Omega 3 - Market Insights, Competitive Landscape, and Market Forecast - 2030

Omega 3 - Market Insights, Competitive Landscape, and Market Forecast - 2030

Omega 3 Market By Source (Marine Source And Plant Source), By Composition (Alpha-Linolenic Acid (ALA), Eicosapentaenoic Acid (EPA) And Docosahexaenoic Acid (DHA)) By Application (Dietary Supplements, Functional Food & Beverages, Pharmaceuticals, And Others), and by geography is expected to advance at a respectable cagr forecast till 2030 owing to rise in the prevalence of heart diseases, the growing incidence of depression among population, their increasing use for aesthetic purposes, and the growing advancements in delivering quality and rich omega 3 products across the globe.

The global Omega 3 Market is estimated to grow at a CAGR of 7.28% during the forecast period from 2024 to 2030. The Omega 3 market is observing an optimistic market growth due to increase in the prevalence of heart diseases such as stroke, the increasing cases of people suffering from depression globally, the rising use of omega 3 supplements in sports nutrition, the growing use of omega-3 supplements for aesthetic purposes, and the growing advancements in delivering quality and rich omega 3 products across the globe is further expected to result in appreciable revenue growth of the Omega 3 market during the forecast period (2024-2030).

Omega 3 Market Dynamics:

One of the main factors for the growth of the Omega 3 market is the increasing prevalence of people suffering from stroke and depression globally. As per the reports from World Stroke Organization: Global Stroke Fact Sheet (2023), 12.2 million cases of strokes happen each year on average, where 62% of the total strokes occurring take place in people below 70 years of age. Further, according to the same source, risks such as high systolic blood pressure, high body-mass index, high fasting plasma glucose, high total cholesterol, and low glomerular filtration rate account for 71.0% of the global stroke risk in the year 2019. Blood vessel damage brought on by internal inflammation can result in heart disease and strokes. The heart may benefit from omega-3 fatty acids by lowering triglyceride levels, and blood pressure and also by preventing blood clots.

Depression is also one of the major factors driving the omega-3 market during the given forecast period. According to the World Health Organization data (2023), around 280 million people were living with depression in the year 2019. Depression may develop into a serious medical condition, especially if it is recurrent and of moderate to severe intensity. The affected person may experience severe suffering and perform poorly at work, in school, and in the family. Omega-3 can easily cross the brain cell membrane and interact with molecules that affect mood. Additionally, they have anti-inflammatory properties that could lessen depression. Other psychiatric disorders like schizophrenia, borderline personality disorder, obsessive-compulsive disorder, and attention deficit disorder have also been linked to omega-3s as a potential treatment or preventative measure. Owing to all the above-stated factors, the rise in the prevalence of stroke and depression is expected to increase the demand for Omega 3 during the forecast period.

In addition to the rise in the prevalence of stroke and depression, new Omega 3 products are being launched by key market players, which is also driving the demand for Omega 3. For instance, in July 2022, Neptune Wellness Solutions Inc., a diversified and fully integrated health and wellness organization focused on plant-based and sustainable brands, launched the new Forest Remedies plant-based Multi Omega 3-6-9 gummies and soft gels with Ahiflower as a major ingredient, for fulfilling the nutrient requirement of the human body.

Therefore, the interplay of the factors stated above collectively will drive the overall Omega 3 market during the forecast period from 2024-2030.

However, certain side effects such as risks of interaction with drugs that affect blood clotting, risks of prostate cancer, and other mild effects such as bad breath, bad smelling sweat, nausea, headache, and others may act as restraints for the Omega 3 market growth.

