Omega-3 Market

The global omega-3 market size was valued at $3.4 billion in 2023 and is poised to grow from $3.9 billion in 2024 to $7.4 billion by 2029, growing at a compound annual growth rate of 13.5%, between the forecast period (2024-2029).

Consumer awareness of the diverse health advantages of Omega 3 fatty acids, including bolstering heart health, cognitive function, and alleviating inflammation, has been steadily increasing. Consequently, consumers are actively pursuing products abundant in Omega-3s to integrate into their dietary regimens. The endorsement of health claims associated with Omega-3 fatty acids by regulatory bodies like the Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA) has further reinforced consumer confidence in Omega-3 enriched products, enhancing their credibility and appeal.

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BASF SE (Germany)

BASF SE, a prominent multinational corporation, is a key player in the omega 3 market, offering its products primarily through the Nutrition & Care segment. With operations spanning over 90 countries globally, BASF SE operates over 100 production and research sites strategically located in North America, Europe, and Asia. Leveraging over 180 years of expertise in omega-3 innovation, BASF focuses on producing high-quality omega-3 solutions tailored for pharmaceutical APIs and nutritional supplements. Headquarters based in Lysaker, Norway, BASF maintains manufacturing sites in Sandefjord, Norway, and Callanish, Scotland.

In November 2019, BASF Nutrition & Health, collaborating with Swiss pharmaceutical firm Ideogen, launched its omega-3 fatty acid solution, Hepacor, in the European market.

Cargill, Incorporated (US)

Cargill, Incorporated, a leading producer of specialty food ingredients and industrial products, operates across four main business segments, including animal nutrition & protein, food ingredients & applications, origination & processing, and industrial & financial services. Within its food ingredients & applications segment, Cargill offers food additives and a wide range of ingredients to food and beverage manufacturers, food service companies, and retailers. Its specialty food ingredients include acidulants, sweeteners, starches, and protein ingredients, catering to various sectors such as beverages, bakery, dairy, and meat. These ingredients play a crucial role in enhancing the appearance, taste, and stability of fresh meat and specialty meat products, contributing to the omega-3 market.

In March 2023, Cargill, Incorporated partnered with Cubig Foods, a food technology company based in Barcelona, to collaborate on the development and commercialization of innovative plant-based fat ingredients.

DSM-Firmenich (Netherlands)

DSM-Firmenich (Netherlands), a global science-driven company with a strong emphasis on health, nutrition, and materials, offers a diverse portfolio of products spanning nutrition solutions, performance ingredients, functional materials, polymer intermediates, and biomaterials. Additionally, DSM is engaged in serving a multitude of markets, including food and beverages, dietary supplements, personal care, animal nutrition, and medical devices; dsm-firmenich also caters to sectors such as automotive, paints, electrical and electronics, alternative energy, and construction materials. The company actively participates in initiatives related to early-life nutrition, bio-based materials, and packaging solutions. dsm-firmenich provides a broad range of omega-3 ingredients suitable for various applications, including dietary supplements, infant nutrition, fortified foods, and animal nutrition. These ingredients encompass omega-3s derived from fish oil and alternative sources such as algal oil.

In October 2023, dsm-firmenich introduced Life's OMEGA 03020 in North America, marking the debut of a top-tier single-source algal omega-3 supplement. This supplement boasts an EPA/DHA ratio that closely resembles the natural composition found in fish oil.

AKER BIOMARINE (Norway)

AKER BIOMARINE, a subsidiary of Aker ASA, an established industrial leader since 1841, operates globally with its headquarters in Oslo, Norway. Founded on the belief in the positive health effects of krill, the company's sustainable practices have facilitated its growth. Over the years, AKER BIOMARINE's krill-based products have significantly contributed to fish production, providing an additional 410 million servings. With krill being recognized for its high nutritional value and benefits for fish health, the company plays a vital role in meeting the increasing demands of food production globally. In 2023, the company restructured its operations into two main segments: Ingredients and Brands, focusing on activities such as offshore harvesting, production, and worldwide distribution of krill-derived products.

Key Trends in the Global Omega-3 Market

• Increased Consumer Awareness: Growing awareness among consumers regarding the health benefits of omega-3 fatty acids, such as improved heart health, cognitive function, and joint health, is driving demand for omega-3 products.
• Rising Health Concerns: With the increasing prevalence of lifestyle diseases like cardiovascular disorders, obesity, and cognitive decline, consumers are turning to omega-3 supplements as a preventive measure, boosting market growth.
• Expansion of Product Range: Manufacturers are diversifying their product portfolios to include a variety of omega-3 sources, such as fish oil, algal oil, and krill oil, catering to different dietary preferences and requirements.
• Emphasis on Sustainability: Sustainability has become a significant focus in the omega-3 market, with consumers seeking products sourced from sustainable fisheries or algae farming practices to minimize environmental impact.
• Innovation in Delivery Formats: Companies are innovating with new delivery formats, such as gummies, beverages, and fortified foods, to make omega-3 supplements more appealing and convenient for consumers, especially for those who dislike traditional capsules.
• Regulatory Developments: Stringent regulations governing the quality, purity, and labeling of omega-3 products are shaping the market landscape, prompting manufacturers to invest in research and development to comply with standards and ensure consumer safety.
• Growing Demand for Vegan Omega-3: The increasing popularity of plant-based diets has fueled demand for vegan omega-3 supplements derived from sources like algae, providing an alternative to traditional fish oil supplements.

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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Related Reports:

Omega-3 Market by Type (DHA, EPA, AND ALA), Application (Dietary Supplements, Functional Foods & Beverages, Pharmaceuticals, Infant Formula, and Pet Food & Feed), Source (Marine and Plant), and Region - Global Forecast to 2029

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