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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