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The Omega 3 Supplement Market size is estimated to reach $9.6 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.8% over the forecast period of 2022-2027. Omega-3 fatty acids are mostly found in foods such as fish, flaxseeds, and various other forms of microbial processes. Moreover, the market is highly dependent on obtaining such fatty acids via dietary supplements. EPA (eicosapentaenoic acid), ALA (Alpha-Linoleic Acids) and DHA (docosahexaenoic acid) are the three main omega-3 fatty acids. Moreover, omega-3 supplements have medically proven to be highly effective to ramify various ailments. For example, it reduces the chances of ischemic strokes in people as the said supplement thins the blood, while reducing the plaque present in arteries. Furthermore, omega-3 supplements is given to people who are on chemoradiotherapy as medical research has proven that the consumption of such fatty acid can reduce or delay the tumor development in breast and prostates.
The growing medical conditions around the globe fueled by the product’s medical capabilities and sedentary lifestyles would allow the Omega 3 Supplement Industry to grow in the projected period of 2022-2027.
Omega 3 Supplement Market Segmentation Analysis- By Source
The omega-3 supplement market based on source can be further segmented into Fish Oil, Krill Oil, Plant-based Oil, and others. Fish Oil held a dominant market share in the year 2021. The primary focus and attribution has always been linked with fishes being a protein rich diet along with excellent levels of EPA and DHA. Furthermore, studies within medical field found that regions where fishes were consumed had a significantly lower rates of heart attacks and other form of cardiac illnesses. The major source of omega-3 supplements available in the market belonging to the said segment is obtained from Peruvian Fish. Furthermore, it reduces the chances of developing higher blood pressure. As per WHO reports, nearly 700 million adults throughout the world suffer from hypertension, and the numbers do not seem to slow down. However, Plant-based Oil is estimated to be the fastest-growing, with a CAGR of 8.6% over the forecast period of 2022-2027. It is owing to the growing concern pertaining to the overall health. As reported by a company’s marketing manager, “younger adults are looking for supplements which are beneficial for them as well as for the environment”. Hence, sustainable options such as algae oil would grow at a robust pace. Plant-based omega-3s offer exciting appeal in today’s climate.
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Omega 3 Supplement Market Segmentation Analysis- By Distribution Channel
The omega-3 supplement market based on distribution channel can be further segmented into OTC (Over the Counter) and Prescribed. Over the Counter held a dominant market share in the year 2021. OTC covers categories such as through Hypermarkets/ Supermarkets; Retail or Grocery Stores; Natural Product Stores; and E-Commerce Platforms. A strong demand shift, triggered by COVID-19 was observed within the industry as was reported by Ellen Schutt- ED of Global Organization for EPA and DHA Omega-3s. Further, industry noticed a significant reduction from brick-mortar model stores as pandemic pushed people within their homes, further, online app ordering became a new normal and would continue to ravish, since people are working from home and have little to no time to drive out for grocery and supplement fulfilment. Moreover, OTC segment is estimated to be the fastest-growing, with a CAGR of 8.8% over the forecast period of 2022-2027. Brands are focusing on online-launches, as per a testimonial from a leading start-up in nutritional and supplemental offering- online presence gives brand a broader audience reach owing to social media and other attributes. Further, celebrity endorsements along with coupons and deep discounts, brands are able to quickly grasp hold. Lastly, the said market is highly competitive and is offering products at a steep discount-which appeals to price-sensitive consumers. For example, Health Kart Fish Oil Capsule with Omega-3 costs INR 369, and brand is offering a steep discount of 47% on its MRP, thereby creating an opportunistic venue for market participants.
Omega 3 Supplement Market Segmentation Analysis- By Geography
The Omega 3 Supplement market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of the World. North America held a dominant market share of 39% over the forecast period of 2022-2027. It is owing to vast prevalence of diseases, which vary in nature. Additionally, scientific evidence supporting the case of Omega 3 is growing robustly, which helps the market to take a hold. Dietary habits of people in the region have been labelled as “bad” and “worrying” by leading scientists. Moreover, omega-3 often gets prescribed to the people in the region owing to certain medical findings. For example, U.S. is growing old at a significant pace and various forms of bone disorders are getting highly prevalent. Studies have indicated that omega-3 can improve bone strength and boost the overall calcium in one’s bone-thereby reducing the incidence of osteoporosis. As per U.S. Department of Health and Human Services, Osteoporosis affects 10 million people over the age of 50. Further, around 43 million men have low-bone mass-putting them at a heightened risk for the said condition. Owing to such reasons, the market’s growth is attributed. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. Rising healthcare expenditure owing to heightened disease prevalence along with consumer awareness pertaining to certain medication and supplement will be a prime reason for market expansion. The plethora of conditions covered by the said supplement would aid the region.
Omega 3 Supplement Market Drivers
The rising cases of health conditions like chronic or long-term inflammation have allowed the supplementation of omega-3, therefore has been a key driver.
