The global omega-3 concentrates market was valued at US$ 1,635. 39 million in 2019 and is projected to reach US$ 2,703. 20 million by 2027; it is expected to grow at a CAGR of 6. 6% during 2020–2027.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Omega-3 Concentrates Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Form, Source, Type, Concentration, and End Use" - https://www.reportlinker.com/p06027556/?utm_source=GNW
Omega-3 concentrates refer to highly concentrated oils comprising the EPA and DHA that sum up more than 50%.These concentrates are obtained from omega-3 rich fats processed to have EPA or DHA in higher concentrations.
The omega-3 concentrates are mainly derived from oils such as fish oil, calamari oil, and algal oil.These concentrates are also available in powdered forms and find their application in dietary supplement manufacturing and are also used as a pharmaceutical-grade component.
The plethora of health benefits and attributes offered by omega-3 concentrates are the key factors driving the growth of the omega-3 concentrates market.However, the lack of awareness and a wide gap between the usage and awareness restricts the profitable growth of the omega-3 concentrates market.
The increasing disposable income of the consumers in emerging economies of regions, such as the Asia Pacific, Middle East, and Africa, and South America, contributes to the market growth. Consumers in these regions are increasingly spending on dietary supplements and healthy foods due to the rising disposable income and improving lifestyles. In addition to this, key players and suppliers actively involved in the supply chain of omega-3 concentrates are developing various strategies to expand the awareness regarding the health benefits associated with omega-3 enriched diets, which has widely and positively influenced the sales of omega-3 concentrates in the developing regions. Manufacturers are also offering gluten-free, and non-GMO omega-3 concentrates. For instance, Solgar Inc. offers non-GMO, gluten, wheat, and dairy-free omega-3 fish oil concentrates. Therefore, the product launches that can satisfy a broad spectrum of consumers are also amplifying the market progression.
Based on form, the omega 3 concentrates market is segmented into oil and powder.In 2019, the oil segment dominated the market.
The omega-3 concentrate is a highly concentrated oil that contains EPA and DHA with a sum concentration of more than 50%.Omega-3 concentrates are majorly obtained from omega-3 rich oils that are further processed to obtain a higher EPA and/or DHA concentration.
These can be obtained from several omega-3 rich oils such as alga oil, fish oil, calamari oil, etc.The richest and the cheapest source of EPA/DHA is fish oil.
Fish oil contains 30-60 different fatty acids. Fish oil is an industrial product of high nutritional value due to its content of long-chain omega-3 polyunsaturated fatty acids (PUFA), such as Docosahexaenoic acid (DHA), and Eicosapentaenoic acid (EPA), which are currently extremely valued for their prophylactic and therapeutic properties in nutritional and health fields. Moreover, the market for highly concentrated omega-3 fatty acid fish oils for pharmaceuticals and supplements is growing.
In terms of geography, the omega 3 concentrates market is segmented into North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA).North America held the largest share of the global omega 3 concentrates market in 2019, followed by Asia Pacific and Europe.
North America comprises several developing economies, such as US, Canada and Mexico.The demand for omega-3 concentrates is expected to increase in the region with the rising importance of EPA and DHA.
EPA and DHA are becoming a part of the North American consumer’s regular diet due to the increased prevalence of lifestyle ailments and people taking precautionary healthcare measures.Besides, the growing applications of EPA and DHA in food and dietary supplements and clinical nutrition further stimulate omega-3 concentrates market growth in North America.
Also, omega-3 oils are vital fatty acids that have a wide range of health advantages for eye, cardiovascular, and brain health, for which omega-3 concentrates are extensively used in the multiple end-user applications, such as infant nutrition, dietary supplements, functional food & beverages, pharmaceutical in the region, thus driving the North America omega-3 concentrates market. Asia Pacific is estimated to register the fastest CAGR in the market during the forecast period. The rapid growth of this region is primarily attributed to the shift in consumer inclination toward a healthy diet containing omega-3 ingredients and the use of fish oil in Southeast Asia is anticipated to boost the omega-3 concentrates market in the Asia Pacific region.
COVID-19 outbreak started in Wuhan, China, in December 2019 and has spread across the globe.The US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, and Germany are among the most-affected nations in terms of confirmed cases and reported deaths, as of January, 2021.
According to the WHO, there are ~99,864,391 affirmed cases and 2,149,700 death cases all around.COVID-19 has affected economies and undertakings due to lockdowns, travel bans, and business shutdowns.
The global food & beverages industry is one of the major businesses enduring severe impacts. These has highly affected the worldwide omega 3 concentrates market.
BASF SE; AlaskOmega Golden Omega S.A.; K Pharmtech Co., Ltd.; DSM Nutritional Products AG; Nordic Naturals, Inc.; Epax Norway; Norwegian Fish Oil; GC Rieber VivoMega; and Australian Omega Oils Pty. Ltd. are among the major players present in the global omega 3 concentrates market.
Overall size of the global omega 3 concentrates market size has been derived in accordance with both primary and secondary sources.To begin the research process begins exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. The participants typically involved in the process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specialized in the omega 3 concentrates.
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