The Omega 3 Supplement Market size is estimated to reach $9.6 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.8% over the forecast period of 2022-2027. Omega-3 fatty acids are mostly found in foods such as fish, flaxseeds, and various other forms of microbial processes. Moreover, the market is highly dependent on obtaining such fatty acids via dietary supplements. EPA (eicosapentaenoic acid), ALA (Alpha-Linoleic Acids) and DHA (docosahexaenoic acid) are the three main omega-3 fatty acids. Furthermore, omega-3 supplements have medically proven to be highly effective to ramify various foods. For example, it reduces the chances of ischemic strokes in people as the said supplement thins the blood, while reducing the plaque present in arteries. Furthermore, omega-3 supplements is given to people who are on chemoradiotherapy as medical research has proven that the consumption of such fatty acid can reduce or delay tumor development in breast and prostates.
The growing medical conditions around the globe fueled by the product's medical capabilities and sedentary lifestyles would allow the Omega 3 Supplement Industry to grow in the projected period of 2022-2027.
Omega 3 Supplement Market Report Coverage
The report: “Omega 3 Supplement Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Omega 3 Supplement Market.
Key Takeaways
- Geographically, North America's omega-3 supplement market held a dominant market share in the year 2021. It is owing to heightened awareness pertaining to the availability of such supplements along with rising cases of various forms of diseases and irregular eating habits have been a key reason for market hold. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. It is owing to a robust growth and expenditure within the dietary supplement industry owing to various forms of ailments.
- The changing consumer trend for being pro-active than reactive for their health-immunogenicity and overall well-being supplemented by rising brand awareness has been of key market help. However, robust competition has narrowed down the profitability and scarring regulations have impeded the market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Omega 3 Supplement Market Report.
The prioritization of health supplemented by being pro-active than re-active has been of key help to the market.
Priorities have been changing pertaining to health owed to the COVID-19 pandemic. However, industry stalwarts have mentioned that these trends are going to stay for a foreseeable future as people have turned pro-active than being re-active. Awareness has been rising for the health benefits of “good” fatty acids and technologies pertaining to obtain such supplements is growing. Additionally, DSM-Director reported that around 71% of shoppers are familiar with omega-3 supplements, which have grown crowds according to him, if the data was compared with a decade or less back. A major growth attribute was the online brand campaigns which governed on how certain supplementation can help in reducing the overall impact of COVID-19. As for the proactive nature, data from CDC confirms our understanding. As per an interim report, among US Adults aged over 20, 77% have had used a dietary supplement in the last thirty days, and its consumption grew higher with age and those above 60 years had a consumption rate of 80.2%. The studies even revealed that the reason for consuming such a supplement was to fulfill the dietary recommendations and to avoid any potential health concerns.
Omega 3 Supplement Market Challenges
Growing competition has narrowed the profitability which has impeded the overall market growth.
Dietary Supplementation has had reached a certain saturation in terms of brand acceptance, and any new market player has been imposing tighter profit margins for the existing players. The said comes as a major drawback in terms of growth for the supplement industry. For example, if one searches for “Omega-3 Supplements” on Amazon, nearly 688 products come in line-based upon popularity. Furthermore, immense price competition exists between brands which is hampering the profit metrics. For example, Dr MOREPEN Omega 3 Fish Oil with a potency of 1250 mg DHA and 900 mg EPA is available for INR 675, at a deep discount of 32%. Whereas another brand is offering the same product with higher capsules, hence, increasing its offering while reducing the profitability curve. Additionally,
Omega-3 Supplement Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Omega 3 Supplement Market. The top 10- Omega 3 Supplement Market companies are-
- Klaire Labs,
- National Enzyme Company,
- ProteoZymes,
- Metagenics,
- Douglas Labs,
- Integrative Therapeutics,
- Amway.
- Advanced Enzyme Technologies
- Klaire Laboratories
- Vox Nutrition
Recent Developments
- In February 2022, Elo has received $5 million seed funding to expand its personalized nutrition. The company has backing from over 100 founders. Elo has been offering a combination of vitamins, minerals, probiotics, herbs, and various other phytonutrients which have been supported by human clinical studies. The formulator includes 79 unique active ingredients- which enables 88M different plan possibilities to meet unique demands from consumers. The company is also innovating products and the latest being a vegan Omega-3 product that is genuinely extracted from sustainable micro-algae and has shown to be 50% or more bioavailable than omega-3s extracted from fish's oil and krill.
- In January 2022, Wellness Innovations have raised 1.2 million for fish-free Imega-3 algae oil. The capital has been obtained from DuurzaamInvesteren.nl platform. The following influence would allow for RD organization to develop its portfolio and accelerate its growth in brands such as Testa Omega-3 and Daily Supplements. The aim of the company is to prevent all unnecessary fishing by 2035, and the company has market leaders in the Netherlands and Belgium owing to growing awareness.
- In August 2021, Nuseed Nutritional US Inc- A wholly owned subsidiary of Nufarm Limited has been welcomed by US Food and Drug Administration notice recognizing Nutriterra Total Omega-3 as a New Dietary Ingredient. FDA's acknowledgment allows us to progress our plans to expand into the human nutrition market and meet the growing demand for plant-based DHA+EPA omega-3 options. Furthermore, the product is sustainable.
