Fish-free Omega-3 Ingredients Market Value to Reach ~ US$ 1.3 Bn in 2029: TMR

Spurred by the growing health awareness among consumers, a variety of fish, including salmon and mackerel, have gained popularity as the best source of omega-3 fatty acids, which are an essential part of a healthy diet. However, the mounting wave of veganism and the burgeoning number of consumers shifting to vegetarian diets are among the critical factors increasing the hunt for vegetarian sources of omega-3 fatty acids.

With a wide range of vegetarian foods that source omega-3 and its magnified demand, fish-free omega-3 ingredients are moving from a niche product towards becoming a billion-dollar industry. Consumer awareness about the body’s need for essential fatty acids, including omega-3-6-9 fatty acids, is growing, and this is creating the potential for innovation in the fish-free omega-3 ingredients space.

Taking into consideration the bioavailability and health benefits of vegetarian sources of omega-3 fatty acids, Transparency Market Research (TMR) conducted a thorough research to reach the growth prospects of the fish-free omega-3 ingredients landscape. In its latest offering, TMR features exclusive, actionable insights for stakeholders and investors in this market to leverage the profitability of fish-free omega-3 ingredients.

The food & beverage industry has been undergoing health-driven transformations with increasing consumer awareness about a health-benefitting diets. Consumers’ knowledge about healthy dietary habits is going beyond the benefits of omega-3s and importance of balancing omega-3 and omega-6 acids in a diet. The interest is shifting from the type to the source of omega fatty acids across the health-conscious consumer base around the world, which is shaping the future of the market for plant-based omega-3 ingredients.

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The increasing popularity of plant-based and vegetarian ingredients across the food industry has been bolstering the growth of the fish-free omega-3 ingredients landscape. In 2018, the market witnessed a 6.5% year-over-year growth over 2017, recording a sales of ~35 thousand MT, and reaching a market valuation of US$ 550 million. With ongoing innovations in both, bio-based sources of omega-3 fatty acids and manufacturing procedures, the fish-free omega-3 ingredients market is expected to witness incremental growth in the coming years.

Stakeholders are expected to continue to bank on the growing population of vegan consumers and preference for algae- or plant-based omega-3 ingredients to maintain the momentum. However, slow regulatory approvals will remain a primary challenge for market players, as they will continue to make it difficult for manufacturers to offer competitive prices and delay their products from reaching the fish-free omega-3 ingredients market.

Nevertheless, the ongoing trend of substituting krill oil in omega-3 dietary supplements with vegetarian algae oil will continue to support the growth of the fish-free omega-3 ingredients landscape in the foreseeable future.

The ever-growing demand for herbal and nutritional dietary supplements is mainly attributed to the heightened consumer interest in preventive health, and the need for adding essential nutrients and vitamins to the everyday diet. With consumers realizing the value of good health, the global sales of dietary supplements have reached new heights in the past decade. In addition, the rise of the self-directed consumer base, which believes in self-help and making health-related decisions without professional help, has fostered the growth of the dietary supplements industry.

Fish-free Omega-3 Ingredients Market Value to Reach ~ US$ 1.3 Bn in 2029

The latest market forecast report published by Transparency Market Research on the fish-free omega-3 ingredients market includes the global industry analysis and opportunity assessment for the period of 2019-2029. Revenue generated from the global fish-free omega-3 ingredients market has been estimated to be valued at ~ US$ 590 Mn in 2019, which is projected to increase at a CAGR of ~ 9%, to reach a value of ~ US$ 1.3 Bn by 2029.

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Vegans & Vegetarians Demand Fish-free Omega-3 Ingredients and Supplements

All three types of omega-3 are important, but evidence shows that, DHA and EPA have unique benefits, especially for boosting brain health, reducing inflammation, and improving retinal health. For vegans (vegetarians who eat food derived only from plant sources) and vegetarians, it is difficult to get adequate amounts of omega-3 fatty acids in their diet, as the two essential omega-3 fatty acids, DHA (docosahexaenoic acid) and EPA (eicosapentaenoic acid), are mostly derived from fish and animal sources. Omega-3 ingredients derived from plant sources only contain ALA (alpha-linolenic acid), which is a precursor form that gets converted to DHA & EPA inside the body.

Since there are not many sufficient vegan food sources of EPA and DHA, those who follow a vegan diet often have lower levels of these fatty acids in their blood. Therefore, keeping vegan and vegetarian diets in mind, manufactures are developing products from algal oil or plant-based products such as chia seeds, flaxseed oil, canola oil, hemp seeds, walnuts, and others, which are growing as fish-free omega-3 ingredients.

Growing Need for an Alternative to Fish-derived Omega-3 Ingredients

Many fish-derived oil supplements in the market are rancid, i.e. oxidized. Rancid oils/fats can damage cells and contribute to atherosclerosis. Free radicals from rancid oils are known to damage DNA cells. Free radicals are produced by toxins as well as by normal bodily processes, and can cause damage to the arteries and also act as carcinogens.

Fat-soluble pollutants such as polychlorinated biphenyls may biomagnify in marine food chains and end up in concentrated amounts in fishy oil supplements. This accumulation is causing contamination and fastening the process of oxidation of supplement oils/ fats.

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Demand for Algae-based Omega-3 Supplements Expected to Grow Rapidly

Fish are the major source of omega-3 for the production of various supplements. Fish obtain omega-3 by consuming algae. Therefore, the usage of algae as a new alternative source to fish is anticipated to grow rapidly in the fish-free omega-3 ingredients market.

Supplements developed from algal oil have the same omega-3 benefits and nutritional content as fish-derived oils. Algal oil is free from contaminants such as heavy metals, bio-accumulated toxins, and pollutants. Vegan diets lack EPA and DHA, which can consumed through supplement products manufactured from algal oil.

Omega-3 - Preferred Ingredient in Convenience and Processed Foods

Increasing health awareness and growing preference for processed food/diets with low fat, sugar, and salt content among consumers are factors expected to prompt the manufacturers of food & beverages to review current marketing practices and adopt new techniques to increase their revenue shares in the fish-free omega-3 ingredients market.