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The global omega-3 fatty acids market size is projected to reach USD 2.24 billion by 2028 at a CAGR of 4.80% during 2021-2028. The increasing integration of DHA and EPA in dietary supplements will bode well for the market in the coming years, mentioned in a report titled “Omega-3 Fatty Acids Market Size, Share & COVID-19 Impact Analysis, By Source (Concentrates, Fish Oil, Algae Oil, Krill Oil, and Other Plant Sources), Application (Dietary Supplements, Functional/Fortified Foods, Infant Formulae, Pharmaceuticals, and Animal Feed & Pet Food), and Regional Forecast, 2021-2028,”. The market stood at USD 1.54 billion in 2020 and USD 1.62 billion in 2021.
DHA and EPA are health-supplementing fatty acids that are found in foods such as fish and flaxseeds. The substance is a form of essential fatty acid that the human body needs for metabolic functioning. These substances cannot be produced by the human body and need to be consumed from food sources. The recent coronavirus outbreak has led to a steep fall in the food and beverage industry. As people were stuck indoors for most parts of the day, outdoor activities have come to a standstill, and several businesses have been shut down. This has directly affected the consumption of this type of fatty acid. The Covid-19 pandemic will affect the supply of fatty acid vendors across the world. The post-pandemic phase will present several opportunities for the companies operating in the market. This is mainly due to the increased efforts companies will put in to revamp their businesses and overcome the losses due to the pandemic.
COVID-19 Pandemic to create Favorable Opportunities
The global market has benefited from the COVID-19 epidemic. According to research, there has been a significant surge in demand for omega fatty acid meals and dietary supplements to improve health and immunity. The widespread dissemination of recommendations from doctors throughout the world to include immunity-boosting dietary supplements into everyday living is a major factor in consumers' high acceptance of omega-3 fatty acids supplements. The supply chains of enterprises in the industry have been disrupted, owing to mobility limitations and geometrically rising logistics and transportation costs due to the ongoing pandemic.
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Collaboration of Aker BioMarine and University of Illinois Chicago to Accelerate Market
Aker BioMarine and the University of Illinois Chicago collaborated in January 2021 to work on a modified version of two long-chain fatty acids to increase delivery to the brain and eyes. This partnership may help Aker BioMarine grow its market presence and assist doctors in treating ailments such as cardiovascular disease. Moreover, the launch of innovative products will further enhance the development of the market. For instance, Wiley Companies introduced its first omega-3 concentration in powdered form for food and drinks in March 2020. The product has been made without a fishy odor or flavor to appeal to clients seeking appealing sensory items.
Growing Demand for Clean-labeled Products to Push Growth
Fish oil is the most important source of polyunsaturated fatty acids. The current development of market trends, such as the growing popularity of plant-based, clean-labeled products, has aided the search for new sources of PUFA extraction. Omega fatty acids are abundant in algae oil and flax seeds, making them ideal for vegetarians. In the years to ahead, new methodologies and research to prove the health claims of PUFAs are likely to boost the omega-3 fatty acids market growth. The increasing use of fatty acids in dietary supplements will create several growth opportunities for the companies operating in the market. The increasing consumption of dietary supplements by people across the world will emerge in favor of the market. The increasing awareness regarding the benefits of a healthy diet and the consumption of essential fatty acids will lead to a rise in the adoption for the product across the world.
Increased Competition among Industry Players to Enhance Market Growth
The prominent companies in the market, which are specialized and compact, have increased the level of competition and added to the market's growth. The market's growth is being aided by prominent companies' research into new omega-3 sources.
List of companies profiled in the report:
Industry Development:
Further Report Findings:
Table of Segmentation-
ATTRIBUTE | DETAILS |
Study Period | 2017-2028 |
Base Year | 2020 |
Estimated Year | 2021 |
Forecast Period | 2021-2028 |
Historical Period | 2017-2019 |
Unit | Value (USD Billion) |
Segmentation | By Source
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By Application
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By Region
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