Omega 3 Supplements Market: Adult End-User Segment Accounted For The Highest Revenue Share

 Omega 3 Supplements Industry Overview

The global omega 3 supplements market size is expected to reach USD 10.80 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.6% from 2020 to 2028. The demand for omega-3 supplements is projected to be driven by the growing adoption of the product to fulfill the daily nutritional requirements and maintain optimum health of organs by the geriatric population in developed economies, such as the U.S., Canada, the U.K., and France.

 

Furthermore, the outbreak of COVID-19 from the beginning of 2020 led to increased consumer awareness regarding the significance of immunity and immunity-boosting products, which is expected to fuel the demand for various omega fatty acids products. Increasing incorporation of products in gummies form with novel flavor is expected to increase product penetration among children in the coming years.

Docosahexaenoic acid (DHA) is an omega-3 fatty acid comprising over 93.0% of omega-3 fats in the retina and 97.0% in the human brain. Rising demand for DHA supplements for pregnant ladies owing to lack of adequate DHA in the diet is expected to drive the market. Additionally, increasing demand for omega-3 DHA-rich supplements from non-lactating mothers is expected to propel the product demand over the forecast period.

Rising chronic diseases such as strokes, arthritis, coronary heart diseases, and cancer are expected to propel the demand for omega 3 supplements over the upcoming years. According to the World Health Organization (WHO), over 14 million people between the ages of 30 and 70 die every year due to distinguished chronic diseases. Rising government support to provide consumers with low-cost preventive drugs is projected to propel the demand for omega 3 supplements over the forecast period.

 

Omega 3 Supplements Market 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:

Based on the Source Insights, the market is segmented into Fish Oil, Krill Oil, Algae Oil, and Others.

• 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.

 

• Furthermore, increasing regulations on fishing activities to protect the fish species are expected to affect the raw material supply for the industry. The rising consumer inclination towards plant-based alternatives is expected to drive the demand for algae oil-based supplements. Moreover, the growing vegan population, coupled with rising consumer awareness regarding the product benefits, is expected to boost the segment growth.

 

Based on the Form Insights, the market is segmented into Tablets, Capsules, Soft Gels, and Others.

• 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. 

 

• Apart from omega-3 supplements, other dietary supplementsincluding vitamin A, D3, & E, carotenoids, lycopene, and omega-3 fatty acids are also offered in soft gel form. The application of soft gels is projected to witness significant growth owing to their smooth texture and taste masking capabilities. Capsules are shells or containers made up of gelatin containing powder or spheroid form drugs.

 

Based on the Functionality Insights, the market is segmented into Cardiovascular Health, Brain, Nervous System & Mental Health, Eye Diseases, Diabetes, and Others.

• 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.

 

• This trend is expected to drive the product demand for the treatment of coronary heart diseases, hypertension, and cholesterol. The brain, nervous system, and mental health segment is expected to register the second-fastest CAGR over the forecast period. According to the WHO, about 50 million people worldwide suffer from epilepsy, making it a major health concern.

 

Based on the End-user Insights, the market is segmented into Adults, Geriatric, Pregnant Women, Children, and Infants.

• 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.

 

• The children segment is expected to witness significant growth owing to the increasing inclination towards maintaining optimal health along with high purchasing power and willingness to spend on health and wellness products. In addition, growing concerns about eye health among children are likely to favor the segment growth in the coming years.

 

Based on the Distribution Channel Insights, the market is segmented into OTC, and Prescribed.

• 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.
• The cost-effectiveness and convenience of direct purchase are expected to create various opportunities for product manufacturers. Strict regulations by the governing bodies and less awareness among individuals are expected to augment the product sales through the prescribed distribution channel. Moreover, increasing R&D expenditure, coupled with funding from the public and private sectors, is expected to boost the segment growth.

 

Omega 3 Supplements Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

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. Some prominent players in the global omega 3 supplements market include:

• Nordic Naturals, Inc.
• NutriGold Inc.
• Reckitt Benckiser Group plc
• Pharma Nord B.V
• i-Health, Inc.
• Aker BioMarine AS
• Luhua Biomarine (Shandong) Co., Ltd.
• Pharmavite LLC
• KD Pharma Group
• NOW Foods
• GlaxoSmithKline plc
• Natrol LLC
• Carlson Laboratories
• OmegaBrite
• Optimum Nutrition, Inc.
• VAYA Pharma
• Vital Choice Wild Seafood & Organics, SPC
• Bionova
• The Nature’s Bounty Co.
• Arkopharma

 

Order a free sample PDF of the Omega 3 Supplements Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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