DUBLIN, March 22, 2023 /PRNewswire/ -- The "Global Omega-3 Product Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Source, Application, and Region" report has been added to ResearchAndMarkets.com's offering.
According to publisher estimates, the Global Omega-3 Product Market - which grew from ~US$ 2 Bn in 2017, estimated to ~US$ 3 Bn by 2022 - is forecasted to grow further into ~US$ 4 Bn opportunity by 2028, owing to the increasing demand for supplement products from the pharmaceutical sector, growing health concerns among consumers, and health and skincare benefits. These supplements generally include liquid products, capsules, and others.
Health benefits associated with the consumption of Omega-3 is a major factor that propels the growth of the Omega-3 Products Market. Omega-3 polyunsaturated fatty acids (PUFAs) contain immune nutrients and are commonly used in the nutritional therapy of cancer patients due to their biological effects.
According to the World Health Organization (WHO), nearly 10 million deaths in 2020 were caused by cancer disease worldwide. It was observed in the WHO study that the most common cases of cancer were lung, prostate, skin, stomach, colon, and rectum. Due to this, the rising number of cancer patients is likely to drive the demand for Omega-3 products.
Government regulation on fishing activities to protect the fish species is expected to hamper the raw material supply. Moreover, allergies related to fish oil and complex extraction procedure is also restraining the Omega-3 Product Market growth.
The government of India has passed a law that restricts fishing or fishing-related activities in exclusive economic zones or high sea areas. In Europe, the Common Fisheries Policy states to preserve the fish stock, protect the marine environment, and ensure economic viability. In the USA, Magnuson-Stevens Fishery Conservation and Management Act, and the Endangered Species Act states prevent overfishing, rebuild overfished stocks, increase the long-term benefit of fisheries, and ensure a safe and sustainable seafood supply.
Omega-3 has been proven beneficial in boosting immunity to help fight COVID-19 and has increased the growth of the omega-3 product market. This is because of the growing demand for omega fatty acids foods and dietary supplements to enhance immunity. The suggestion from doctors worldwide to include immunity-boosting supplements in day-to-day life is a major contributing factor in the growth of omega-3 products.
Major Players Mentioned
Scope of the Report
The Omega-3 Product Market is segmented by product, source, and application. In addition, the report also covers market size and forecasts for the four regions in the Omega-3 Product Market. The revenue used to size and forecast the market for each segment is US$ billion.
By Product Type
Key Trends by Market Segment
By Product Type: The docosahexaenoic acid (DHA) segment held the largest market share of the Global Omega-3 Product Market in 2021, owing to the rising number of heart diseases and rising concern over the healthy living.
DHA is an Omega-3 fatty acid found in cold-water fish, such as tuna, sardines, shellfish, herring, and salmon. It is also found in fish oil supplements. DHA is used for various immunity applications such as in heart disease, attention-deficit hyperactivity disorder (ADHD), depression, infant development, menstrual pain, lupus, Raynaud syndrome, and others.
By Source: The marine source segment accounted for the largest market share in 2021, owing to fish and fish oil as the main source of Omega-3 acids.
Fish oil and supplements contain essential acids such as DHA and EPA, which help to reduce the risk of heart diseases. Prices of Omega-3 are also depended on the extraction and processing cost of the fish. In January 2020, AlaskOmega, a fish oil manufacturing company, launched an Omega-3 concentrate powder produced from natural fish oils. The powder is used in a variety of applications such as drink powders, energy bars, baked goods, dairy products, and others.
By Application: The supplement and functional foods segment held the largest market share in 2021, owing to the growing awareness regarding nutritional food intake among various individuals and the young generation.
Supplements are a kind of drug or natural health products, marketed as tablets, capsules, and other various means. Functional foods are defined as a supplement that has new or fresh ingredients, resulting in enhanced function and improvement in health.
Rising demand for Omega-3 dietary supplements due to the COVID-19 outbreak is also driving this segment. Dietary supplements can contain minerals, herbs, and many other ingredients.
By Geography: North America accounted for the largest market share within the global Omega-3 Product market in 2021, owing to regular product improvement, and houses the major global companies operating in Omega-3 products.
American Heart Association (AHA) recommends eating 2 servings of fish per week, which will serve high Omega-3 proteins. AHA also mentioned that Omega-3 fatty acids can reduce the risk of heart diseases and strokes.
Moreover, the presence of leading companies operating in Omega-3 supplement and dietary products, like Cargill Incorporated, Cellena Inc., Stepan, and others in the region further boosts the expansion of this market.
For more information about this report visit https://www.researchandmarkets.com/r/dxlvgk
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