Europe Omega-3 Supplements Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Form (Capsules, Soft Gels, and Others), Source (Fish Oil, Krill Oil, Algae Oil, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty S

Europe Omega-3 Supplements Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Form (Capsules, Soft Gels, and Others), Source (Fish Oil, Krill Oil, Algae Oil, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)

The omega-3 supplements market in Europe is expected to grow from US$ 8,036.57 million in 2021 to US$ 14,080.95 million by 2028; it is estimated to grow at a CAGR of 8.3% from 2021 to 2028. The vegan population in developed countries has increased rapidly in the past few years. Preventing the exploitation environment is the key reason for consumers' preference toward a vegan diet, due to which there is a rising demand for plant-based dietary supplements in the market. Omega- 3 fatty acids are majorly produced from fish, algae, krill, etc. However, factors such as overfishing and environmental issues, such as ocean warming, have prompted consumers to include viable and sustainable alternative sources of omega-3, which do not contribute to the depletion of natural resources. Various plant-based sources such as flax seeds, chia seeds, ahiflower, walnuts, hemp seeds, seaweed, and algae are also enriched with omega-3 fatty acids. Apart from this, consumers’ shift toward a healthier lifestyle has raised the popularity of flexitarian, vegetarian, and vegan diets, which has opened up exciting opportunities for omega- 3 supplements manufacturers. These companies are trying to develop innovative products by using minimal or no animal-derived ingredients. For instance, DSM Life's OMEGA is a unique, plant-based alternative to fish oil-based products, containing at least 500 mg/g of EPA and DHA in the triglyceride form, derived from a vegetarian source. Thus, the escalating consumer preferences toward vegan supplements is giving rise to several key trends that will boost the dietary supplements market growth in the coming years.

In Europe, currently France, the UK, and Russia are the worst-impacted countries by the COVID-19 pandemic. The region suffered an economic hit due to the lack of revenue from various industries subjected to disruption in supply chain. However, shift in consumer lifestyle and rise in preference toward healthy dietary practices have substantially promoted the demand for omega-3 supplements in the regional market.

The Europe omega-3 supplements market is segmented on the basis of form, source, and distribution channel. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online stores, and others. In 2020, the specialty stores segment held the largest share in the market. Specialty stores sell only particular brand items and primarily focus on high customer satisfaction. These stores specialize in a specific product and would not sell anything else apart from the particular range. The shops also provide excellent consumer experience with unique features such as high-level customer service, premium offers, and special discounts. This specificity of product sales proves to be a guiding factor to the consumers who are focused on buying only a specific type of product. A specialty store staff has complete knowledge about the product, helping buyers know the product specifications before buying. Moreover, there are more price-conscious consumers than before, and they are attracted to discount retailers. The popularity of shopping malls has helped specialty stores since consumers can accomplish one-stop shopping through various specialty stores in the same mall or shopping centre. These factors are bolstering the Europe omega-3 supplements market for the specialty stores segment.

The Europe omega-3 supplements market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Europe omega-3 supplements market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Europe omega-3 supplements market. Church & Dwight, Inc.; NOW Foods; Nordic Naturals; Reckitt Benckiser Group plc.; Pharma Nord B.V.; Rimfrost As; and Epion Brands are among the leading companies in the market.

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