The “Global Omega-3 Market – Analysis by Type (EPA, DHA, ALA), by Source (Marine, Plant), by Application, by Region, by Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)” report has been added to ResearchAndMarkets.com’s offering.
Global Omega-3 Market was valued at USD 1512.32 million in the year 2019. Rising prevalence of life threatening and gastrointestinal diseases, augmented awareness of benefits associated with omega-3, technological advancements in Omega oil extraction processes coupled with the rising awareness of health benefits associated with krill products for human as well as pet health are the major factors impelling the market growth. Rising geriatric population, hypertension, unhealthy lifestyle are the factors propelling the market. Krill, the largest biomass in the world and a unique source of protein is the superior source of Omega-3. Hence, rising importance of marine source of omega nutrient mainly krill oil, tablets and capsules for skin health and in sports nutrition products also have been anticipated to infuse growth in the market for Omega-3 Oil during the forecast period of 2020-2025.
Under the Type segment, Omega-3 fatty acid DHA is anticipated to witness the largest market share owing to rising usage in infant formula because of the presence of eicosapentaenoic corrosive (EPA) and docosahexaenoic corrosive (DHA) which improve new born child mental health. Furthermore, rising usage of krill oil for keeping good pet health and other human diseases are driving up the market. In addition, COVID-19 Pandemic has caused disruptions in productions levels. However, Aker BioMarine, the global leader in extracting omega rich krill oil, did not suffer any significant impact of Covid-19 as the company took measures to mitigate substantial negative impact for the company. Also, setting new standards for technology and sustainability in krill harvesting by krill harvesting companies and rise in the demand for plant sourced omega nutrient are expected to support the Omega-3 market in the forecast period.
On the basis of Source segment, Marine source held the largest market share and value during the historical period as it includes consumption of krill, salmon, seaweed and other marine creatures due to the benefits to human consumption, aquaculture and pet food.
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On the basis of Application segment, Dietary Supplements holds the largest market share and value during the historical period as it assures the supply of vital nutrients for the significant for the human body. Rising incidences of cardiovascular sicknesses attributable to the sedentary lifestyle and fluctuating dietary patterns are the factors extended to push the significance of omega 3-based nutraceutical items in the market throughout the forecasted period.
Among the regions, Americas is the largest market for Omega-3 as it largely demands krill and related products. Factors such as rising number of patients with chronic heart diseases, rising diabetic population, blood pressure diseases are driving the market for the Omega-3 Market in the region. In addition, the market is anticipated to be primarily fueled by increasing diversification in products portfolio by leading manufacturers in order to better serve the demand of consumers. Furthermore, Asia Pacific region is anticipated to witness the highest CAGR on the back of rising awareness of omega nutrients, rising level of patient population and high use of infant food and demand for enhanced food for pets in the region.
Source: Prnews Wire
