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.
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