Growing consumer health awareness and concern towards healthy lifestyle is leading to an increase in demand for omega 3 fatty acids such as EPA and DHA. Increasing incidence of heart related complications and other health issues are fueling the demand for omega 3 fatty acids.
Albany, NY -- (SBWIRE) -- 04/08/2016 -- Driven by the rising awareness among consumers regarding the benefits that omega 3 offers, the global omega 3 ingredients market is exhibiting an immense growth potential. In 2014, the market stood at US$2,786.2 million. Backed by the increasing application scope of omega3, the market is expected to develop at a CAGR 15.2% during the period from 2015 to 2021 and reach US$7,499.5 million by 2021.
Though the global market for omega 3 is developing at a rapid pace, the perceptions of consumers pertaining to the taste and smell of the same are likely to hamper the growth of this market to a certain extent.
Supplements and Functional Food Segments to Lead Global Omega 3 Ingredients Market
Omega 3 ingredients are majorly utilized in the production of supplements and functional food. These market segments are likely to lead the global omega 3 ingredients market in the near future. The rising level of awareness about the benefits of consuming supplements and functional foods enriched with omega 3 is stimulating the growth of the market for omega 3 ingredients across the globe. Furthermore, the infant formulation market segment is showing impressive growth in the global omega 3 ingredients market.
Asia Pacific Omega 3 market to Register Fastest Growth
In 2014, the market for omega 3 ingredients in North America dominated the global omega 3 ingredients market and was followed by the markets in Asia Pacific and Europe. The increasing level of awareness pertaining to health coupled with the rise in the disposable income leading to augmenting consumer expenses on healthy food products is influencing the demand for omega 3 ingredients positively in this region. Additionally, various rules and regulations promoting the usage of omega 3 in infant formula and functional food are projected to trigger demand for these ingredients in North America.
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In 2012, Europe emerged as the biggest consumer of omega 3 ingredients, accounting for more than 60% of the global market. In the coming years, this regional market is likely report a healthy growth rate. Apart from this, the omega 3 market in Asia Pacific is likely to register the fastest growth in the coming future. The high birth rate in Asian economies such as China and India is projected to propel the demand for omega 3 ingredients in infant formula. A rise in disposable income and improvement of the living standard has raised the focus of consumers on health, specifically on coronary heart diseases, resulting in increased demand for omega 3 ingredients in this region.
Major Players in Global Omega 3 Ingredients Market
The global omega 3 ingredients market is a highly competitive industry. Innovation is the key growth driver in this market. The leading players operating in the omega 3 ingredients market are Croda, BASF, Pronova, DSM, and Omega Protein, wherein DSM leads the global market. In 2012, the company acquired Ocean Nutrition, which has further strengthened its position in the Omega 3 ingredients market in the global arena.
Other prominent players in this market are Lonza, EPAX, Aker BioMarine, GC Rieber Oils, Martek Biosciences, BioProcess Algae, and Axellus, in which Lonza and Martek Biosciences dominate the overall market in terms of production of omega 3 ingredients.
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