The global omega-3 market generated a revenue of $19.7 billion in 2019, and is further expected to reach $49.7 billion in revenue by 2030, exhibiting a CAGR of 8.8% during the forecast period (2020–2030). According to the categorization made based on end user, the dietary supplements category is predicted to register the fastest growth during the forecast period. This can be attributed to the widespread consumption of dietary supplements due to the increasing consumer awareness about the requirement of food supplements and the adoption of healthier lifestyles.
One of the biggest trends being witnessed in the omega-3 market is the growing trend of veganism and the resultant consumption of plant-based supplements. The consumers showcasing the inclination toward turning vegan are also exhibiting a shifting consumption trend toward plant-based omega-3 supplements. They are also more likely to accept these supplements.
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The growing prevalence of chronic diseases is affecting both high-income as well as middle- and low-income countries (LMICs). As per the World Health Organization (WHO), 9.6 million people succumbed to cancer in 2018. Amongst these, around 70% were reported in LMICs. Therefore, in order to overcome these challenges, the consumption of food supplements is rising, thereby boosting growth in the omega-3 market.
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Together, APAC and North America are expected to hold 71.0% share cumulatively in the global omega-3 market in 2030. Health benefits of omega-3 are encouraging the North American consumers to purchase these nutritional supplements. APAC region’s growth is primarily driven by rising product demand in China, India, and Australia. Wide usage of fish oil in regular diet and increasing health awareness are augmenting the product demand.
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Based on Product Type
Based on Source
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