Omega 3 Supplements Market to Hit USD 12.96 Billion by 2030 Owing to Rising Incidence of Chronic Diseases Coupled with Rapidly Growing Sports and Fitness Industry
Based on SNS Insider’s research, the global Omega 3 supplements Market is driven by a combination of factors, including health consciousness, research advancements, regulatory support, and changing consumer preferences.
The Omega 3 supplements market, as per the SNS Insider report, had a valuation of USD 6.60 billion in 2022 and is projected to attain a market value of USD 12.96 billion by 2030, experiencing a compound annual growth rate (CAGR) of 8.8% from 2023 to 2030.
Market Report Scope
Omega-3 supplements are dietary supplements that contain essential fatty acids known as omega-3 fatty acids. These supplements are popular for their potential health benefits and are widely available in various forms, including fish oil capsules, krill oil capsules, and algae-based supplements. Omega-3 fatty acids may help reduce triglyceride levels, lower blood pressure, and prevent the formation of blood clots, reducing the risk of heart disease. DHA is a major component of the retina, and omega-3s may help protect against age-related macular degeneration and dry eye syndrome.
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The global omega 3 supplements market has experienced steady growth in recent years, driven by several key factors that continue to shape its expansion. As people become more health-conscious, there is a growing awareness of the benefits of omega-3 fatty acids for overall health. Omega-3 supplements are widely recognized for their potential to support heart health, reduce inflammation, and improve cognitive function. This increased awareness has driven consumer demand. The prevalence of chronic diseases such as cardiovascular diseases, arthritis, and cognitive decline has been on the rise. Omega-3 supplements have shown promise in mitigating the risk factors associated with these conditions, leading to higher consumption. The global population is aging, and older individuals are often more inclined to use dietary supplements to maintain their health and well-being. Omega-3 supplements are considered beneficial for addressing age-related health issues, contributing to their popularity among this demographic.
Major Players Listed in the Report are as Follows:
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 and Other Players.
Omega 3 Supplements Market Segmentation as Follows:
By Source Type
- Fish Oil
- Krill Oil
- Algae Oil
By Application Type
- Food & beverage
- Nutraceutical supplement
- Infant formula
- Pregnant Women
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Impact of Recession
The impact of a recession on the omega 3 supplements market is complex and depends on various factors, including consumer behavior, marketing strategies, and the ability of companies to adapt to changing economic conditions. While sales may decline initially due to reduced consumer spending, there may also be opportunities for growth among cost-effective and health-conscious consumers. Companies in this market must carefully assess market trends and adjust their strategies accordingly to navigate the challenges posed by economic downturns.
Impact of Russia-Ukraine War
While the Russia-Ukraine war may not have a direct and immediate impact on the omega 3 supplements market, it can influence the industry in various ways. Supply chain disruptions, currency fluctuations, economic uncertainty, and shifting consumer perceptions all play a role in shaping the market’s dynamics. Adaptation and flexibility will be key for both manufacturers and consumers in navigating these changes.
Key Regional Development
North America, particularly the United States, has been a prominent omega 3 supplements market. The increasing awareness of the health benefits associated with Omega-3 fatty acids, such as heart health and cognitive function, has boosted demand. The market here is characterized by a wide range of product offerings, including capsules, soft gels, and fortified foods. The market in Asia Pacific has expanded rapidly due to the growing middle-class population and increased awareness of health benefits. The market is not limited to fish oil but includes various sources such as krill oil and algal-based Omega-3.
Key Takeaway from Omega 3 Supplements Market Study
- The market has witnessed significant growth in recent years, with the fish oil segment emerging as a dominant player in this industry. The segment offers a wide range of products, including capsules, liquid formulations, and even flavored options, making it accessible and appealing to a broad consumer base.
- The adults segment represents a significant and growing portion of the market. As people become increasingly health-conscious and seek ways to support their well-being, omega-3 supplements tailored specifically for adults have gained prominence.
Recent Developments Related to Omega 3 Supplements Market
- Nordic Naturals, a renowned leader in the field of omega-3 supplements and nutritional wellness, has recently made a significant move to expand its retail presence by partnering with Walmart, one of the world’s largest and most recognized retail giants.
- M&M Labs, in collaboration with Lyxia Corporation, announced the launch of their innovative vegan algal omega-3 supplements. It offers a sustainable and plant-based source of essential omega-3 fatty acids that cater to the growing demand for ethical and eco-conscious dietary choices.
Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Omega 3 Supplements Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Omega 3 Supplements Market Segmentation, By Source Type
Chapter 9 Omega 3 Supplements Market Segmentation, By Application Type
Chapter 10 Omega 3 Supplements Market Segmentation, By End User
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
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