Omega-3s are extremely rich in DHA, which are crucial for development of brain within infants. DHA accounts for 40% of the poly-unsaturated fatty acids and 60% in the retina of one’s eye. Hence, omega-3 supplementation has been of keen research area. Furthermore, supplements pertaining to omega-3 is often recommended to pregnant women, as it would result in high intelligence and lower chances of any behavioural challenge(s). Furthermore, Omega-3 has been a proven aid for heart health. It is owing to extensive presence of compounds, which can reduce the triglycerides within the range of 15-30%. Additionally, it has proven to be an excellent source to reduce the blood pressure levels while simultaneously raising the good HDL levels. Some of the additional heart health benefits for the same is that it reduces blood clots, keep the arteries smooth and free from any damage, and controlling any form of inflammation. For the latter functionality, people who suffer from chronic or long-term inflammation can benefit-as the said supplement works at a molecular level to reduce the production of eicosanoids and cytokines. Various other form of medical conditions can be controlled or prevented or cured by consuming a healthy amount of this supplement.
The prioritization of health supplemented by being pro-active than re-active has been of key help to the market.
Priorities have been changing pertaining to health owing to the COVID-19 pandemic. However, industry stalwarts have mentioned that these trends are going to stay for a foreseeable future as people have turned pro-active than being re-active. Awareness has been rising for the health benefits of “good” fatty acids and technologies pertaining to obtain such supplements is growing. Additionally, DSM-Director reported that around 71% of shoppers are familiar with omega-3 supplements, which have grown multitudes according to him, if the data was compared with a decade or less back. A major growth attributor was the online brand campaigns which governed on how certain supplementation can help in reducing the overall impact of COVID-19. As for the proactive nature, data from CDC confirms our understanding. As per an interim report, amongst U.S. adults aged over 20, 77% have had used a dietary supplement in the last thirty days, and its consumption grew higher with age and those above 60 years had a consumption rate of 80.2%. The studies even revealed that the reason for consuming such supplement was to fulfil the dietary recommendations and to avoid any potential health concerns.
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Omega 3 Supplement Market Challenges
Growing competition have narrowed the profitability which has impeded the overall market growth.
Dietary Supplementation has had reached a certain saturation in terms of brand acceptance, and any new market player has been imposing tighter profit margins for the existing players. The said comes as a major drawback in terms of growth for the supplement industry. For example, if one searches for “Omega-3 Supplements” on Amazon, nearly 688 products come in line-based upon popularity. Further, immense price competition exists between brands which is hampering the profit metrics. For example, Dr MOREPEN Omega 3 Fish Oil with a potency of 1250 mg DHA and 900 mg EPA is available for INR 675, at a deep discount of 32%. Whereas another brand is offering the same product with higher capsules, hence, increasing its offering while reducing the profitability curve. Additionally, sustainability has become a prime worry for industry as a major chunk of demand is fulfilled by Peruvian Fishes.
Omega 3 Supplement Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Omega 3 Supplement Market. The top 10- Omega 3 Supplement Market companies are-
In February 2022, Elo has received $5 million seed funding to expand its personalized nutrition. The company has backing from over 100 founders. Elo has been offering a combination of vitamins, minerals, probiotics, herbs, and various other phytonutrients which have been supported by human clinical studies. The formulator includes 79 unique active ingredients- which enables 88M different plan possibilities to meet unique demands from consumers. The company is also innovating products and the latest being a vegan Omega-3 product that is genuinely extracted from sustainable micro-algae and has shown to be 50% or more bioavailable than omega-3s extracted from fish’s oil and krill.
In January 2022, Wellness Innovations have raised 1.2 million for fish-free Imega-3 algae oil. The capital has been obtained from DuurzaamInvesteren.nl platform. The following influx would allow for R&D organization to develop its portfolio and accelerate its growth in brands such as Testa Omega-3 and Daily Supplements. The aim of the company is to prevent all unnecessary fishing by 2035, and company has market leaders in Netherlands and Belgium owing to growing awareness.
In August 2021, Nuseed Nutritional US Inc- A wholly owned subsidiary of Nufarm Limited has been welcomed by U.S. Food and Drug Administration notice recognizing Nutriterra Total Omega-3 as a New Dietary Ingredient. FDA’s acknowledgment allows us to progress our plans to expand into the human nutrition market and meet the growing demand for plant-based DHA+EPA omega-3 options. Further, the product is sustainable.
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Geographically, North America’s omega-3 supplement market held a dominant market share in the year 2021. It is owing to heightened awareness pertaining to the availability of such supplements along with rising cases of various forms of diseases and irregular eating habits have been a key reason for market hold. However, Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027. It is owing to a robust growth and expenditure within the dietary supplement industry owing to various forms of ailments.
The changing consumer trend for being pro-active than reactive for their health-immunogenicity and overall wellbeing supplemented by rising brand awareness has been of key market help. However, robust competition has narrowed down the profitability and scarring regulations have impeded the market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Omega 3 Supplement Market Report.
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