Omega 3 Supplements Market Growth & Trends
The global omega 3 supplements market size is expected to reach USD 10.80 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.6% from 2020 to 2028. The demand for omega-3 supplements is projected to be driven by the growing adoption of the product to fulfill the daily nutritional requirements and maintain optimum health of organs by the geriatric population in developed economies, such as the U.S., Canada, the U.K., and France.
Furthermore, the outbreak of COVID-19 from the beginning of 2020 led to increased consumer awareness regarding the significance of immunity and immunity-boosting products, which is expected to fuel the demand for various omega fatty acids products. Increasing incorporation of products in gummies form with novel flavor is expected to increase product penetration among children in the coming years.
Docosahexaenoic acid (DHA) is an omega-3 fatty acid comprising over 93.0% of omega-3 fats in the retina and 97.0% in the human brain. Rising demand for DHA supplements for pregnant ladies owing to lack of adequate DHA in the diet is expected to drive the market. Additionally, increasing demand for omega-3 DHA-rich supplements from non-lactating mothers is expected to propel the product demand over the forecast period.
Rising chronic diseases such as strokes, arthritis, coronary heart diseases, and cancer are expected to propel the demand for omega 3 supplements over the upcoming years. According to the World Health Organization (WHO), over 14 million people between the ages of 30 and 70 die every year due to distinguished chronic diseases. Rising government support to provide consumers with low-cost preventive drugs is projected to propel the demand for omega 3 supplements over the forecast period.
Omega 3 Supplements Market Report Highlights
- In terms of source, the krill oil-based omega 3 supplements are projected to expand at the fastest CAGR of 11.1% over the projected period on account of the growing demand for eicosapentaenoic acid (EPA) and DHA-based supplements among consumers globally
- On the basis of functionality, the cardiovascular health segment accounted for over 37.0% share of the overall revenue in 2019. The growing prevalence of cardiovascular diseases as a result of the slow and inactive lifestyle, especially in the age group of 30 to 40 years, and fluctuating dietary patterns are anticipated to spur the segment growth over the next few years
- The market in China is expected to witness significant growth over the upcoming years owing to the propelling spending capacity of consumers. Easy online availability of these supplements in the country has also strengthened its demand in the country
- Strong mass channels of distribution, online sales, and a growing number of standalone mass facing brands by several companies, including Optimum Nutrition; Herbalife International of America, Inc.; Now Foods., and Amway are the key factors expected to fuel the demand for fish oil-based omega 3 supplements over the upcoming years
- In September 2020, Aker BioMarine launched a new support vessel at Yantai yard, China. The new vessel’s launching has assured the stakeholders that the lockdown due to the COVID-19 pandemic has not affected the company