According
to a new report published by Polaris Market Research the omega
3 market is anticipated to reach over USD 4,262.5 million by
2026. In 2017, the functional food and supplements segment dominated the global
market, in terms of revenue. North America was the leading contributor to the
global market revenue in 2017.
A significant increase in awareness
regarding a healthy diet, changing lifestyles, and health benefits offered by
omega 3 drive the growth of this market. Other driving factors include
growing inclination towards use of natural and organic products, and increasing
use of omega 3 in functional food and pharmaceutical. Increasing demand from
developing nations is expected provide numerous growth opportunities to the
market players during the forecast period.
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There has been a growing awareness
regarding health benefits offered by omega 3 among consumers. Omega 3 assists
in body functions such as muscle activity, brain development and functioning,
blood clotting, digestion, fertility, and cell division and growth, which has
increased its adoption. Use of EPA also helps in controlling anxiety,
depression and other related health problems.
Improvement in lifestyle due to rise in
income level, especially in the developing countries of Asia-Pacific fuels the
demand for omega 3 market. Factors such as increase in per capita income,
changes in consumer behavior, and increased awareness regarding health and
nutrition are expected to accelerate the adoption of omega 3 in the coming
years.
North America generated the highest
revenue in the market in 2017. The increasing geriatric population in the
region coupled with high disposable income drives the market growth. The
increasing demand of omega 3 in the region is owing to high consumer awareness
regarding the benefits of omega 3, and growing health concerns. Asia-Pacific is
expected to grow at the highest CAGR during the forecast period owing to
increasing disposable incomes in developing countries of this region, and
rising demand of omega 3 for infant formula, animal feed, and pharmaceutical.
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The different applications of omega 3
include functional food and supplements, pharmaceutical, infant formula, animal
feed, and others. In 2017, functional food and supplements segment accounted
for the highest market share. Use of omega 3 in functional food and supplements
provide proper nutrition and enable efficient functioning of human bodies. The
increasing demand of functional food and supplements from athletes and sports
sector further supports market growth.
The well-known companies profiled in
the report include Omega Protein Corporation, Croda International PLC, Arista
Industries Inc., Cargill, Inc., Royal DSM, Pharma Marine AS, GC Reiber Oils,
Nordic Naturals Inc., Reckitt Benckiser Group plc, Pharma Nord B.V., Pharmavite
LL, and Natrol LLC among others. These companies launch new products and
collaborate with other market leaders to innovate and launch new products to
meet the increasing needs and requirements of consumers.
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