dependency on seafood industry for ingredients poses supply risk. Fluctuating fish stock due to climate change is a weakness.
Opportunity: Rising health-conscious population and growing untapped markets in Asia Pacific and Latin America offer lucrative opportunities. Product innovation and launches catering to varied demographics also provide opportunities.
Threats: Strict regulations for product quality and labelling. Price fluctuations of raw materials also pose threats.
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 health consciousness among consumers and growing emphasis on preventive healthcare. The North America dominated the market in 2023, accounting for over 35% share of the global market revenue, owing to high awareness levels about nutritional benefits of omega-3 products in the region. Western Europe is also a major market supported by rising vegan population.
Regional analysis Asia Pacific market is projected to grow at fastest pace during the forecast period supported by rising disposable incomes, growing middle class population and their willingness to spend on health and wellness products.
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.
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