The global market for omega 3 is expected to reach USD 7.32 billion by 2020, according to a new study by Grand View Research, Inc. Growing consumer awareness regarding the health benefits associated with omega 3 coupled with rising prevalence of coronary heart diseases are expected to drive market demand over the next six years. In addition, growing demand from emerging applications such as infant formulas and pharmaceuticals would further boost the growth of the market over the next six years. Raw material procurement, consumer perception with regards to fish oil and its smell and the lack of standardization in terms of labeling and registration are expected to be key challenges for market participants in the near future.
Functional foods were the largest application segment of omega 3 ingredients in 2013, accounting for over 55% of the global demand. Infant formulas and pharmaceuticals were other key applications of omega 3 and are expected to have a combined market of over 2.7 billion by 2020, growing at a CAGR of 16.9 % and 17.5% from 2014 to 2020, respectively. Increasing R&D in encapsulation technology offers the market with growth opportunities over the next six years.
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Further key findings from the study suggest:
- The global market for omega 3 ingredients was estimated to be 24.87 kilo tons in 2013, and is expected to grow at a CAGR of 13.7% from 2014 to 2020.
- Europe was the largest consumer of omega 3 ingredients in 2013, accounting for over 60% of global consumption and is expected to maintain leadership position till 2020. North America was the second largest consumer but is expected to lose share to emerging regions such as Asia Pacific and Latin America.
- Asia Pacific is expected to be the fastest growing market over the forecast period growing at a CAGR of over 15% from 2014 to 2020. The shift in consumer preference towards healthy diet comprising of omega 3 ingredients and the use of fish oil in South East Asia is expected to boost the sales.
- The global omega 3 market is consolidated with the top 5 companies having a market share of over 70% in 2013. DSM post its acquisition of Ocean Nutrition, was the clear market leader with over one quarter of the share in 2013. Companies are trying to obtain alternative sources for extracting omega 3 due to the tight demand supply situation in the global fish oil market.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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