According to a report published by Fortune Business Insights, titled “Omega-3 Fatty Acids Market Size, Share & Industry Analysis, By Source (Concentrates, Fish Oil, Algae Oil, Krill Oil, and Other Plant Sources), Application (Dietary Supplements, Functional/Fortified Foods, Infant Formulae, Pharmaceuticals, and Animal Feed & Pet Food), and Regional Forecast, 2020 - 2027,” The global omega-3 fatty acids market size is projected to reach USD 1.92 billion by the end of 2027. The increasing awareness regarding the benefits of these products will emerge in favor of market growth. The increasing integration of omega-3 fatty acids in dietary supplements will bode well for the market in the coming years. The market was worth USD 1.45 billion in 2019 and will exhibit a CAGR of 3.89% during the forecast period, 2020-2027.
Omega-3 fatty acids substances that are present in food sources such as fish and flax seeds. Deemed as a vital source for the human body, these products have witnessed a massive demand in recent years. The increasing demand for the product will have a massive impact on the growth of the overall market in the coming years. The high investment in the extraction of omega-3 fatty acids will create several growth opportunities for the market.
The coronavirus outbreak has created a huge supply-demand gap, given the shutdowns in businesses across the world. Moreover, strict measures taken to minimize the spread of the disease have had an adverse effect on the growth of the overall market in 2020. Due to the severe losses, companies will look to adopt standout strategies that will help them recover economic losses.
Increasing FDA Approvals Will Bode Well for Market
The report encompasses several factors that have contributed to the growth of the overall market in recent years. It highlights the impact of newer strategies that major companies have adopted to generate substantial revenues. Among all factors, the increasing number of regulatory approvals has had the highest impact on the growth of the overall market in recent years.
In June 2019, the US Food and Drug Administration announced that it has approved the use of a few qualified health claims (QHC). The FDA announced that QHCs that state the effect of consumption of EPA and DHA on human health. Omega-3 fatty acids are inclusive of these substances and their regulated use can help reduce chances of heart diseases. This product can also reduce the risks of hypertension and coronary diseases and their consumption in controlled amounts can be of utmost help in human health and well-being. The report highlights the importance of FDA approvals on the growth of the overall market in the coming years.
North America to Emerge Dominant; Increasing Awareness Regarding the Benefits of the Product Will Provide Impetus to Market Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in North America currently dominates the market. The increasing awareness regarding the consumption of the product and its health benefits will lead to a wider product adoption. As of 2019, the market in North America was worth USD 587.12 million and this value is projected to increase further in the coming years. The market in Asia Pacific will witness considerable growth due to the presence of several large-scale companies in this region.
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