Omega-3 Market

[318 Pages Report] According to MarketsandMarkets, the omega-3 market is projected to reach USD 7.4 billion by 2029 from USD 3.9 billion by 2024, at a CAGR of 13.5% during the forecast period in terms of value.  Conventional fish oil sources are no longer the sole choice. Sustainable and plant-based substitutes such as algae, flaxseed, and chia seed oil are becoming increasingly popular, addressing dietary limitations and ethical considerations. Furthermore, novel formats like micro-emulsified supplements and fortified food items are enhancing convenience and attractiveness, appealing to a broader demographic. As individuals increasingly adopt proactive approaches to uphold well-being and stave off chronic ailments, Omega-3 supplements and fortified foods emerge as promising solutions, attracting those striving for good health and preemptive care.

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Market Dynamics

Driver : Innovative product technologies

Innovative technologies such as encapsulation and flavoring systems play a pivotal role as drivers for the Omega-3 market by masking the natural taste of plant-based Omega-3s, rendering them more palatable and appealing to a broader audience. This is crucial for boosting adoption rates and ensuring compliance with regular consumption. Additionally, the implementation of smart packaging and tracking systems facilitates the monitoring of Omega-3 product quality and potency throughout the supply chain, thereby safeguarding product integrity and offering consumers transparency and confidence. Moreover, advancements in technologies like microencapsulation and phospholipid delivery systems are enhancing the bioavailability of Omega-3s and mitigating unpleasant aftertastes commonly associated with traditional fish oil supplements. These innovations ultimately make Omega-3s more effective and enjoyable, driving market growth.

Restraint : Lower fish oil supply due to sustainability issues among fisheries

The constraint of lower fish oil supply due to sustainability issues among fisheries poses a significant challenge for the Omega-3 market. This limitation stems from the depletion of fish stocks caused by overfishing and unsustainable fishing practices, leading to reduced availability of fish oil, a primary source of Omega-3 fatty acids. As fisheries struggle to maintain sustainable practices, there is a decline in the quantity of fish oil extracted, consequently impacting the production of Omega-3 supplements and fortified foods. This scarcity in the supply chain not only hinders the ability of manufacturers to meet consumer demand but also raises concerns about the long-term viability of sourcing fish oil as a sustainable Omega-3 solution. As a result, the Omega-3 market faces constraints in maintaining adequate supply levels to satisfy market demand, potentially leading to increased prices and reduced accessibility for consumers.

Opportunity : Research for development of alternative sources to obtain omega-3

The research for the development of alternative sources to obtain Omega-3 presents a significant opportunity for the Omega-3 market. This initiative focuses on exploring and harnessing alternative sources such as algae, flaxseed, chia seeds, and marine microorganisms to extract Omega-3 fatty acids. These alternative sources offer several advantages, including sustainability, scalability, and reduced environmental impact compared to traditional fish oil extraction methods. Additionally, advancements in technology and biotechnology have enabled the production of Omega-3 supplements and fortified foods from these alternative sources, ensuring consistent quality and potency. By diversifying the sources of Omega-3 production, the market becomes less reliant on finite marine resources and mitigates the risks associated with overfishing and environmental degradation. Moreover, the availability of plant-based and sustainable Omega-3 options appeals to environmentally conscious consumers and those with dietary restrictions, expanding the consumer base and driving market growth. Therefore, the research for the development of alternative Omega-3 sources presents a promising opportunity to innovate and meet the growing demand for Omega-3 products in a sustainable and responsible manner.

Challenge: Instability of fish oils

The instability of fish oils represents a significant challenge for the Omega-3 market. Fish oils, which are a primary source of Omega-3 fatty acids, are susceptible to oxidation and rancidity due to their high levels of unsaturated fats. This instability can lead to a reduction in product quality, potency, and shelf life, negatively impacting consumer confidence and market acceptance. Additionally, the development of off-flavors and unpleasant odors in fish oil supplements further diminishes their appeal to consumers. Manufacturers face difficulties in maintaining the stability of fish oil-based Omega-3 products throughout the production, storage, and distribution processes. This challenge necessitates the implementation of stringent quality control measures, including the use of antioxidants, specialized packaging, and storage conditions, to minimize oxidation and preserve product integrity. However, despite these efforts, the instability of fish oils remains a persistent challenge for the Omega-3 market, requiring ongoing research and innovation to overcome.

OMEGA-3 Market Ecosystem

Key players within this market consist of reputable and financially robust omega-3 manufacturers. These entities boast extensive industry tenure, offering diversified product portfolios, cutting-edge technologies, and robust global sales and marketing networks. Prominent companies in this market BASF SE (Germany), Cargill, Incorporated. (US), dsm-firmenich (Netherlands), ADM (US), Kerry Group Plc (Ireland), Croda International Plc (UK), Orkla.  (Norway), Corbion (Netherlands), GC Rieber (Norway), Pelagia AS (Norway), KD Pharma Group SA (Switzerland), Cooke Aquaculture Inc. (Canada), AlgiSys Biosciences, Inc. (US), Golden Omega (Chile), AKER BIOMARINE (Norway), and Polaris (France).

