The
global omega 3 ingredients market has a highly competitive vendor
landscape owing to the numerous large and small players present in
the market, observes Transparency Market Research. The business
present in the market for several years and are relied on strategic
alliance and collaborations acting as main factor for their growth.
In 2014, BASF SE, Croda International Plc, and Koninklijke DSM N.V.
were the most prominent players in the market as they held 48.2% of
market share. Apart from them Omega Protein Corporation,
PronovaBioPharma ASA, NU-MEGA Ingredients Pty Ltd., and Ocean
Nutrition Canada Limited are some of the other players operating the
global omega 3 ingredients market. It is also being observed that
majority of the business are established in developed countries,
however, the local players faced fierce competition from the large
players present in the market.
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According
to TMR, the global omega 3 ingredients market is projected to expand
at 15.2% CAGR during the forecast period between 2015 and 2021. The
global omega 3 ingredients market was worth US$3.70 bn in 2016 and is
estimated to reach US$7.49 bn by the end of 2021.
Application
of omega 3 ingredients is widely used in supplements and functional
foods pharmaceuticals due to higher product awareness and greater
level of developments. On the other hand, application of omega 3
ingredients in infant formula and pet and animal feed are also
gaining traction and are expected to grow during the forecast tenure.
Based on geography, in 2014, North America was responsible for half
of the consumption of omega 3 ingredients and but it is projected
that it may loss out few share due to increasing demand for omega 3
ingredients in Asia Pacific. The rising disposable income and
strengthening urbanization has increased the consumption rate in Asia
Pacific.
Globally
the demand for omega
3 ingredient is high because of benefits associated with
omega 3 acids that helps in treating diseases like prostate cancer,
skin cancer, bronchial infections, and asthma. Meanwhile growing
efforts in research and development activities that are making omega
3 ingredients used in wide variety of food and beverages products.
Moreover, food and beverages that are rich in omega 3 ingredients are
finding favorable audience in emerging economies.
Another
factor responsible for the high demand for omega 3 ingredients is
increasing awareness about the health benefits related with the
consumption of omega 3 fatty acids regularly. Moreover, research has
shown that regular consumption of omega 3 fatty acids can minimize
the risk of a person suffering from prostate and skin cancer.
Urbanization has also played a huge role in expand the reach of omega
3 ingredients, as people in these areas are easier to reach when it
comes to nutritional supplements food additives and are also likely
to fall victim to the diseases that can be avoided by consuming these
supplements.
Limited
Customer Base Who Can Attain Omega 3 Rich Food to Hamper Market
Growth
Various
underdeveloped and developing economies are face shortage of omega 3
rich food that directly hampers the market’s growth. Due to the
poor availability of omega 3 rich food has decreased the customer
base only to a limited segment on people who have the purchasing
power, thus, this factor is expected to hamper the demand for omega 3
ingredients especially in developing economies. However, growing
efforts by manufacturers to establish themselves and expand their
business in developing economies may help in minimizing the
above-mentioned factors and benefit the market in coming years.
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