The global market for omega 3 ingredients is driven by increasing consumer interest in functional food. (Photo: Astrid Hals/NSC)
Omega-3 market to skyrocket by 2018
Tuesday, October 30, 2012, 22:40 (GMT + 9)
According to a new market report published by Transparency Market Research, "Global Omega 3 (EPA/DHA) Ingredients Market - Industry Analysis, Market Size, Share, Growth and Forecast, 2010 - 2018," the global omega 3 ingredients demand was estimated to be worth USD 1,595.1 million in 2010 and is expected to cross USD 4 billion in 2018, growing at a CAGR of over 15 per cent from 2013 to 2018. In the overall global market, North America is the largest market for omega 3 products, although Asia Pacific is expected to be the most promising market in the near future.
The demand for PUFA (Polyunsaturated Fatty Acids) has witnessed a significant increase over the last three years, particularly due to their benefits as cholesterol-lowering agents. The global market for omega 3 ingredients is driven by increasing consumer interest in functional food and fortified products, increasing consumer awareness regarding cholesterol control, advancement in technology and health benefits associated with the ingredients.
Further, the market will be driven by increasing regulatory policies.
However, variations in consumer perception, low awareness about omega 3 in developing countries, labelling and claim issues, and the rising prices of raw materials, are expected to constrain the market over the coming few years.
In terms of applications, the market is dominated by functional foods & supplements, accounting for over 60 per cent of the total ingredient demand in 2010. Pharmaceuticals and infant formulas are expected to be some of the fastest growing applications for omega 3 ingredients.
The major geographic markets for omega 3 ingredients include North America, which accounted for 35 per cent of consumer sales and Asia Pacific, which is expected to replace North America and occupy the top position by 2018. Growth in the markets of Asia Pacific region is mainly driven by the rise in annual income and also by dietary choice.
Asia Pacific is also expected to be the fastest growing market due to the trend of healthy eating and rising domestic awareness.
Some of the major players in this market are Arista Industries, DSM, Copeinca ASA, BASF, and Croda International PLC, Epax, Marine Nutraceuticals, NuMega, Omega Protein and others.
This research is specially designed to estimate and analyze the demand and performance of omega 3 ingredients in a global scenario. The research provides in-depth analysis of omega 3 ingredient manufacturers, product sales, and trend analysis by segments and demand by geography.
The report covers all the major product segments of the omega 3 ingredients market and provides in-depth analysis, historical data and statistically refined forecast for the segments covered.