Omega-3 Market To Reach USD 4.50 Billion By 2027
Tuesday, September 15th, 2020
Rising demand for nutritional supplements & functional foods that provide negligible potential side effects and help reduce the chances of many chronic diseases & eyesight problems are propelling market growth. By Reports And Data.
The global omega-3 market is projected to reach US$4.50 billion by 2027. The omega-3 market is fuelled by the rising awareness for food nutrition and dietary improvements in the average consumer. Moreover, various factors such as developing economies and subsequently increasing incomes of consumers, adoption of e-commerce and m-commerce platforms, and demand for the overall organic supplements & functional foods are expected to create enforcements in the market.
While dietary improvement is a desirable common goal for many individuals ranging in various age bands, changing their dietary patterns seems extremely hard for most of them. Thus, it is becoming common practice that many people are consuming additional dietary supplements to augment the daily intake of nutrients so that they may lead a healthier lifestyle. Additionally, rising numbers of patients with heart diseases, inflammatory bowel diseases, and eyesight problems, among others, are the reasons the demand for omega-3 is increasing.
The Asia Pacific region possesses one of the leading consumer bases and occupies a significant market share for omega-3. This region is also expected to register the highest growth during the forecast period due to an incisive rise in heart diseases, eyesight problems among children and adults, which is the principal reason behind the growth of the overall market.
North America is projected to grow at a CAGR of 7.6 percent from 2020 to 2027, owing to its wide usage of omega-3 nutraceuticals & supplements. The United States holds an impressive market share as the country exhibits an incisively growing trend of using nutritional supplements.
Europe is a significant consumer in this market and is expected to retain a market share of 22.6 percent by 2027. Countries like Germany, Switzerland, Norway, France, and Belgium, among others, are increasingly observing newer consumer presence year on year.
- The overall dietary supplement sales for children is expected to rise during the forecast period. It was observed that Chinese and Indian parents are willing to spend relatively large amounts of money on the health of their children in relation to family income.
- Owing to the unavailability of certain fish varieties, an omega-3 deficiency has been observed amongst the children. Even many adults are suffering from malnutrition and being diagnosed with many chronic diseases. An immense demand for omega-3 supplements has been estimated to get rid of those complexities and diseases.
- The regulations guiding the North American region are varied, multifaceted and have a great impact on the industry. For example, in the US, ‘nutraceuticals’ mainly come under the category of vitamins and dietary supplements. A range of regulations apply, notably the Dietary Supplement Health and Education Act (DSHEA) from 1994, which covers dietary supplements, the Federal Food Drug and Cosmetic Act, which covers all foods and food additives, and Good Manufacturing Practice regulations from 2007.
- A new trend emerging in the dietary supplements market is the need to use organic or sustainable ingredients. This trend is being driven by two fundamental shifts in this industry: the need to consume ‘healthier’ ingredients and consumers’ increasing concerns for sourcing ‘sustainable’ products.
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