New York, NY 22 Feb 2022: The global omega 3 market size is expected to reach USD 4.86 billion by 2028 according to a new study by Polaris Market Research. The report “Omega 3 Market Share, Size, Trends, Industry Analysis Report, By Application (Pharmaceutical, Dietary Supplements, Animal Feed, Food & Beverages); By Type; By Source; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The consumption of omega-3 has increased owing to the increasing disposable income of consumers and rising health-conscious consumers. Growing application in the animal feed and pharmaceutical sectors has boosted the market growth. The outbreak of COVID-19 has increased the demand for the dietary supplements to enhance immunity and improve cardiovascular and mental health during the pandemic. The different types of the product include DHA (Docosahexaenoic Acid), ALA (Alpha-linolenic Acid), and EPA (Eicosapentaenoic Acid).
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Improvement in lifestyle due to rise in income level, especially in the developing countries of Asia-Pacific fuels the demand for omega 3 market. Factors such as increase in per capita income, changes in consumer behavior, and increased awareness regarding health and nutrition are expected to accelerate the adoption of omega 3 in the coming years.
North America generated the highest revenue in the market in 2017. The increasing geriatric population in the region coupled with high disposable income drives the market growth. The increasing demand of omega 3 in the region is owing to high consumer awareness regarding the benefits of omega 3, and growing health concerns. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to increasing disposable incomes in developing countries of this region, and rising demand of omega 3 for infant formula, animal feed, and pharmaceutical.
The different applications of omega 3 include functional food and supplements, pharmaceutical, infant formula, animal feed, and others. In 2017, functional food and supplements segment accounted for the highest market share. Use of omega 3 in functional food and supplements provide proper nutrition and enable efficient functioning of human bodies. The increasing demand of functional food and supplements from athletes and sports sector further supports market growth.
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The well-known companies profiled in the report include Omega Protein Corporation, Croda International PLC, Arista Industries Inc., Cargill, Inc., Royal DSM, Pharma Marine AS, GC Reiber Oils, Nordic Naturals Inc., Reckitt Benckiser Group plc, Pharma Nord B.V., Pharmavite LL, and Natrol LLC among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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