Omega 3 Industry Overview

The global omega-3 market reached a valuation of USD 2.62 billion in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2030. This growth is primarily driven by the rising integration of omega-3 ingredients into human diets, where they play a crucial role in promoting brain and heart health. Additionally, the increasing consumer focus on healthcare and wellness is expected to propel demand for omega-3 products in the coming years. As consumers seek alternatives to traditional fish oil, the omega-3 market has been diversifying its product range. Krill oil, in particular, is becoming a preferred choice due to its superior qualities over conventional fish oil, including ease of consumption and reduced instances of acid reflux and unpleasant taste. This shift in preference is especially notable among consumers in Europe and North America, who favor krill oil's smaller capsule size and palatable taste, which are expected to drive demand over the forecast period.

In the U.S., omega-3 fatty acids are anticipated to experience significant growth as consumers become increasingly aware of their health benefits, such as lowering blood pressure, reducing cholesterol levels, and lowering the risk of heart disease. The growing trend toward adopting a healthier, more nutritious diet further supports the demand for omega-3 products. To meet this rising demand, several U.S.-based companies—such as BioProcess Algae, Martek Biosciences Corporation, and Omega Protein Corporation—are investing in research and development to introduce pharmaceutical-grade omega-3 products to the market. The increasing use of these enhanced medicines to treat and prevent chronic illnesses is likely to drive overall omega-3 consumption in the years ahead.

As demand for omega-3 fatty acids continues to rise, there is growing pressure on traditional fish oil sources, such as anchovy fisheries. This has spurred interest in non-fish-based omega-3 sources like flaxseed, walnuts, algae, and krill oil, helping to diversify supply options. Additionally, government initiatives supporting omega-3 usage across various applications are projected to have a positive impact on market growth.

Gather more insights about the market drivers, restrains and growth of the Omega 3 Market

Regional Insights:

North America Omega-3 Market Dominance (2023):

• North America held a substantial 37.1% revenue share in the global omega-3 market in 2023.
• The high demand in this region is supported by the presence of leading pharmaceutical companies, such as:
  • Pfizer, Inc.
  • Johnson & Johnson
  • Amway
  • Amarin Pharma, Inc.
• The pharmaceutical sector’s increasing use of omega-3 and ongoing research and development (R&D) efforts related to omega-3 products are expected to fuel market growth in North America.
• Additionally, the popularity of omega-3 supplements and functional foods among athletes is rising due to their proven benefits in enhancing:
  • Protein synthesis
  • Muscle health
  • Physical performance
• These factors are anticipated to boost market growth over the forecast period.

UK Omega-3 Market (Europe):

• In Europe, omega-3 demand is projected to increase notably due to:
  • A surge in omega-3 consumption through dietary supplements, especially among the aging population of developed countries like Germany, France, the Netherlands, and the UK.
• In the UK, market growth is heavily driven by continuous innovation in product offerings, such as:
  • The launch of MegaRed by Reckitt Benckiser, a supplement aimed at improving heart, joint, eye, and brain health.
• These innovative products contribute to the growth of the omega-3 supplement industry across the UK and Europe.

Asia Pacific Omega-3 Market Growth:

• The Asia Pacific region is expected to witness considerable growth due to the rising demand for:
  • Packaged baby nutrition formulas, as more women enter the workforce, increasing the demand for infant formulas in countries like India, China, Japan, Australia, and Thailand.
• The importance of omega-3 DHA in infant development is a significant growth driver, given its benefits for:
  • Nervous system development
  • Vision and brain health
• Additionally, omega-3’s role in supporting long-term health is expected to boost its demand in the region over the forecast period.

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• The global sports supplement market size was valued at USD 34.79 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 12.1% from 2024 to 2030.
• The global flaxseeds market size was valued at USD 423.3 million in 2018 and is expected to expand at a CAGR of 12.7% over the forecast period. Growing awareness related to the health benefits of linseed is the main factor anticipated to drive the market over the forecast period.

Key Omega 3 Company Insights

Growing consumption of the product in various applications coupled with rising awareness regarding health and chronic diseases, and regulations favoring the use of omega-3 in infant formulations has influenced manufacturers to invest in technologies and product development in order to meet consumer demands. The market has been experiencing an increase in the number of new entrants across the value chain owing to the growing profits and huge market potential of manufacturers.

• In March 2023, Epax announced an investment of USD 40 million in molecular distillation technology for improving the processing of highly concentrated omega 3.
• In May 2023, Nuseed Global introduces Nuseed Nutriterra plant-based oil enriched with omega-3, tailored to meet the needs of the human nutrition and dietary supplement markets.
• In addition, key companies such as Aker Biomarine Antarctic AS are focusing on expanding their capacity by introducing new catching vessels to increase their products, which was reflected in the sales of the company in the year 2021. Governments across developing regions are taking several initiatives to support Antarctic Krill fishing by providing research funds and creating innovation alliances, which may trigger industry growth.

Key Omega 3 Companies:

• Aker Biomarine Antarctic AS
• Orkla Health
• BASF SE
• Omega Protein Corp.
• GC Reiber Oils
• Lonza
• Croda International Plc
• EPAX
• BioProcess Algae, LLC
• Koninklijke DSM N.V.

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