North America Algae Omega-3 Ingredient Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Algae Omega-3 Ingredient Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America algae omega-3 ingredient is forecasted to reach USD 257 million by 2025, witnessing a CAGR of 6.2% during the forecast period.

Key Highlights

• Algae Omega-3 ingredients are gaining prominence and becoming a part of the consumer’s daily diet. The key reasons for this change have been the increased prevalence of lifestyle diseases and people taking preventive healthcare measures.
• Consumers are increasingly relying on alternative channels to self-diagnose and identify targeted health needs, partly driven by the fact that insurers are increasing co-pays and incentivizing their customers to take preventative care measures. An estimated 70% of Americans use the internet to get health information and to help make decisions throughout their health journeys (pre-diagnosis, diagnosis, and treatment). This, in turn, has facilitated the rise in the demand for algae omega-3 ingredients.

Key Market TrendsGrowing Demand For Dietary Supplements

The algae omega-3 demand is growing in the health supplement segment, as it provides the same benefit as that of fish oil, but with no off-odor or taste. Algae Omega-3 is considered to be more bioavailable and sustainable. The algae omega-3 ingredient market is driven by the demand for dietary supplement products. The use of premium-grade omega-3 for infant formula is another factor driving the market, as algae omega-3 has proved to be of superior quality.

By application, the dietary supplement holds the major share followed by pharmaceutical, food & beverages, Animal Nutrition, and Clinical Nutrition. North American consumers are becoming less tolerant of unsustainable practices. The algae technologies allow for the production of a variety of environmentally sustainable biological products like algae omega-3 ingredients. The algal-based supplements of omega-3 oil, are the most sustainable innovative products, available in North America. Consumers are concerned about the need for omega-3 products in their diet.

United States Is The Largest Market For Algae Omega-3

The United States is the largest market for omega-3 in North America, followed by Canada and Mexico. In the United States, docosahexaenoic acid (DHA) is a major ingredient that is being used in infant nutrition. Almost all the brands offering infant nutrition formula in the country uses DHA as an ingredient that adds to the cost of formula, which is augmenting the growth of algae omega-3 ingredients market in the country. Increasing awareness about the long-term benefits of omega-3 consumption, fortified product availability, and growing market acceptance for such products is driving the market. The US food processors are launching many products with enhanced algae omega-3 functional food, owing to the rise in per capita spending and inclination of consumers toward health and wellness products.

Competitive Landscape

Pharmaceutical products based on algae omega-3 EPA will be the future spotlight in the market. EPA, individually, has high-potential in the market, especially, in pharmaceuticals and nutraceuticals market. There is a huge opportunity for the premium omega-3 ingredient in infant nutrition application in the region; sensory attributes is a major factor for the purchase of the products. Major companies include DSM Nutritional Products, Bioprocess Algae, Llc, Neptune Wellness Solutiions Inc., Archer Daniels Midland, Source-Omega LLC, Novotech Nutraceuticals Inc., and BASF SE.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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