Omega 3 Ingredients Market: Higher Consumption of Omega 3 Rich Foods Boosts Market's Expansion
Omega 3 Ingredients Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021
Albany, NY -- (SBWire) -- 08/28/2018 --The global omega 3 ingredients market portrays the presence of a highly competitive vendor landscape, thanks to existence of numerous players who are keen to expand their respective businesses through effective strategies, says Transparency Market Research on the basis of a recently published report. Most businesses have been present in this market for numerous years, and have relied on strategic mergers & applications as a key tool for attracting success. A majority of businesses are established in well-developed economies. The local players experience a substantial cutthroat competition due to the larger and bigger players operating in the market.
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Of all the players operating in the global omega 3 ingredients market, Croda International Plc., BASF SE, and Koninklijke DSM N.V. are the most prominent ones as they generated a collective market share of 48.2% in 2014. PronovaBioPharma ASA, NU-MEGA Ingredients Pty Ltd., Omega Protein Corporation, and Ocean Nutrition Canada Limited are some of the other players operating in the global omega 3 ingredients market, apart from the ones mentioned earlier.
The global omega 3 ingredients market had raked in a revenue worth US$3.70 bn by 2016, which is further expected to grow up to US$7.49 bn by 2021. This growth is expected to occur owing to a stellar CAGR of 15.2% expected to occur from 2015 to 2021.
An increasing rate of consumption of foods rich in omega proteins is one of the foremost factors that have been driving the global omega 3 ingredients market. This is mainly due to a rising awareness of health benefits associated with omega 3 acids, especially for treating diseases such as skin cancer, prostate cancer, asthma, and bronchial infections. Rapid urbanization has led towards an increase in number of people taking part in fitness-based activities. This has subsequently caused them to prefer nutrition in the form of omega 3 acids, thus making them consume foods rich in such nutrients, ultimately propelling growth in the global omega 3 ingredients market.
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However, shortage of omega 3 rich foods in several underdeveloped and developing economies is highly restraining the market's growth. Such a poor availability has caused a small consumer base who have can purchase these foods in these regions thereby leading towards a less awareness to exist. Large scale manufacturing of omega 3 rich foods is also a prime obstacle affecting the global omega 3 ingredients market. However, a rising interest is being showcased by several notable players to bring about a concrete establishment in such regions. This is expected to offset the restraints affecting the global omega 3 ingredients market up a certain extent during forthcoming years.
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