Omega 3 Supplements Market 2020 Latest Innovations And Challenges By 2028

Omega 3 Supplements Industry

The global omega 3 supplements market size was valued at USD 5.58 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2020 to 2028. A sedentary lifestyle has resulted in a rising number of chronic diseases, which is expected to propel the product demand. The omega-3 fatty acids aid in decreasing the risk of abnormal heartbeats or arrhythmias, which can even cause sudden death of the patient. It also helps in reducing triglyceride levels, slowing the growth rate of atherosclerotic plaque, and lowering blood pressure levels. Consumers are increasingly shifting to healthier alternatives while adopting preventive care as a necessary tool to help them lead a better lifestyle. Thus, omega 3 supplements are being increasingly consumed as they are a rich source of vitamins, proteins, minerals and render benefits to diseases, such as cancer, asthma, depression, and others.

The U.S. dominated the North America regional market and accounted for a 77.7% share of the revenue in 2020. The American Heart Association (AHA) recommends the consumption of fish to maintain optimum omega 3 levels in the diet. Growing consumer knowledge regarding the product benefits is also boosting the market growth. The rapid socio-economic development has resulted in increased cases of heart diseases, cancer, and diabetes across various segments of the population. Growing health consciousness has resulted in consumers preferring dietary supplements, such as omega 3, which promotes heart health, helps in maintaining optimum health of the infant, aids in cancer prevention, and offers many other health benefits.

Brand name, nutritional value, and safety of the products are some of the factors that influence the consumers’ buying decision. Awareness through various forms of media, including electronic and print, about the benefits offered by omega 3-based supplements, is also likely to influence buying behavior. Growth in fish consumption is likely to continue, especially in developing countries. Omega 3 supplements are primarily produced from fish oil. However, uneven capture of fish and growing demand for fish from other application sources reduce their availability at a lower cost, restraining market growth.

The coronavirus pandemic has shifted the focus of customers to a preventive, rather than reactionary mindset. Consumers are increasingly prioritizing immune health, heart health, and overall wellbeing. According to the AHA, stroke survivors and those with heart diseases, including high blood pressure and congenital heart defects, may face an increased risk of complications, if infected by COVID-19. This, in turn, increased the demand for supplements for mitigating the risk of heart failure, thus positively impacting the product sales.

Gather more insights about the market drivers, restrains and growth of the Global Omega 3 Supplements market

Omega 3 Supplements Market Segments Highlights:

Source Insights

Fish oil-based supplements led the market and accounted for more than 63.1% share of the global revenue in 2020. The availability of various types of fish, which contain different vitamins, is propelling omega-3 supplement manufacturers to offer diversified products. Increasing environmental, metal, & hazardous pollutants in fish are making them toxic for utilization, which is expected to restrain the growth of the segment.

Form Insights

Soft gels led the form segment with a share of 41.3% in the global market in 2020. Soft gels are an oral dosage form that consists of a gelatin-based shell surrounding a liquid fill. Soft gels are easier to swallow as compared to tablets and capsules as they do not have an unpleasant odor and are tasteless. Enhanced absorption and bioavailability offered by soft gels, which results in fast disintegration, immediate nutrient delivery, and quicker action, are the key factors driving their demand. The supplements derived from fish oil can be easily delivered with soft gel form by eliminating bad taste and odor.

Functionality Insights

Cardiovascular health led the market and accounted for a 37.4% share of the global revenue in 2020. Concerning cardiovascular disease prevention, omega-3 fatty acids help maintain HDL cholesterol, stabilize heart rhythms, reduce harmful LDL cholesterol, and lower blood pressure. All these health benefits are expected to drive the product demand in the cardiovascular health segment. As per the AHA, in 2020, over 17.3 million people die per year globally because of Cardiovascular Diseases (CVDs) Moreover, people in North America, especially in the U.S., reported higher cholesterol levels of about 43.0% and 33.0% of high blood pressure.

Distribution Channel Insights

The Over-The-Counter (OTC) distribution channel segment led the market and accounted for a 75.9% share of the global revenue in 2020. Initiatives related to the introduction of favorable policies, along with the infrastructural development in the healthcare sector by most governments worldwide, are projected to influence the expansion and popularity of omega 3 supplements through the OTC channel.

End-user Insights

The adult end-user segment accounted for the highest revenue share of over 43% in 2020. Growing consumption of omega 3 supplements among working individuals to maintain a healthy lifestyle is projected to remain a key driving factor for the segment. An increasing number of athletes and the popularity of various sports will boost the product demand over the forecast period.

Regional Insights

North America dominated the market and accounted for 37.7% share of the global revenue in 2020. Increased cases of obesity and lifestyle-related diseases on account of unhealthy dietary habits and availability of several processed and Ready-To-Eat (RTE) foods. As per the research conducted by the New York State Government in March 2019, about 610,000 people die from heart diseases in the U.S. every year.

Omega 3 Supplements Market Report Segmentation

Grand View Research has segmented the global omega 3 supplements market on the basis of source, form, functionality, end-user, distribution channel, and region:

Omega 3 Supplements Source Outlook (Revenue, USD Million, 2017 - 2028)

Fish Oil
Krill Oil
Algae Oil
Others

Omega 3 Supplements Form Outlook (Revenue, USD Million, 2017 - 2028)

Tablets
Capsules
Soft Gels
Others

Omega 3 Supplements Functionality Outlook (Revenue, USD Million, 2017 - 2028)

Cardiovascular Health
Brain, Nervous System & Mental Health
Eye Diseases
Diabetes
Others

Omega 3 Supplements End-user Outlook (Revenue, USD Million, 2017 - 2028)

Adults
Geriatric
Pregnant Women
Children
Infants

Omega 3 Supplements Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

OTC
- Supermarkets/ Hypermarkets/Food Stores
- Drug Stores & Pharmacies
- Online Retailers
- Others
Prescribed

Omega 3 Supplements Regional Outlook (Revenue, USD Million, 2017 - 2028)

North America
- US
- Canada
- Mexico
Europe
- Germany
- UK
- France
- The Netherlands
- Italy
- Spain
- Norway
Asia Pacific
- China
- India
- Japan
- Australia
- New Zealand
Central & South America
- Brazil
- Argentina
Middle East & Africa
- UAE

Key Companies & Market Share Insights

The industry is highly fragmented and is characterized by intense competition, with both public and privately-held market players focusing on innovation to stay competitive. Public companies in the industry are proactive in initiating strategies to push the adoption of their products in the global market. Key players are extensively investing in research & development activities and capacity expansion to introduce novel products to gain a greater share of the market.s For instance, in October 2019, Aker BioMarine acquired a patent for concentrated krill oils with more than 50% phospholipids. In October 2020, Aker BioMarine established a new distribution hub in Chennai, India. The new distribution center is expected to strengthen the position of the company in India.

Key Omega 3 Supplements Company Insights