Omega 3 Supplements Market - Forecasts from 2022 to 2027

The omega 3 supplements market is evaluated at US$5.875 billion for the year 2020, growing at a CAGR of 7.15% reaching a market size of US$9.497 billion by the year 2027.

Omega 3 is a family of fatty acids of polyunsaturated fats associated with several health benefits. Chronic diseases such as CVDs, depression, and anxiety, among others, can be reduced with the consumption of omega 3. Thus, the rising prevalence of chronic diseases globally coupled with the growing awareness among millennials regarding proper nutrition and health in both developed and developing economies have played a major role in bolstering the demand for omega 3 supplements, thus positively impacting the market growth over the next five years. Additionally, the growing fast-food consumption coupled with the sedentary lifestyle of people, particularly in developing economies, has further propelled the prevalence of various diseases. This, in turn, is expected to propel manufacturers' business growth potential. This combined with the growing purchasing power of the people in countries such as India and China, among others, has led to an increased focus on a healthy lifestyle, thus augmenting the demand for numerous supplements. It also reduces the risk of abnormal heartbeats, which may also lead to sudden death. Thus, a growing prevalence of arrhythmia may necessitate the consumption of omega 3 products as well. Moreover, participation by major market players in the launch of new and enhanced products to gain a competitive edge over other players further shows the growth potential of the market during the next five years.

The segmentation of the omega 3 supplements market has been done into the source, product, distribution channel, and geography. By source, the classification of the market has been done into plants and animals. Based on the product, the segmentation of the market has been done into capsules, powder, soft gel, and others. The market has been segmented by the distribution channel as online and offline. Furthermore, the global market has been divided into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. The growing prevalence of chronic diseases is supplementing the market growth

The market for omega-3 supplements is being driven by the growing number of people who have been diagnosed with heart disease. According to the World Health Organization (WHO), 17.9 million people die each year due to cardiovascular diseases (CVDs), an estimated 31% of all deaths worldwide. Increasing consumption of tobacco, an unhealthy diet, and physical inactivity are raising the risk of heart attacks and strokes. According to the Centre for Disease Control and Prevention, heart disease has been the major cause of death in the United States, with which coronary heart disease is the most common type of heart disease. The rising obese population is one major cause of heart attack. As a result, there will be an increased demand for various health supplements over the next five years. Moreover, the increasing prevalence of arrhythmia is projected to bolster the demand for omega 3 supplements in many parts of the world. This can be backed up by the fact that pacemaker implant surgeries are increasing in many countries. A pacemaker is a small device implanted in the heart or abdomen to control the abnormality of the heartbeats. Pacemakers are generally used for the treatment of arrhythmias. If left untreated, arrhythmias may further lead to less blood flow to the heart, which may further lead to tiredness, fatigue, or fainting, if not cured, this may lead to loss of consciousness or death. As per the data from the National Health Service in the United Kingdom, pacemaker implantation is one of the most common types of heart surgery that is carried out, in which thousands of pacemakers are fitted across the country each year.

Plant-based supplements are growing at a notable rate

By source, animal-based supplements are projected to hold a significant market share. However, on the other hand, the plant-based segment will grow at a high CAGR during the next five years on account of the growing trend of veganism across many countries around the globe.

APAC is witnessing promising growth

Geographically, the Asia Pacific region is projected to witness healthy market growth during the next five years. The major factors supporting the fast market growth in the APAC region include the growing propensity of consumers to spend on supplements and other nutritional products. Moreover, the growing adoption of a health-oriented lifestyle has also led to increased spending on health-enhancing products in countries like India, China, and Australia, among others. On the other hand, the North American region is anticipated to hold a substantial share in the market, primarily due to the presence of a greater proportion of the health-savvy population in countries like the United States and Canada, among others. Furthermore, the people's increased spending power, as well as the availability of a world-class healthcare sector, and the existence of important market participants in the region, are some of the other elements supporting the region's share over the next five years.

Recent development

Neptune Wellness Solutions Inc., a diverse & fully integrated health and wellness company focused on plant-based, sustainable, and purpose-driven lifestyle brands launched Forest Remedies' plant-based multi-Omega 3-6-9 candies and soft gels with Ahiflower as a key component in July 2021. This innovative product can assist users in meeting their nutrient requirements.

OZiva, an Indian start-up, announced the release of new vegan Omega-3 multivitamins in February 2021 to meet the increasing demands for plant-based dietary supplements.

In March 2020, Wiley Companies released its first powdered omega-3 concentrate for food and beverages. To appeal to customers seeking appealing sensory items, the product has been made without a fishy odour or taste.

COVID-19 Impact

The global market has slightly benefited from the COVID-19 epidemic. There has been a significant surge in demand for omega fatty acid foods and supplements to improve health and immunity, according to research. The rapid proliferation of recommendations from doctors around the world to include immunity-boosting dietary supplements into daily living is a major factor in the product's widespread adoption by consumers. However, the supply chains of enterprises in the industry have been disrupted, owing to mobility limitations and geometrically rising transport and logistics costs because of the ongoing pandemic.

Competitive Insights

The players in the Omega 3 Supplements market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies. The report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered, along with the recent deals and investments of these important players in the Omega 3 Supplements market.

Market Segmentation:

• By Source

Plants

Animals

• By Product

Capsules

Powder

Soft Gel

Others

• By Distribution Channel

Online

Offline

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• Spain
• Italy
• France
• UK
• Others

Middle East and Africa

• Saudi Arabia
• UAE
• Others

Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Others