The
leading players in the global omega 3 ingredients market for 2014 –
Croda International Plc., BASF SE, and Koninklijke DSM N.V. –
generated a collective share of 48.2% based on value. According to a
research report released by Transparency Market Research, a majority
of the top players in the global omega 3 ingredients market have been
present for a long time already and therefore own a rich history of
business strategy adoptions as well as consolidation efforts,
including mergers and acquisitions.
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As
stated in the TMR research report, the competitive landscape of the
global omega 3 ingredients market is likely to remain very intense
till 2021. The market is highly concentrated in developed economies
as compared to the emerging ones. Moreover, the leading entities in
the market play a massive role in the development of the market,
leaving minimal scope of growth for regional players or new entrants.
The general threat from new entrants is additionally predicted to
remain low over the coming years, a factor attributed to the tall
entry barriers and the general lack of consumer awareness in untapped
regions. The TMR report reveals that the global omega 3 ingredients
market is expected to generate a revenue of US$7.49 bn by 2021. It is
projected at a CAGR of 15.2% from 2015 to 2021 and is predicted to
reach US$3.70 bn before the end of 2016.
North
America Demand for Omega 3 Ingredients on Upswing
From
a regional perspective, North America has reigned supreme in the
global omega 3 ingredients market over the past years and is very
likely to remain in the lead over the coming years. This region has
been the top consumer for EPA/DHA, with a giant share of this demand
emanating from the segments of pharmaceuticals and supplements.
Despite already holding a high volume of demand, North America is
expected to show a very solid growth rate over the coming years.
Meanwhile, Europe and Asia Pacific are expected to show a slow but
sure growth rate in demand due to slowly increasing awareness rates.
Supplements
and functional foods have consistently been the leading application
segment in omega 3 ingredients. By the end of 2021, this segment is
expected to accrue a total revenue of US$3.91 bn.
Health
Concerns on the Rise, Spur Demand for Nutritive Foods
“One
of the key factors promoting the growth of the global
omega 3 ingredients market is the increasing rate of
awareness regarding the choices that individuals are making in food
and beverage consumption, as well as demanding for clear knowledge of
the nutritive qualities of a food. Omega 3, as an example, reduces
the health risks of a consumer in terms of skin cancer of prostate
cancer. Studies also show omega 3 acids to be effective in the
treatment of asthma and bronchial infections. The number of consumers
of nutritive additives and ingredients is also much higher in urban
areas than otherwise, primarily due to the already high and further
growing levels of awareness among the urban populace. They are also
more exposed to the marketing efforts put in place to promote the
sales of nutritive ingredients,” states a TMR analyst.
Many
Regions Still Untapped
The
current scenario of opportunities in the global omega 3 ingredients
market is, unfortunately, largely restricted to developed economies.
This means that a massive percentage of the global population is
still far from being a consistent consumer base for this market.
Factors for this include the extremely low rate of awareness among
consumers in these regions and the absence of large scale
manufacturing. Over time, these regions are expected to turn from low
opportunity to high opportunity, due to the increasing urban
populations, rising disposable incomes, and the growing interest
shown by globally prominent players from the market.
