Global
Omega 3 Ingredients Market: Snapshot
The
current application scope of omega 3 ingredients is expected to
receive an overhaul over the coming years, as research and
development efforts are able to make omega 3 ingredients that can be
used in a wide array of food and beverage products. At the same time,
the current foods and beverages that are enriched with omega 3
ingredients are finding a greater audience in emerging economies. A
prime example of this would be the use of omega 3 fatty acids in
infant formula. It is being made available in growing volumes in Asia
Pacific, thereby significantly increasing the consumption of omega 3
ingredients in this region.
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More
and more people are becoming aware of the health benefits related to
consuming omega 3 fatty acids on a regular basis. This has been
possible on a global scale through the high level of urbanization in
many countries. The urban population is easier to reach when it comes
to nutritional supplements food additives and are also likely to fall
prey to the diseases that can be avoided by consuming these
supplements. Awareness is predominantly increased through marketing
attempts as well as the publication of scientific studies. In the
case of omega 3 fatty acids, research has shown that regular
consumption can reduce the risks a person runs of suffering from skin
and prostate cancer. EPA/DHA can also help reduce asthma severity and
reduce bronchial inflammation.
Despite
these attempts, there is still a largely low awareness level among
people when it comes to differentiating between fatty acids that are
“good” and “bad” for consumption. There are several specifics
in the use and intake of fatty acids that consumers need to be aware
of, and at the moment the rate of awareness is considerably low.
Owing
to the factors, above, the global market for omega
3 ingredients is expected to reach a revenue of US$7.49 bn by
2021. In terms of revenue, from 2014 to 2021, this market is expected
to witness a CAGR of 15.2%, and is projected to reach US$3.70 bn by
the end of 2016.
North
America Consumption of Omega 3 Ingredients at All-time High
Lifestyle
changes have been the common factor among all regions that are
showing an increase in the consumption rate of omega 3 ingredients.
These include positive diet changes such as the inculcation of
nutritional supplements or even the negative lifestyle choices that
can increase risks of cancer and other diseases. Currently, the
leading rate of consumption of omega 3 ingredients is done in North
America, while Asia Pacific is showing massive improvements in
consumption rates owing to intensifying urbanization drives and
increasing disposable incomes.
North
America had taken up half of the global consumption of omega 3
ingredients in 2014 and is expected to stay close to its current
share percentage till 2021. It is expected to lose a bit of share to
the surging demand for omega 3 ingredients in Asia Pacific.
Supplements
and Functional Foods Continue Being Key Source of Omega 3 Fatty Acids
By
the end of 2021, it is expected that 52.2% of the global demand for
omega 3 ingredients comes from supplements and functional foods. This
is actually a reduction in share percentage from its older values,
due to the gains in demand by other application segments. Both
application segments of supplements and functional foods, and
pharmaceuticals, are quite mature in terms of using omega 3
ingredients in products. They therefore enjoy a greater level of
developments as well as product awareness. Meanwhile, the demand for
omega 3 ingredients applications in infant formula and pet and animal
feed are gaining steam, and are likely to continue doing so for the
foreseeable future.
The
key players in the global market for omega 3 ingredients include
Koninklijke DSM NV, BASF SE, Croda International Plc., NU-MEGA
Ingredients Pty Ltd., Pronova BioPharma ASA, Omega Protein
Corporation, and Ocean Nutrition Canada Limited.
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