Pune, India, March 11, 2021 (GLOBE NEWSWIRE) – According to Insight Partners, the new research study on the omega-3 concentrate market was valued at $ 1.63 billion in 2019 and is expected to reach $ 2.70 billion by 2027 . It is expected to grow at an annual growth rate of 6.6% from 2020 to 2027. Consumer awareness of the health benefits of omega-3 concentrates is expected to affect the market to a greater extent. However, the depletion of sea sources is a hindrance to market growth.
In 2019, North America had the largest share of the global omega-3 concentrate market. The market growth in this region is mainly due to the increasing importance of eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) in the region. EPA and DHA are becoming a part of the regular diet of North American consumers due to the increasing prevalence of lifestyle ailments and the increasing tendency to take preventive health measures. In addition, the growing uses of EPA and DHA in food and nutritional supplements, as well as clinical nutrition, continue to stimulate market growth for omega-3 concentrates in North America.
“Omega-3 Concentrates Market to 2027 – Global Analysis and Forecast – By Form, Source, Concentration, and End Use “
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Rising consumer awareness of the health benefits of omega-3 concentrates fuels market growth
Omega-3 concentrates are highly concentrated oils made from EPA and DHA, which make up more than 50% of the oil. These concentrates are obtained from omega-3-rich fats, which are obtained from fish oil, calamari oil and algae oil and are processed into EPA or DHA in higher concentrations. These concentrates are also available in powder form and are used in the manufacture of dietary supplements. In addition, they are also used as pharmaceutical components.
The increasing demand for omega-3 concentrates is mainly due to increasing consumer awareness of the health benefits of omega-3 concentrates. Consuming omega-3 concentrates helps consumers maintain cardiovascular, eye, and brain health. Omega-3 fatty acids lower the risk of developing heart disease. Consumption in conjunction with appropriate exercise and dieting helps lower triglyceride levels and raise HDL cholesterol levels. Elevated levels of triglycerides in the blood promote the development of atherosclerosis, which eventually increases the risk of cardiovascular disease. In addition, consuming omega-3 concentrates also helps reduce depression and anxiety, suppress symptoms related to metabolic syndrome, fight inflammation, prevent cancer risks, and so on. Hence, the rising incidence of cardiovascular disease, cancer and other similar health problems has increased the demand for omega-3 concentrates worldwide.
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Omega-3 Concentrates Market: Segment Overview
Based on the source, the omega-3 concentrate market is segmented into fish, algae, calamari, krill, and others. In 2019, the fish segment had the largest market share. Fish is the main food source for EPA and DHA. Fish oil is mainly obtained from oily fish tissues, which contain omega-3 fatty acids – DHA and EPA. These are the precursors of certain eicosanoids that are known to improve hypertriglyceridemia and reduce inflammation in the body. More than 50% of the world’s fish oil used in aquaculture feed is fed to farmed salmon. The cold-water oily fish such as salmon, anchovies, mackerel, and sardines are the most common food sources for EPA and DHA.
Based on concentration, the Omega-3 Concentrates market is segmented into High DHA, High EPA, and Balanced EPA-DHA. In 2019, the high DHA segment dominated the market in terms of revenue share. DHA is an omega-3 fatty acid that is normally found in the meat of cold-water fish such as tuna, mackerel, salmon, cod liver oil, and whale. It is also found in algae. DHA reduces the risk of developing heart disease, improves attention deficit hyperactivity disorder, lowers the risk of premature birth, and fights inflammation. DHA is also prescribed or consumed to improve the development of infants and children, and is commonly used as a supplement for premature babies.
Based on end-use consumption, the Omega-3 Concentrates market is segmented into Food and Beverage, Dietary Supplements, Medicines, Infant Formula, Personal Care and Cosmetics, and Others. In 2019, the dietary supplements segment had the largest market share. Omega-3 dietary supplements help improve cardiovascular and metabolic health with regular exercise. Today, consumers spend significantly on supplements that contain fish oils, vitamins, minerals, and other similar ingredients. In addition, these supplements can be purchased without consulting a doctor.
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Impact of the COVID-19 Pandemic on the Omega-3 Concentrate Market
As of March 2021, the US, Brazil, India, Russia, Spain and the UK are among the hardest hit countries in terms of confirmed COVID-19 cases and deaths. The COVID-19 pandemic is having a detrimental impact on economies and industries in various countries due to lockdowns, travel bans, and operational shutdowns. Food and beverage is one of the major industries in the world suffering from serious disruptions such as supply chain disruptions, technology event cancellations, and office closures. Locking down various production sites and factories hampers global supply chains and disrupts production activities, delivery schedules, and sales of various materials. Numerous companies have already announced possible delays in product delivery and a slump in future sales of their products. In addition, global travel bans imposed by countries in Europe, Asia and North America are hampering opportunities for business collaboration and partnerships. These factors have hampered the food and beverage industry for the past few months, limiting the growth of various markets associated with this industry in the months ahead.
Omega-3 Concentrates Market: Competitive Landscape and Key Developments
The main players in the omega-3 concentrate market include BASF SE; AlaskOmega; Golden Omega SA; K Pharmtech Co., Ltd; DSM Nutritional Products AG; Nordic Naturals, Inc .; Epax Norway; Norwegian fish oil; GC Rieber VivoMega; and Australian Omega Oils Pty. Ltd. These key players pursue growth strategies such as product launches, expansions, mergers and acquisitions, and technological advances. In addition, the leading manufacturers have a strong focus on R&D and product releases. Adopting these strategies should enable them to meet the growing global demand for omega-3 concentrates.
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