Omega-3 supplements contain highly concentrated oils comprising EPA and DHA along with other essential vitamins and other nutrients. The plethora of health benefits and attributes offered by omega-3 supplements drive the growth of the omega-3 supplements market
The Asia Pacific is a large and lucrative market for omega-3 supplements and is expected to grow at a high pace over the forecast period. The market players in the region are continuously improving their overall business processes to meet the customers' demand for superior quality products and services. Consumers are shifting their preferences toward a healthy lifestyle and prefer products that improve their health and well-being. Demand for omega-3 supplements is increasing due to the rising geriatric population and the increasing prevalence of diseases associated with aging. These factors are expected to increase the consumption of omega-3 supplements during the forecast period.
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Omega-3 Supplements Market: Strategic Insights
The COVID-19 outbreak adversely affected economies and industries in various countries due to lockdowns travel bans, and business shutdowns imposed by governments. Food & Beverages is one of the major industries suffering serious disruptions, such as supply chain breaks, technology events cancellations, and office shutdowns. Consumers have started focusing on building better health and immunity. As omega-3 helps in the prevention of many health-related issues, the consumption for the product has increased, which is expected to continue during the forecast period also. Therefore, the pandemic has affected the omega-3 supplements market positively.
Omega-3 is obtained from animal and plant sources that are rich in polyunsaturated fatty acids. Supplements such as Omega-3 are in high demand due to the requirement of micronutrients for various health benefits is high in demand. The number of cases concerning chronic diseases is rising in the world, which has led to consumers opting for dietary supplements. Moreover, the supplements may also contain other essential vitamins and minerals which are used for immunity-boosting purposes. Omega-3 supplements are helpful in preventing cardiovascular complications which is further boosting the demand for the product.
The omega-3 supplements market, based on form, is segmented into capsules, soft gels, and others. The soft gels segment dominated the market in 2020 and is expected to register the highest CAGR during the forecast period. The capsules segment accounted for the second largest market share in the year 2020. The capsules are one of the common forms of omega-3 supplements. Capsules are popular among the consumers as they are easy to swallow. Capsules are the shells or containers composed of gelatin, which contain powder or spheroid form drugs inside them. Various manufacturers use an enteric coating so that the tablet cannot dissolve until it reaches the human small intestine. This is prevalent in fish oil capsules, as it inhibits fish burps.
The omega-3 supplements market, based on source, is segmented into fish oil, krill oil, algae oil, and others. The fish oil segment dominated the market in 2019 and is expected to register the highest CAGR during the forecast period. Fish oil has become a prevalent supplement because of its cardiovascular health benefits. Most health benefits from fish oil consumption are connected with the long-chain omega-3 fatty acids, EPA, and DHA. Further, oily fish such as herring, salmon, and mackerel contain omega-3 fatty acids essential for healthy metabolism, brain development, and heart diseases prevention. Therefore, fish oil's health benefits are the key factors driving the market growth for the fish oil segment.
The omega-3 supplements market, based on distribution channels, is segmented into supermarkets and hypermarkets, specialty stores, online stores, and others. The specialty stores segment dominated the market in 2019. Specialty stores sell only specific products and particular brand items to the consumers, and would not sell anything else apart from the particular range. These factors are bolstering the market growth for the specialty stores segment.
Church & Dwight, Inc.; Prestige Consumer Healthcare Inc.; Pharmavite LLC; Quten Research Institute; Epion Brands; NOW Foods; Nordic Naturals; Reckitt Benckiser Group PLC; Pharma Nord B.V.; and Rimfrost AS are a few players operating in the omega-3 supplements market. These companies provide a wide range of product portfolio for the market. The companies have their presence in the developing regions, which provides lucrative opportunities for the omega-3 supplements market growth. The market players are developing high-quality and innovative products to fulfil the customer’s requirements.
The regional trends and factors influencing the Omega-3 Supplements Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Omega-3 Supplements Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 28.82 Billion |
| Market Size by 2028 | US$ 50.85 Billion |
| Global CAGR (2021 - 2028) | 8.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Form
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Omega-3 Supplements Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Omega-3 Supplements Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Increasing consumer awareness regarding the benefits of omega-3 supplements in the improvement of cognitive functions as well as the growing prevalence of chronic diseases is expected to be the key drivers for the growth of the global omega-3 supplements market.
In 2020, the U.S. held the largest market share in the global omega-3 supplements market. The country is dominated by key players such as Prestige Consumer Healthcare Inc. and Epion Brands. Key manufacturers are heavily spending on Research & Development and capacity growth in order to create novel goods and get a larger proportion of the market.
On the basis of distribution channel, online retail is the fastest-growing segment. Online stores have promoted the growth of the omega-3 supplements market, as online retailing reduces the operation cost of the manufacturers and allows them to reach targeted customers.
In 2020, the soft gels segment accounted for the largest market share. Soft gels are one of the most common forms of omega-3 supplements, as it protects the oil and renders a convenient dosage form. Soft gels consist of a gelatin-based shell enclosing a liquid fill composed using the rotary-die encapsulation method. Encapsulation of products into soft gels inhibits the degenerative process and uses advanced formulation methods to disguise their tastes. Soft gels are easier to swallow than capsules and tablets as they are tasteless and don’t have an unpleasant odor.
In 2020, North America accounted for the largest share of the global omega-3 supplements market. North America includes economies such as the US, Canada, and Mexico. The rising awareness regarding chronic diseases is the major driver for the omega-3 supplements market in North America. In North America, there is a growing health consciousness which has resulted in customers preferring nutritional supplements, such as omega 3, which boosts cardiovascular health, aids in infant health maintenance, aids in cancer prevention, and provides numerous other health advantages.
The major players operating in the global omega-3 supplements market are Church & Dwight, Inc.; Prestige Consumer Healthcare Inc.; Pharmavite LLC; Quten Research Institute; Epion Brands; NOW Foods; Nordic Naturals; Reckitt Benckiser Group PLC; Pharma Nord B.V.; Rimfrost AS.