Market Research Report
Tuna and Algae Omega-3 Ingredient Market - Growth, Trends and Forecasts (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||649818|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Tuna and Algae Omega-3 Ingredient Market - Growth, Trends and Forecasts (2019 - 2024)|
|Published: May 1, 2019||Content info: 100 Pages||
The global tuna and algae omega-3 ingredient market is forecasted to reach USD 1.5 billion by 2024 growing at a CAGR of 11.04% during the forecast period (2019-2024). Rise in perceived health benefits of omega-3 fatty acids, for which fish oil is the primary extraction source, is driving the demand for tuna omega-3 ingredients. The tuna fish oil omega-3 market has witnessed emerging global raw material hotspots in China, Japan, Spain, and Italy. The aquaculture sector in this region is thriving promisingly and this boost is expected to provide further impetus to the overall growth of the fish oil omega-3 industry. Algae Omega-3 ingredients play a key role to drive the overall market growth due to the growing demand for algae omega-3 in infant food fortification, as it provides benefits similar to that of fish oil, but has no off-odour or taste.
The global tuna and algae omega-3 ingredient market offer tuna and algae sourced ingredients having a wide application in industries including food and beverage, dietary supplements, pharmaceutical, animal nutrition, and clinical nutrition. The study also provides a thorough insight into the market scenario of the global market.
Increasing Consumer Expenditure on Omega-3 Products
Growing consumer health awareness and concerns toward a healthy lifestyle, majorly in regions like Asia-Pacific, Latin America, and Africa, are leading to an increased demand for ingredients, such as EPA and DHA. Moreover, an increasing percentage of the smoking population, incidences of heart-related complications, and other health-related issues across the world are is fueling the growth of omega-3 ingredients, including tuna and algae omega-3 ingredients, globally, and especially in developing economies. Manufacturers and suppliers involved actively in the supply chain of omega-3 in various regions, and also making strategic efforts to ensure a gradual flow of information regarding the health benefits associated with omega-3 enriched diets, which has largely and positively affected the sales of omega-3 ingredients in the developing regions.
Asia-Pacific Emerges as the Largest Market Consumer
Driven by the growing demand from sports nutrition and booming opportunities in personalized nutrition, the omega-3 ingredients hold a promising future market in Asia-Pacific. Moreover, the increasing ageing population in the countries such as China and Japan with a proportionate rise in general population emerges as one of the key factors leading to the demand for brain health supplements, which, in turn, has led many key players to invest on their research and development activities regarding new innovations in omega-3 supplements. The high birth rate and the recent abolition of the one-child policy in China are slated to boost the infant food industry. Many players such as Pathway International are strategically partnering with key ingredient manufacturers in order to expand the production level or product line.
The global tuna and algae omega-3 ingredient market is highly fragmented. BASF, Neptune Wellness Solutions Inc., and Omega Protein Corporation are the most active companies in the global tuna and algae omega-3 ingredients market. Key players, like Neptune Wellness Solutions Inc. and Cellana Inc., are focusing on partnerships and joint ventures to increase their production capabilities and consumer base, across various regions.