Market Research Report
Asia-Pacific Omega-3 Products Market - Segmented by Product Type, By Distribution Channel, and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||754925|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Asia-Pacific Omega-3 Products Market - Segmented by Product Type, By Distribution Channel, and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: October 1, 2018||Content info: 120 Pages||
The omega-3 products market in Asia-Pacific is expected to register a CAGR of 8.2% during the forecast period, 2018-2023. The Asian market for omega-3 products is an emerging and the highest growing market. The dietary supplements sector has the highest consumer base in terms of volume and value in the omega-3 market, followed by food & beverage fortification sector.
The shift in consumer preference towards healthy diet comprising of omega-3 ingredients and the use of fish oil in South East Asia is expected to boost the sales of omega-3 in the Asia-Pacific region.
Asia-Pacific is the largest region for infant formula products, due to a large infant population. The importance of omega-3 in infant nutrition in Asia-Pacific region stands unparalleled; and as a result, there is a gigantic demand for omega-3 products. This increasing demand for infant nutrition is driving the omega-3 market in Asia-Pacific supported by the health attributes omega-3 delivers for pre- and post-natal. Omega-3 fortified products is expected to record a higher demand in this region, as consumers are willing to pay extra for high quality products for their children.
China and India are the world's largest consumer of infant formula products, due to high birth rate. China accounted for about one-third of the infant formula market in 2015, whereas infant formula is also the largest segment of baby food in India, where annual average of child birth is over 25 million children. Due to the increasing demand for high nutritional food for infants in the developing economies of Asia such as China and India, it is expected to further increase the consumption for omega-3 products in the region. One of the major restraints to the growth of omega-3 market in the Asia-Pacific is the high price of products.
On the basis of product type, omega-3 products market in Asia-Pacific has been segmented on the basis of functional food, dietary supplements, infant nutrition, pet food and feed, pharmaceutical, and clinical nutrition. Consumer awareness of health benefits offered by omega-3-fatty acid has increased drastically in recent years. Several product categories including gummies, powders, omega 3 fortified beverages, food and dairy based products have emerged with omega-3 fortification particularly in Asian region.
With the growing popularity of omega 3 fortified beverages and foods coupled with the emerging trend of personalized nutrition management, self-testing to measure nutrient levels is being researched upon and efforts are being made to successfully introduce it to the Asian-Pacific consumers market.
The face of grocery retails is transforming all across with supply chain getting extremely organized specially in developing and emerging regions like Asia-Pacific. In emerging markets across the Asia such as India and China, grocery retails are all set to flourish by simply bringing modern supply chain management and merchandising, as well as large financial resources. With the growing awareness amid consumers regarding the health benefits of omega-3 products, which is one of the major reasons for the increasing sales of product category through this retail channel in Asia.
China, Japan, India and Australia are some of the key leading countries, consuming and manufacturing omega-3 products in the Asia-Pacific region. The Indian market for omega-3 products is an emerging industry. The dietary supplements sector has the highest consumer base in terms of volume and value in the omega-3 market, followed by food & beverage fortification sector. omega-3 sourced from fish oil dominates the dietary supplements sector, while algal DHA oil leads in the fortified food & beverage industry. Cooking oil, eggs and health drinks are some popular fortified omega-3 products in the Indian market.
Australian consumers are aware of the potential benefits of omega-3; however, they have reservations about the ability of EPA enriched foods. They are mostly concerned about clear labelling of such foods, and whether the food contains the actual quantity of EPA/DHA mentioned in the label. Australian regulators have recently approved a new omega-3 producing GM Canola variety for food and animal feed applications, developed by Australian agrichemical firm Nufarm's subsidiary, Nuseed.
June 2017, Blackmores entered into an agreement to acquire 100% of Catalent's tablet and soft-gel capsule manufacturing facility in Braeside, Victoria for USD 43.2 million. This acquisition will support future growth and product innovation with strong research and development capabilities and will provide greater control over production, strengthening Blackmores' quality credentials.
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The list is not exhaustive