Omega-3 Market Is Projected To Grow At A Cagr Of 13.0% To Reach Usd 9.4 Billion By 2026
According to a new market research report, 'Omega-3 Market by Type (DHA, EPA, and ALA), Application (Dietary Supplements, Functional Foods & Beverages, Pharmaceuticals, Infant Formula, and Pet Food & Feed),
Cargill, BASF SE, Orkla Health, Croda International, Lonza, KD Pharma, Corbion, GC Rieber, Epax, Pharma Marine AS, Aker Biomarine Antarctic AS, BioProcess Algae, LLC, Koninklijke DSM N.V.amongst others
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Omega-3 Market Dynamics
Drivers: Growing demand from Pharmaceutical Industry and Pet / Animal Nutrition products
Omega-3 is growing on account of growing product usage in the Active Pharmaceutical Ingredient (API), rising awareness regarding chronic diseases, and regulations favoring the usage of omega-3 in infant formulations. Increasing usage of omega-3 in pet nutrition and animal feed products is further expected to propel the market growth in the coming years.
Restraints: Lack of clarity among consumers
The market for omega-3 is facing hindrance in growth on account of the absence of official recommended doses which has created confusion in the minds of consumers. This is having a higher impact in developing countries where consumer awareness is low and healthcare infrastructure is not fully established.
In order to meet the increasing demand for EPA & DHA, and increasing fish oil prices there are vast opportunities for extracting omega-3 from new sources such as microalgae and krill oil rich in phospholipid form of omega-3. There are also new opportunities for Highly Concentrated Omega-3 Ingredients on account of demand from Pharma and Dietary Supplements Markets. Spray drying and encapsulation of omega-3 oils is providing new opportunities for product development.
Challenges: Fluctuating Fish Oil Prices
The omega-3 market is being impacted by the fluctuating prices of raw materials such as fish and marine oils.