New York, NY, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Omega 3 Ingredients Market By Type (ALA, DHA, and EPA), By Source (Nuts and Seeds, Vegetable Oils, Marine, and Soya) and By Application (Infant Formula, Supplements & Functional Foods, Animal Feed, Pharmaceuticals): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global omega 3 ingredients market was valued at around USD 3.41 billion in 2017 and is expected to reach approximately USD 8.65 billion by 2024, growing at a CAGR of around 14.2% between 2018 and 2024.
Omega 3 ingredients are long chain fatty acids consisting of docosahexaenoic acid (DHA), alpha-linolenic acid (ALA), and eicosapentaenoic acid (EPA). Consuming balanced and adequate amounts of omega 3 ingredients is essential for good health. Cod liver oil and krill oil are the natural sources of omega 3 ingredients. Plant oils containing omega 3 ingredients include flaxseed oil, walnut, hemp oil, edible seeds, etc. Human body utilizes omega 3 ingredients for maintaining immunity, brain health, and better vision.
Browse through 185 Tables & 28 Figures spread over 110 Pages and in-depth TOC on “Global Omega 3 Ingredients Market: Industry Size, Share, Growth Analysis and Forecast, 2017 – 2024”.
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The global omega 3 ingredients market is growing at a significant CAGR. The growth of the omega 3 ingredients market is mainly due to the growing inclination of consumers towards health and fitness coupled with high consumption of omega 3 ingredients. Additionally, increasing consumer spending on healthy food, rising incorporation of functional and supplementary food in the daily diet, and high disposable income is anticipated to boost the growth of the omega 3 ingredients market within the forecast period. The rising urban population and rapidly expanding end-use industries in developing countries such as India and China are the key factors expected to propel the growth of the omega 3 ingredients market within the forecast period.
Based on product type, the market is classified into ALA, DHA, and EPA. DHA segment accounted for the largest market share in terms of revenue in 2017. The high growth rate of the segment is due to its increasing application in manufacturing infant formula products. EPA is the second fastest growing segment with its increasing importance in health and fitness improvement. On the basis of source, the market is classified into nuts and seeds, vegetable oils, marine, and soya. Nuts and seeds segment is anticipated to grow at considerable CAGR within the forecast period. On the basis of application, the market is segmented into infant formula, supplements & functional foods, animal feed, and pharmaceuticals. Supplements & functional foods segment is the dominant segment with increasing consumption in both emerging and developed countries. Pharmaceutical is the second largest segment projected to grow at the highest CAGR within the forecast period. Ongoing research and development activities and government initiatives in expanding pharmaceutical industry in developed countries are expected to enhance the omega 3 ingredients market growth over the forecast period.
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Presently, North America is the dominant region in the global omega 3 ingredients market with a considerable market share in terms of revenue in 2017. Growing consumption of omega 3 ingredients coupled with high disposable income and health awareness are the key factors driving the growth of the omega 3 ingredients market in the region. Developed countries such as the U.S. and Canada are contributing to the market growth with the increased use of omega 3 ingredients in animal & pet feeds. Ongoing innovations in the nutraceutical industry in order to incorporate omega 3 docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) oils in drinks, foods, and supplements is anticipated to enhance the omega 3 ingredients market growth in the near future.
The Asia Pacific is anticipated to exhibit huge development in omega 3 ingredients consumption rates owing to changing lifestyles and growing urbanization. The rising demand for nutritious food and increasing consumer awareness regarding health benefits of omega 3 fatty acids are the key factors expected to boost the market growth within the forecast period. Expanding end-user industries in emerging countries such as India and China are driving the growth of the omega 3 ingredients market in the region. The government in the countries is taking initiatives in expanding pharmaceutical and functional food industries. This, in turn, is projected to boost the omega 3 ingredients demand in the near future.
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Omega 3 ingredients market in Europe is anticipated to grow at fastest CAGR during the forecast period with the rising trend of the consumption of fortified beverages and food products. Countries such as Israel, France, and Germany have evolved as the primary innovation hubs for omega 3 ingredients industry. New product launches, extensive research & development, and several product formulations are expected to boost the market growth within the forecast period. The market is primarily driven by the prominent use of omega 3 ingredients in the dietary supplements industry.
The omega 3 ingredients market in Latin America is anticipated to exhibit steady growth rate within the forecast period. Rising consumer awareness coupled with high intake of saturated fatty acids is expected to open profitable growth opportunities over the forecast period.
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The key companies are focusing on the new product development and acquisition & collaboration strategies in order to expand business in different regions of the world. Some of the key players included in the global omega 3 ingredients market report are BASF SE, NU-MEGA Ingredients Pty Ltd., Koninklijke DSM NV, Ocean Nutrition Canada Limited, Pronova BioPharma ASA, Croda International Plc., Omega Protein Corporation, FMC Corporation, Copeinca ASA, Arista Industries, Inc., and Koninklijke DSM N.V.
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This report segments the global omega 3 ingredients market as follows:
Global Omega 3 Ingredients Market: Type Segment Analysis
- ALA
- DHA
- EPA
Global Omega 3 Ingredients Market: Source Segment Analysis
- Nuts and Seeds
- Vegetable Oils
- Marine
- Soya
Global Omega 3 Ingredients Market: Application Segment Analysis
- Infant Formula
- Supplements & Functional Foods
- Animal Feed
- Pharmaceuticals
Global Omega 3 Ingredients Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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