Omega 3 Ingredients Market: Higher Consumption of Omega 3 Rich Foods Boosts Market’s Expansion

The global omega 3 ingredients market portrays the presence of a highly competitive vendor landscape, thanks to existence of numerous players who are keen to expand their respective businesses through effective strategies, says Transparency Market Research on the basis of a recently published report. Most businesses have been present in this market for numerous years, and have relied on strategic mergers & applications as a key tool for attracting success. A majority of businesses are established in well-developed economies. The local players experience a substantial cutthroat competition due to the larger and bigger players operating in the market.

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Of all the players operating in the global omega 3 ingredients market, Croda International Plc., BASF SE, and Koninklijke DSM N.V. are the most prominent ones as they generated a collective market share of 48.2% in 2014. PronovaBioPharma ASA, NU-MEGA Ingredients Pty Ltd., Omega Protein Corporation, and Ocean Nutrition Canada Limited are some of the other players operating in the global omega 3 ingredients market, apart from the ones mentioned earlier.

The global omega 3 ingredients market had raked in a revenue worth US$3.70 bn by 2016, which is further expected to grow up to US$7.49 bn by 2021. This growth is expected to occur owing to a stellar CAGR of 15.2% expected to occur from 2015 to 2021.

Higher Consumption of Omega 3 Rich Foods Boosts Market’s Expansion

An increasing rate of consumption of foods rich in omega proteins is one of the foremost factors that have been driving the global omega 3 ingredients market. This is mainly due to a rising awareness of health benefits associated with omega 3 acids, especially for treating diseases such as skin cancer, prostate cancer, asthma, and bronchial infections. Rapid urbanization has led towards an increase in number of people taking part in fitness-based activities. This has subsequently caused them to prefer nutrition in the form of omega 3 acids, thus making them consume foods rich in such nutrients, ultimately propelling growth in the global omega 3 ingredients market.

Less Availability of Omega 3 Rich Foods in Emerging Economies Dampens Growth

However, shortage of omega 3 rich foods in several underdeveloped and developing economies is highly restraining the market’s growth. Such a poor availability has caused a small consumer base who have can purchase these foods in these regions thereby leading towards a less awareness to exist. Large scale manufacturing of omega 3 rich foods is also a prime obstacle affecting the global omega 3 ingredients market. However, a rising interest is being showcased by several notable players to bring about a concrete establishment in such regions. This is expected to offset the restraints affecting the global omega 3 ingredients market up a certain extent during forthcoming years.