Based on a research report published by Grand View Research, Inc.; the global omega 3 market was estimated at USD 2.04 billion in in the past and is anticipated to reach at USD 3.01 billion by 2022. The market is expected to witness a healthy growth rate of 6.6% over the forecast period i.e., from 2016 to 2022. Increased demand for omega 3 due to its various benefits is projected to be one of the key factors driving the growth of this market. In addition, changing lifestyles along with rising cases of chronic diseases can further fuel the market expansion in near future.
Furthermore, growing demand for functional foods from various regions including China, India, United States, Japan, Australia, Germany, and so on is also likely to drive the market for omega 3 in the forthcoming years. On the other hand, rising contamination levels and mercury contents in fish may cause fluctuations in the product pricing causing a negative impact on the market expansion in near future. However, heavy investments in research and development activities along with increased consumer health awareness are projected to propel the market over the forecast period. In addition, high rise in demand for functional foods and supplements due to increased consumer disposable incomes is projected to boost the growth of this market in near future.
Full Research Report On Omega 3 Market Analysis: https://www.grandviewresearch.com/industry-analysis/omega-3-market
The global omega 3 market is categorized as per application and region. On the basis of application, the market is segregated into pharmaceuticals, pet and animal feed, infant formulas, functional foods and supplements, and others. In terms of volume, the product demand in infant formulas is projected to have a high growth rate of 8.7% during the forecast period. Growing infant population, especially in the Middle East and Africa, is expected to boost the growth of the segment over the coming years. In addition, rising awareness levels among parents about nutrient gap is also likely to have a major impact on the development of the segment.
On the basis of geographies, the market is divided into Asia Pacific, Latin America, Europe, Middle East and Africa (MEA), and North America. The Asia Pacific region is expected to dominate the global omega 3 market and is projected to occupy over 30% of the global share, in terms of volume in the years to come. The region is anticipated to grow at a CAGR of around 7.5% during the forecast period. This growth is accredited to the high consumption of the product in the form of functional foods, supplements, and infant formulas. Furthermore, rapid expansion in various industry verticals such as pharmaceuticals, pet and animal feed, and infant nutrition among others has resulted in an increased demand for omega 3 and this is also said to spur the regional market expansion.
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The North America region is also anticipated to register a healthy growth rate of over 7.5% in terms of volume from 2016 to 2022. Growing consumer preference for a healthy diet rich in omega 3 acid is anticipated to fuel the expansion of the market in the North America region. The Europe regional market is also estimated to witness a decent growth rate of nearly 3.1% over the forecast years. The region is expected to witness high product demand in the form of pet and animal feed in near future. Upward trend among the consumers in this region to adopt different kinds of pets and companion animals and high awareness levels regarding pet health can impel the regional market.
The Latin America regional market for omega 3 is estimated to witness a steady growth rate over the next few years. This growth is attributed to the high product demand due to increasing geriatric population base prone to various chronic diseases related to heart, brain, and bones and joints.
Some of the leading companies operating in the global omega 3 market include GC Rieber Oils AS; Croda International PLC; BioProcess Algae LLC; Aker BioMarine ASA; and Martek Biosciences Corp.
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