The Omega 3 market was mildly impacted during the COVID-19 pandemic owing to the imposition of strict lockdowns to avoid the risk of the spread of the disease among the general public. The Omega-3 market experienced a substantial rise in its demand owing to the rising awareness and need for building up health and immunity during the pandemic phase. But on the other hand, due to the temporary closure of large-scale industries and manufacturing units, the raised demand for omega-3 could not be met. Furthermore, as the online portals were functional in some places, some regions observed no delivery, due to which sales through online websites were also not possible. However, with the masses being vaccinated, resumption of activities in the food and healthcare sector along with the opening of lockdowns, the overall market for Omega 3 has returned to normalcy leading to the resumption of healthcare services such as regular out-patient visits for treatment and diagnosis in hospitals, clinics, and laboratories, thereby bringing the demand for products on track in the Omega 3 market.

Omega 3 Market Segment Analysis:

Omega 3 Market by source (marine source and plant source), composition (alpha-linolenic acid, eicosapentaenoic acid, and docosahexaenoic acid), application (dietary supplements, functional food & beverages, pharmaceuticals, and others), and geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the source segment of the Omega 3 market, the marine segment is expected to have a significant revenue share in the year 2023. This is primarily due to the large bio-availability and the presence of high-quality omega-3 fatty acids from marine sources in the Omega-3 market.

Water bodies such as oceans, support the life of all the organisms living in water, providing them the habitat and adequate sources of nutrition for their mechanism. Due to the large bio-availability of marine life forms in the ocean ecosystem, the extraction of resources and dietary needs from them, becomes relatively easy, as they are present in large numbers. In the case of the sourcing of omega 3, fishes serve as the primary source, due to their high omega 3 fatty acid content and also the presence of other nutrients derived from fish as well. High omega-3 choices include salmon, tuna, mackerel, and pollock. Smaller-bodied forage fish species are also a high source of EPA and DHA. This category includes sardines, anchovies, herring, mackerel, capelin, and hoki.

Thus, considering the growing demand and large bioavailability of Omega 3 sourced from marine sources, various new products are being launched in the market by key players in the Omega 3 market. For example, in January 2020, Wiley Companies launched AlaskOmega, a line of omega-3 and omega-7 concentrates from natural fish oils and is the newest addition to its omega-3 concentrate line. It delivers 200 mg/g of EPA and DHA has been formulated to lack a fishy taste or smell. AlaskOmega omega-3 powder allows formulators to incorporate high levels of omega-3 into a variety of applications and formulations such as meal replacement and sports drink powders, energy bars, baked goods, vitamin blends, dairy products, and other functional foods and beverages.

Therefore, owing to the various advantages associated with Omega 3 sourced from the marine ecosystem, along with the increasing product development activities in the market, this category is expected to witness considerable growth eventually contributing to the overall growth of the global Omega 3 market during the forecast period.

North America is expected to dominate the overall Omega 3 Market:

Among all the regions, North America is expected to dominate the global Omega 3 market in the year 2023 and is expected to do the same during the forecast period from 2024-2030. This can be ascribed to the rising cases of cardiovascular disorders such as coronary artery disease and stroke, the growing prevalence of depression among the population, and others, product development activities such as recent launches in the omega 3 market will increase their demand in the North America region during the given forecast period.

As per data provided by the Centers for Disease Control and Prevention (CDC) (2023), about 20.1 million adults aged 20 and above had CAD in the year 2020. The source further stated that every year, more than 795,000 people in the United States experience stroke, on average.

According to the National Institute of Mental Health (2023), an estimated 21.0 million adults in the United States had at least one major depressive episode, representing 8.4% of the total U.S. adult population. The prevalence of adults with a major depressive episode was highest among individuals aged 18-25, accounting for 17% of the population.

In March 2022, Neptune Wellness Solutions Inc., an integrated health and wellness company focused on plant-based, sustainable, and purpose-driven lifestyle brands announced the launch of Forest Remedies Multi Omega 3-6-9, a line of innovative supplements made with Ahiflower oil, in Sprouts Farmers Market stores in the United States. Such new product launches happening in big markets such as North America, reflect the significance that Omega 3 has in the lifestyle of people in North America.

