Global Omega-3 Supplements Market
Dublin, March 25, 2022 (GLOBE NEWSWIRE) — The “Omega-3 Supplements Market Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The omega-3 supplements market was valued at US$ 28,817.29 million in 2021 and is projected to reach US$ 50,845.88 million by 2028; it is expected to grow at a CAGR of 8.4% during 2021-2028.
Omega-3 supplements contain EPA and DHA derived from various sources such as fish oil, krill oil, algal oil, and others. The rising prevalence of cardiovascular diseases and increasing healthcare expenses are boosting the growth of the global omega-3 supplements market. Market players are investing in their R&D activities and focusing on omega-3 from different novel sources such as plants.
The soft gels segment accounted for the largest market share in 2020, and the same segment is expected to register the highest CAGR in the market during the forecast period.
Encapsulation of products into soft gels inhibits the degenerative process and uses advanced formulation methods to disguise their tastes. Soft gels are easier to swallow than capsules and tablets as they are tasteless and don’t have an unpleasant odor. Improved absorption and bioavailability offered by soft gels result in instant nutrient delivery, which is a major factor driving the demand for soft gels.
By source, the omega-3 supplements market is segmented into fish oil, krill oil, algae oil, and others. The fish oil segment accounted for the largest market share in 2020, whereas the krill oil segment is expected to register the highest CAGR in the market during the forecast period.
Krill oil has emerged as another omega-3 supplement source rich in the long-chain PUFAs, eicosapentaenoic acid, and docosahexaenoic acid and is a sustainable source of omega-3 polyunsaturated fatty acids. Like fish oil, krill oil provides most of its health advantages. Therefore, the health benefits associated with krill oil is expected to bolster the demand for krill oil as an omega-3 supplement during the forecast period.
By distribution channel, the omega-3 supplements market is segmented into supermarkets and hypermarkets, specialty stores, online stores, and others. The specialty stores segment accounted for the largest market share in 2020, whereas the online retail segment is expected to register the highest CAGR in the market during the forecast period.
Online stores have promoted the growth of the omega-3 supplements market, as online retailing reduces the operation cost of the manufacturers and allows them to reach targeted customers. Features such as 24×7 availability, easy access, secure payment options, quick service, and home delivery have attracted consumers to shop online for omega-3 supplements.
In 2020, North America held the largest share of the global market. However, Asia Pacific is estimated to register the highest CAGR in the market during the forecast period. In North America, the US is a major market for omega-3 supplements, followed by Canada and Mexico.
Consumers in the US and Canada are moving toward a healthy lifestyle and prefer products that provide health benefits, such as the prevention of macular degeneration that can lead to vision impairment and blindness, risk reduction of sudden cardiac death in persons with heart disease, reduction of blood pressure and triglycerides, and management of asthma and other health issues. These health benefits appeal to health-conscious consumers toward omega-3 supplements.
Church & Dwight, Inc.; Prestige Consumer Healthcare Inc.; Pharmavite LLC; Quten Research Institute; Epion Brands; NOW Foods; Nordic Naturals; Reckitt Benckiser Group PLC; Pharma Nord B.V.; and Rimfrost AS are a few players operating in the omega-3 supplements market.
These companies provide a wide range of product portfolio for the market. The companies have their presence in the developing regions, which provides lucrative opportunities for the omega-3 supplements market growth. The market players are developing high-quality and innovative products to fulfil the customer’s requirements.
Market – Key Market Dynamics
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