Omega-3 is a specific type of polyunsaturated fatty acid, which contains more than one double bond such as docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) in their chemical structure. Omega-3 fatty acids are essential nutrients which are important in preventing and managing the risk of heart diseases.
Major factors driving growth of global omega-3 market include increasing demand from pharmaceuticals industry for preparation of drugs to treat cardiovascular diseases and coronary heart diseases such as strokes and heart attacks. Increasing demand for omega-3 in functional foods & beverages, owing to its various health benefits such as to lower blood pressure, reducing triglycerides in the body, and providing pain relief is also expected to fuel growth of the market. Moreover, increasing disposable income in developed and developing countries are other important factors expected to support growth of this market over the forecast period.
However, high consumption of omega-3 may lead to side effects such as fishy breath, stomach ailments, nausea, diarrhoea and others is a major factor hampering growth of the global omega-3 market over the forecast period.
The global omega-3 market has been segmented on the basis of types, application, and region. On the basis of application, the global omega-3 market is segmented into supplements & functional foods, pharmaceuticals, infant formulas, pet & animal feed, and others. Supplements & functional foods accounted for highest revenue share among all application segment, owing to changing lifestyle and rising preference for healthy diet.
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On the basis of region, the global omega-3 market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to dominate the global omega-3 market and account for the highest share in terms of revenue, owing to increasing health concerns among consumers and well-developed healthcare system in countries in the region. The market in Europe is expected to account for second-highest revenue share in the global omega-3 market, owing to high in demand for animal feed products and presence of major market players in countries in the region.
Key players in the global omega-3 market include Cargill Inc., FMC Corporation, BASF SE, Croda International Plc, Koninklijke DSM N.V., OLVEA Group, Omega Protein Corporation, GC Rieber Oils AS, Luhua Biomarine (Shandong) Co., Ltd., and Pharma Marine AS