Thus, the interplay of all the above-mentioned factors will further drive the demand for Omega 3 in North America, thus showing a positive outlook for the North America Omega 3 market during the forecast period.

Omega 3 Market Key Players:

Some of the key market players operating in the Omega 3 Market include Aker Biomarine Antarctic AS, Orkla Health, BASF Corporation, Omega Protein Corporation, GC Reiber Oils, Lonza, Croda International Plc, EPAX, BioProcess Algae, LLC, DSM, Evonik, Cargill Incorporated, Golden Omega, Corbion, Polaris, Olvea Fish Oils, Pharma Marine AS, Clover Corporation, Solutex, Stepan Company, and others.

Recent Developmental Activities in the Omega 3 Market:

In October 2022, Algarithm and Natures Crops International collaborated to launch two brand new omega oil blends for the supplement, food & beverage ingredient usage, Ahiflower 80DHAand 150DHA, a vegan option offering a complete profile of omega3-6-9 solution.

In February 2022, Spanish-based pharmaceutical company Noventure launched EPA3G, a drinkable omega-3 oil sachet comprising 3g of drinkable EPA (eicosapentaenoic acid); after signing an agreement with Azur Global Nutrition.

In December 2020, OZiva, an Indian plant-based nutrition brand, announced the launch of India’s first plant-based omega 3 multivitamin supplement Omega Multi, providing 200 mg of vegan EPA and DHA, 100 mg of extra virgin olive oil, along with plant-based vitamins such as vitamin A, D3, E & K2 MK-7.

Key Takeaways from the Omega 3 Market Report Study

Market size analysis for current Omega 3 Market size (2023), and market forecast for 6 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Omega 3 market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global Omega 3 market.

Various opportunities available for the other competitor in the Omega 3 Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current Omega 3 Market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Omega 3 Market growth in the coming future?

Target Audience who can be benefited from this Omega 3 Market Report Study

Omega 3 products providers

Research and development organizations

Omega 3-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Omega 3

Various end users who want to know more about the Omega 3 Market and latest innovations in the Omega 3 market.

Frequently Asked Questions for the Omega 3 Market:

1. What is Omega 3?

Omega-3 fatty acids are polyunsaturated fatty acids that perform various functions in the body such as lowering triglycerides, reducing inflammation, and supporting heart health, among others. The three main types of omega-3 fatty acids are alpha-linolenic acid (ALA), eicosapentaenoic acid (EPA), and docosahexaenoic acid (DHA).

2. What is the global market for Omega 3?

The global Omega 3 Market is estimated to grow at a CAGR of 7.28% during the forecast period from 2024 to 2030.

3. What are the drivers for the global Omega 3 market?

The Omega 3 market is witnessing positive growth due to an increase in the prevalence of heart diseases such as stroke, the increasing cases of people suffering from depression globally, the rising use of omega-3 supplements in sports nutrition, the growing use of omega-3 supplements for aesthetic purposes, and the growing advancements in delivering quality and rich omega 3 products across the globe is further expected to result in appreciable revenue growth of the Omega 3 market during the forecast period (2024-2030).

4. Who are the key players operating in the global Omega 3 market?

Some of the key market players operating in the Omega 3 Market include Aker Biomarine Antarctic AS, Orkla Health, BASF Corporation, Omega Protein Corporation, GC Reiber Oils, Lonza, Croda International Plc, EPAX, BioProcess Algae, LLC, DSM, Evonik, Cargill Incorporated, Golden Omega, Corbion, Polaris, Olvea Fish Oils, Pharma Marine AS, Clover Corporation, Solutex, Stepan Company, and others.

5. Which region has the highest share in the Omega 3 market?

Among all the regions, North America is estimated to amass a significant revenue share in the global Omega 3 market. This can be ascribed to the rising cases of cardiovascular disorders such as coronary artery disease and stroke, the growing prevalence of depression among the population, and others, product development activities such as recent launches in the omega 3 market will increase their demand in the North America region during the given forecast period.