Omega 3 Supplements Market to Grow with a CAGR of 7.07% through 2029
According to TechSci Research report, “Omega 3
Supplements Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2029”, the Global Omega 3 Supplements Market
stood at USD 6.12 Billion in
2023 and is anticipated to grow with a CAGR of 7.07% in the forecast
period, 2024-2029.
The global omega-3 supplements market has witnessed
robust growth, with North America emerging as a dominant player. The market's
expansion is propelled by several drivers, including heightened consumer
awareness, technological advancements, and a growing emphasis on preventive
healthcare. These factors contribute to the market's resilience and increasing
demand for omega-3 supplements, which are renowned for their positive effects
on cardiovascular health, cognitive function, and overall well-being.
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Several drivers fuel the growth of the omega-3 supplements
market. Increasing consumer demand, particularly in North America, is a pivotal
driver, as people recognize the health benefits associated with omega-3 fatty
acids. The aging population's focus on preventive health measures and the
continuous scientific research supporting omega-3's positive effects contribute
to sustained market growth. Economic development and rising disposable income
levels also play a role, allowing consumers to invest more in health and
wellness products, including omega-3 supplements.
Innovations and trends shape the omega-3 supplements
market landscape. Plant-based omega-3 supplements, particularly those derived
from algae, have gained traction, aligning with the growing popularity of
vegetarian and vegan lifestyles. Personalized nutrition is another notable
trend, with companies exploring tailored solutions based on individual health
needs, genetic factors, and lifestyle choices. Innovative delivery formats,
such as gummies and powders, cater to consumers seeking convenient and enjoyable
ways to incorporate omega-3 into their diets. Educational marketing campaigns
highlighting the cognitive benefits of omega-3 also contribute to shifting
consumer preferences.
Despite the positive trajectory, the omega-3
supplements market faces challenges. Sustainability concerns, particularly
related to traditional fish oil sources, prompt the exploration of alternative
and eco-friendly sources like algae. Quality control issues, including
potential contamination and oxidation, pose challenges in ensuring the purity
and effectiveness of supplements. Regulatory complexities across different
regions demand meticulous compliance efforts from manufacturers. The perceived
preference for obtaining nutrients through natural food sources rather than
supplements poses a marketing challenge, necessitating effective communication
strategies.
The COVID-19 pandemic has influenced the omega-3
supplements market. While there has been an increased focus on health and
wellness, supply chain disruptions and economic uncertainties have impacted the
industry. Consumer priorities shifted during the pandemic, with a heightened
interest in immune health, potentially leading to changes in supplement
preferences. Companies have adapted by emphasizing the immune-boosting
properties of omega-3 supplements. Additionally, the pandemic accelerated the
shift towards e-commerce, influencing distribution channels and consumer
purchasing behavior.
Several key players contribute to the competitive
landscape of the omega-3 supplements market. Nordic Naturals, known for its
high-quality fish oil products, entered the beauty category with skin health
supplements. Orlo Nutrition introduced a DHA Starter Kit and an algal omega-3
supplement targeting brain, heart, joint, and overall body support. Coromega, a
Quadra Ingredients company, expanded its product line by launching the first
Omega-3 liquid squeeze supplement for dogs, catering to the pet supplement
market. Such strategic moves by prominent companies underscore the dynamic
nature of the omega-3 supplements market and its adaptability to evolving
consumer needs.
The Global Omega
3 Supplements Market is segmented into Source, Form, Functionality, End User,
distribution channel, regional distribution, and company.
Fish oil has
firmly established its dominance in the global Omega-3 supplements market as
the preferred source for several compelling reasons. Firstly, fish oil enjoys a
long-standing reputation as a rich and reliable reservoir of essential fatty
acids, specifically eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA).
These omega-3 fatty acids are renowned for their numerous health benefits,
making fish oil a trusted and well-understood nutritional source. Additionally,
the efficacy and bioavailability of EPA and DHA in fish oil contribute to its
prominence, providing consumers with a potent and easily absorbable form of
omega-3.
Furthermore, the
familiarity of fish oil among consumers, backed by extensive scientific
research, reinforces its credibility and perceived effectiveness. The
widespread availability and cost-effectiveness of fish oil supplements also
contribute to its dominance, making it accessible to a broad consumer base.
While alternative sources like algae are gaining attention for sustainability
reasons, fish oil's entrenched position is a testament to its historical
reliability, nutritional richness, and the positive impact it offers,
collectively solidifying its dominance in the global Omega-3 supplements
market.
North America
presently holds a dominant position in the Global Omega-3 Supplements Market
for several compelling reasons. Firstly, the region's consumers exhibit
heightened awareness and understanding of the health benefits associated with
omega-3 fatty acids, fostering a robust demand for these supplements. The
prevalence of a well-established health and wellness culture, coupled with a
proactive approach to preventive healthcare, further amplifies market growth.
Additionally, North America's affluent economic landscape and higher disposable
incomes empower consumers to invest significantly in nutritional supplements,
including omega-3 products.
The region's
mature market infrastructure and distribution networks contribute to the
widespread availability and accessibility of omega-3 supplements. Moreover,
continuous advancements in research and development, coupled with innovative
product offerings, maintain North America's market dominance. Strategic
marketing and educational campaigns emphasizing the importance of omega-3 in
supporting various health aspects have played a pivotal role in shaping
consumer preferences. As a result, North America's multifaceted factors,
encompassing awareness, economic prosperity, and marketing strategies,
collectively position it at the forefront of the global Omega-3 Supplements
Market.
Major companies
operating in Global Omega 3 Supplements Market are:
- Reckitt Benckiser
Group PLC
- Amway Corp
- Koninklijke DSM
N.V (i-Health, Inc)
- BASF SE
- AKER BIOMARINE
ASA
- Nordic Naturals
Inc
- Pharma Nord ApS
- Green Pasture
Products LLC
- Pharmavite LLC
- GlaxoSmithKline
Plc.
- Abbott
Laboratories Inc
- NOW Health Group
Inc
- Luhua Biomarine
(Shandong) Co., Ltd
- KD Pharma Group
SA
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“The global
Omega-3 supplements market is driven by increasing consumer awareness of the
health benefits, particularly in North America, where a proactive approach to
preventive healthcare prevails. Key drivers include an aging population seeking
preventive health measures and continuous scientific research supporting
omega-3 benefits. Plant-based omega-3 supplements and personalized nutrition
are prominent trends, reflecting evolving consumer preferences. Challenges
involve sustainability concerns and regulatory complexities. Companies such as
Nordic Naturals, Orlo Nutrition, and Coromega are innovating by introducing
skin health supplements, DHA Starter Kits, and liquid squeeze supplements for
dogs, respectively. These innovations align with the dynamic trends shaping the
Omega-3 supplements market worldwide.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Omega 3 Supplements
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2019-2029F Segmented By Source (Fish Oil, Krill Oil, Algae Oil, Others), By Form (Tablets, Capsules, Soft Gels,
Others), By Functionality (Cardiovascular Health, Brain, Nervous System &
Mental Health, Joints Pain, Eye Diseases, Diabetes, Others), By End user
(Adults, Geriatric, Pregnant Women, Children, Infants), By Distribution Channel
(OTC, Prescribed) By Region and Competition”, has evaluated
the future growth potential of Global Omega 3 Supplements Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Omega 3 Supplements Market.
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