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The global omega-3 fatty acids market size is projected to reach USD 1,922.05 Million by the end of 2027. The increasing integration of omega-3 fatty acids in dietary supplements will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Omega-3 Fatty Acids Market Size, Share & Industry 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, 2020 - 2027,” the market was worth USD 1,450.24 million in 2019 and will exhibit a CAGR of 3.89% during the forecast period, 2020-2027.
Omega-3 fatty acids are health-supplementing foods 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 are 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 this type of fatty acid vendors across the world. Having said that, the post-pandemic phase will present several opportunities for the companies operating in the market. This is mainly due to the increased efforts that companies will put in to revamp their businesses and overcome the losses due to the pandemic.
Polaris Introduces New Super-concentrated Fatty Acid
The report includes a few of the major industry developments of recent times and states their impact on the growth of the market. Due to the coronavirus outbreak, major companies will look to adopt strategies such as company mergers and collaborations with a view to capitalize on the opportunities in the market. Major companies are focused on introducing newer products with a view to acquiring a wider consumer base. In September 2019, Polaris announced the launch of a new version of omega-3 fatty acid. The company introduced a new super-concentrated and ultra-purified algal omega-3 oil. The company claims that this oil is suitable for vegans and vegetarians. Polaris’ latest product will help the company generate substantial market revenue by acquiring a wider consumer base. Polaris’ latest product will not just benefit the company but will also have a positive impact on the growth of the market in the coming years.
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Product Use in Dietary Supplements Will Aid Growth
The increasing use of omega-3 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 market growth. 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.
Major Companies are Focused on R&D Activities
Accounting to the increasing awareness regarding the health benefits of omega-3 fatty acids, there has been an increase in the consumption of foods that contain a rich source of fatty acids. The high emphasis on research and development of this type of fatty acid extraction method by major companies across the world will contribute to the growth of the market in the coming years.
List of companies profiled in the report:
This market is segmented on the basis of:
Global Omega-3 Fatty Acids Market Scope
Value (USD Million)