Plant source segment is expected to maintain consistent growth in omega-3 market during the forecast period.

Plant-powered Omega-3s are surging, fueled by ethically-conscious consumers seeking sustainable alternatives. Vegan, vegetarian, and allergy-friendly, these innovative options like algae oil and chia seed extracts boast potential unique health benefits and wider accessibility. Affordability and government initiatives promoting sustainable practices add further momentum. While ensuring potency and educating consumers remain key hurdles, the future of Omega-3 looks green, with this segment poised to shape a more responsible and inclusive market landscape.

The DHA segment is expected to hold the largest market share in the type segment of omega-3 market.

Research strongly supports the health benefits of DHA, from its crucial role in brain development to its potential for heart and eye health. Technology advancements have made DHA more accessible through refined extraction and processing methods. This increased accessibility has led to targeted applications, including pregnancy supplements and infant formula, promoting healthy development from early stages. DHA's influence extends to functional foods like dairy products and beverages, providing convenient ways to incorporate it into daily diets. Effective marketing strategies have solidified DHA's position by highlighting its unique benefits. While DHA leads the Omega-3 market, other players like EPA and ALA are also growing, offering diverse benefits and applications. This diversity ensures that the market can cater to various consumer needs, fostering a thriving landscape focused on individual well-being and holistic health.

North America to dominate the omega-3 market during the forecast period.

In North America, the demand for Omega-3 is increasing, particularly in dietary supplement applications, driven by the recognition of Omega-3's benefits health. Omega-3 fatty acids are among the most popular dietary supplements, known for their potential benefits for heart health, brain function, and overall well-being. The demand for omega-3 supplements in North America has been steadily increasing due to rising awareness about their health benefits and the inclusion of omega-3 in various health recommendations.

Key Market Players

The key players in this market include BASF SE (Germany), Cargill, Incorporated. (US), dsm-firmenich (Netherlands), ADM (US), Kerry Group Plc (Ireland), Croda International Plc (UK), Orkla.  (Norway), Corbion (Netherlands), GC Rieber (Norway), Pelagia AS (Norway), KD Pharma Group SA (Switzerland), Cooke Aquaculture Inc. (Canada), AlgiSys Biosciences, Inc. (US), Golden Omega (Chile), AKER BIOMARINE (Norway), and Polaris (France). These market participants are emphasizing the expansion of their footprint via agreements and partnerships. They maintain a robust presence in North America, Asia Pacific, South America, RoW, and Europe, supported by manufacturing facilities and well-established distribution networks spanning across these regions.

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Scope of the Report

This research report categorizes the omega-3 market based on type, source, application, and region.

Target Audience

• Omega-3 traders, retailers, and distributors
• Omega-3 manufacturers & suppliers
• Related government authorities, commercial research & development (R&D) institutions.
• Regulatory bodies, including government agencies and NGOs.
• Commercial research & development (R&D) institutions and financial institutions.
• Government and research organizations.
• Venture capitalists and investors.
• Technology providers to omega-3 and omega-3 companies.
• Associations and industry bodies.   

Omega-3 Market:

By Type

• Docosahexaenoic Acid (DHA)
• Eicosapentaenoic Acid (EPA)
• Alpha-Linolenic Acid (ALA)

By Source

• Marine Source
• Plant Source

By Application

• Dietary Supplements
• Functional Foods & Beverages
• Pharmaceuticals
• Infant Formula
• Pet Food & Feed

By Region:

• North America
• Europe
• Asia Pacific
• South America
• Rest of the World (RoW)

Recent Developments

• In February 2023, GC Rieber VivoMega has introduced VivoMega Algae Oils, a line of high-concentration vegan Omega-3 sourced from microalgae and sourced from the ocean.
• In March 2023, Pelagia has invested USD 40 million in the facility of Epax which is subsidiary of Pelagia in Aalesund. This facility will help the company to implement new technology known as EOP+Tech for EPA & DHA products.
• In November 2021, AlgiSys BioSciences, Inc. Raised funding of USD 45 Million. This funding will fuel the company's initial commercial strategies, which are propelled by increasing global demand for EPA omega-3 fish oil substitutes.
• In September 2023, in a collaborative effort, Aker BioMarine and Swisse introduced a groundbreaking product within Australia's Listed Assessed medicine category. Swisse Ultiboost High Strength Krill Oil, incorporating Aker BioMarine's Superba Boost Krill oil, received approval and is now listed on the Australia Register of Therapeutic Goods (ARTG) under AUST L(A) 417392.

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