Koninklijke
DSM N.V., BASF SE, and Croda International Plc. – the three leading
companies for omega 3 ingredients in 2014 – held a collective share
of 48.2% in terms of market value. Most of the key omega 3
ingredients manufacturers have been in the market for a long time and
possess a history of business consolidation through various business
strategies and mergers and acquisitions.
As
stated in a research report released by Transparency Market Research,
the competitive intensity in the global market for omega
3 ingredients is expected to remain very high till 2021. The
market is extremely concentrated in developed economies and
relatively sparser in emerging ones. Additionally, the key players
hold a large part of the market share, leaving little scope for
regional players or new entrants to prosper in the market. The
overall threat from new entrants is also expected to remain very low
over the coming years, owing to the high entry barriers and the
overall lack of consumer awareness in untapped regions.
The
global market for omega 3 ingredients 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. 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.
North
America Pushes Demand for Omega 3 Fatty Acids
By
the end of 2021, North America is expected to generate US$3.62 bn in
revenue from the demand for omega 3 ingredients. It is the dominant
region in the world for EPA/DHA consumption since quite a few years
and is expected to remain at the top till 2021. A large portion of
this region’s omega 3 ingredients demand comes from supplements and
pharmaceuticals, but there is a strong growth rate in the demand for
omega 3 ingredients in infant formula as well.
Fill
the form for an exclusive sample of this report @
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=745
Comparatively,
the demand for omega 3 ingredients in Europe is much lower due to a
lower rate of awareness. The awareness level reduces even further in
the case of Asia Pacific. However, both regions are showing immense
potential due to a gradual improvement in the flow of nutritional
information within urban areas.
Omega
3 Ingredients Demand Spurred by Growing Health Concerns
“At
the moment, the primary driver boosting the demand for omega 3
ingredients is the growing level of concern over physical health.
People are becoming increasingly aware of the high rate of diseases
such as cancer and asthma around the world and are looking for ways
to mitigate the risks of contracting them. One of the proven ways to
do so is the regular consumption of DHA/EPA. Both fatty acids are
known to reduce the chances of a person falling prey to prostate or
skin cancer, and are also known to abate bronchial inflammation and
asthma,” states a TMR analyst.
The
growing consumer awareness is attributed to the increasing marketing
efforts put in by nutrition companies, along with the release of
scientific research which proves the benefits of consuming omega 3
fatty acids.
EPA/DHA
Consumption Still Marred by Low Awareness
There
is still, however, a large percentage of population in the world that
is not aware of the benefits of omega 3 fatty acids. They still
cannot differentiate between fatty acids that are beneficial or
harmful when consumed. The overall public opinion of all fatty acids
therefore remains negative. This can be dismissed by increasing
awareness efforts through drives and other activities.
“Manufacturers
of omega 3 ingredients can look to Asia Pacific for future endeavors.
This region is ripe with a large number of consumers in urban areas
that have positive disposable income. As the awareness of omega 3
fatty acid benefits spread, so will the demand for them in this
region,” adds the analyst.
The
information presented in this review is based on a Transparency
Market Research report, titled, “Omega 3 Ingredients Market By
Application (Supplements and Functional Foods, Pharmaceuticals,
Infant formula, Pet and Animal Feed) - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
Key
Takeaways:
- Global demand for omega 3 ingredients expected to fetch US$7.49 bn in revenue by 2021.
- Total revenue in supplements and functional foods by 2021 expected to reach US$3.91 bn.
- North America expected to generate US$3.62 bn in omega 3 ingredients revenue by 2021.
