NEW YORK, Aug. 10, 2020 /PRNewswire/ — The Global Omega-3 Market is projected to reach USD 4.50 billion by 2027. The Omega-3 market is fueled by the rising awareness for food nutrition and dietary improvements. Moreover, various factors such as developing economies and subsequently increasing incomes of consumers, adoption of e-commerce and m-commerce platforms, and demand for the overall organic supplements & functional foods are expected to create enforcements in the market.
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While dietary improvement is a desirable goal for many common individuals ranging in various age bands, changing dietary patterns seems extremely hard for most of them also. Thus, it is becoming a common practice that many people are consuming additional dietary supplements to augment the daily intake of nutrients so that they may lead a healthier lifestyle. Additionally, rising numbers of patients with heart diseases, inflammatory bowel diseases, and eyesight problems, among others, are the reasons the demands for the omega 3 are being raised.
COVID-19 Impact Analysis:
The COVID-19 pandemic has created endless disruptions to the manufacturing or production industries due to a shortage of resources in different parts of the world. The leading players in the industry are skeptical about the market’s future and try to redesign their strategies to support the challenge. The pandemic had a serious impact on the distribution chains as a result of regular lockdowns. The manufacturing industries have been disrupted due to reduced available human resources. The companies are incorporating different techniques to increase the production volume and trying to develop innovative solutions at an affordable price, which can meet customer requirements at a much lower cost.
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Further key findings from the report suggest
- Owing to the unavailability of certain seafood or fishes, a deficiency of omega 3 has been observed amongst the children. Even many adults are suffering from malnutrition and being diagnosed with many chronic diseases. An immense demand for the omega 3 supplements have been estimated to get rid of those complexities and diseases.
- The overall dietary supplement sales for children are expected to rise during the forecast period. It was observed that Chinese and Indian parents were willing to spend relatively large amounts of money on the health of their children in relation to the family income.
- A new trend emerging in the dietary supplements market is the need to use organic or sustainable ingredients. This trend is being driven by two fundamental shifts in this industry: the need to consume ‘healthier’ ingredients and consumers’ increasing concerns for sourcing ‘sustainable’ products
- In March 2020, Wiley Companies, an Omega-3 fish oil manufacturer, revealed its formulations of a new omega-3 concentrate in powder form. This was the first launch from the company in terms of the powder formulation.
- In December 2019, Nordic Investment Bank & the Norwegian producer of the pelagic fish products, Pelagia Holding AS, refinanced for the acquisition of Epax Norway AS, a renowned omega 3 fatty acid producer.
- Key participants include BASF, Orkla Health, KD Pharma, Lonza, Corbion, Nordic Naturals, Croda International, Epax, Runke Bioengineering, and Pharma Marine, among others.
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For the purpose of this report, Reports and Data has segmented the global market on the basis of type, source, end-use verticals, and region:
Type Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Docosahexaenoic Acid (DHA)
- Eicosapentaenoic Acid (EPA)
- Alpha-linolenic Acid (ALA)
Source Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Marine Sources
- Plant Sources
End-Use Verticals Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Personal Care & Pharmaceuticals
- Nutraceuticals & Supplements
- Infant Formulas
- Animal Feed
Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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