Dublin, Sept. 28, 2020 (GLOBE NEWSWIRE) -- The "Omega 3 Market Size, Share & Trends Analysis Report by Type (EPA, DHA, ALA), by Source (Marine Source, Plant Source), by Application, by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global omega 3 market size is projected to reach USD 4.50 billion by 2027, expanding at a CAGR of 7.7% over the forecast period.
Rising consumption of omega 3 in the active pharmaceutical ingredient (API) market is one of the major factors driving the demand for the product. Market growth can be attributed to rising health consciousness among consumers across the globe following a rise in the spread of chronic diseases.
The growing population in emerging countries, notably in Asia Pacific, has contributed to the growth of the market. In addition, the industry is driven by technological advancements pertaining to the manufacturing of APIs among other highly potent active ingredients across the globe. Strong growth of the dietary supplements market is another important factor bolstering the demand for omega 3. The product is increasingly consumed in the dietary supplements market to reduce the risk of cardiovascular and heart diseases.
Omega 3 is known to reduce the risk of arrhythmias or abnormal heartbeats. Furthermore, it slows down the growth rate of atherosclerotic plaque while lowering the levels of blood pressure in humans. The growth of the industry is also attributed to rising disposable income, notably among the middle class population in economies, such as China and India.
North America emerged as the largest regional omega 3 market in 2019. This is attributed to the increasing focus of the market players on R&D activities for the development of various grades of omega 3, most notably pharma grade omega 3 for enhanced medication to prevent chronic diseases.
Asia Pacific is expected to expand at the fastest CAGR over the forecast period. Ongoing advancements in the food industry and medical science, coupled with demographic changes and high consumer demand, are expected to provide impetus to the regional market growth throughout the forecast period.
Further key findings from the study suggest:
In terms of application, supplements and functional foods emerged as the largest segment in 2019, generating a revenue of USD 1.30 billion. The segment is expected to witness significant growth over the forecast period
Asia Pacific is expected to witness the fastest growth over the forecast period. The growth of the region is led by economies, including India, China, and Japan. The region has also been witnessing uniform and sustained growth across all the application segments
The market is characterized by intense competition due to the presence of a sizable number of international and domestic players. Key players are adopting strategic initiatives, such as mergers & acquisitions and product innovation, in order to withstand competition in the market
Key omega 3 market participants include:
Aker Biomarine Antarctic AS
Orkla Health (Axellus)
Omega Protein Corporation
GC Reiber Oils
Croda International Plc
BioProcess Algae, LLC
Koninklijke DSM N.V.
For more information about this report visit https://www.researchandmarkets.com/r/5zbgta
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