The global omega-3 polyunsaturated fatty acids market demand is expected to witness considerable growth over the forecast period. Omega-3 fatty acids are essential for human health, but the body cannot make them and are to be consumed through food. Omega-3 fatty acids are found in fish like salmon, tuna, other seafood comprising algae and krill, some plants, and nut oils. Omega-3 fatty acids are also known as polyunsaturated fatty acids (PUFAs). Omega-3 fatty acids are important for brain functioning, normal growth and development; decrease the risk of heart disease, etc.
The factors that propel the growth of omega-3 polyunsaturated fatty acids market include increasing demand for polyunsaturated fatty acids in functional food, increasing concerns for healthcare, and rising incidence of chronic diseases.
On the other hand, there are also factors that hamper the growth of the market such as increase in cost of fish oil, climatic problems in conserving fisheries, and lack of recommended daily intake.
The global market has been classified on the basis of type, sources, manufacturing technologies, applications, other end-user application, and geography.
On the basis of type, the omega-3 polyunsaturated fatty acids market has been classified mainly into Omega 3 ingredients consisting of Docosahexaenoic Acid (DHA), Eicosapentaenoic Acid (EPA), and Alpha-linolenic Acid (ALA). EPA and DHA dominate the global Polyunsaturated Fatty Acids Market due to their growing application in products that declines the risk of cardiovascular diseases.
On the basis of sources, the omega-3 polyunsaturated fatty acids industry has been classified as sardines/anchovy, salmon, plant, menhaden, seed, krill, nut, cod, and tuna. Nut, Plant, and seed are estimated to account for a major share of the market during forecast period due to growing demand for marine extracted omega-3 coupled with rising preference concerning plant supported diet.
On the basis of manufacturing technologies, the market has been classified as processing of fish oil, concentrating process, decontamination, and other product technologies.
On the basis of application, the omega-3 polyunsaturated fatty acids market has been classified as fat & spreads, dairy products & eggs food supplements, bakery, confectionery, dietary supplements, and non-alcoholic beverages. Dietary supplements segment is estimated to be the principal consumer of an omega-3 constituent over the forecast period; which is tracked by food supplement and non-alcoholic beverage enrichment segment. However, the fish oil supplied omega-3 ingredients dominate the dietary segment, whereas algal DHA oils are leading in food supplement segment& non-alcoholic beverage enrichment industry.
On the basis of other end-user applications, the industry has been classified as the Polyunsaturated Fatty Acids constituents consisting of pet nutrition and infant nutrition. Clinical and Pharma nutritional functions are yet to be developed for this segment.
On the basis of geography, the omega-3 polyunsaturated fatty acids market has been classified as North America, Europe, AsiaPacific, and Rest of World. In 2014, North America was the major consumer of the global Polyunsaturated Fatty Acids Market followed by Europe. On the other hand, Asia Pacific is estimated to witness rapid growth during the forecast period due to increasing population, changing lifestyle, rise of chronic diseases, etc.
Some of the prominent players that fuel the growth of the omega-3 polyunsaturated fatty acids industry include Acasti Pharma Inc., Aker Biomarine AS, Algae Biosciences Corporation, Austral Group S.A.A., BASF SE, Aurora Algae, Inc., BTSA BiotecnologíasAplicadas S.L, Denomega Pure Health, Enzymotec Ltd., Marine Ingredients, Cyvex Nutrition, Inc., HuataiBiopharm Inc., Jiangsu Auqi Marine Biotechnology Co., Ltd., EPAX AS, Stepan Company, Chemport, Inc., Sinomega Biotech Engineering Co Ltd., Golden Omega SA, Omega Protein Corp., Lonza Group Ltd., Ayanda AS, GC Rieber Oils, Guangdong Runke Bioengineering Co Ltd, BASF AS, Cellana Inc., Croda International Plc, KD-Pharma GmbH, Source-Omega LLC, Felda IFFCO LLC, Polaris Nutritional Lipids, Royal DSM NV, Solutex GC, S.L., Seven Seas Ltd, InCon Processing LLC, LYSI hf., Maruha Nichiro Foods Inc., Olvea Fish Oils (Olvea Group), Neptune Technologies &Bioressources Inc., Nippon Suisan Kaisha, Ltd. (Nissui), Pharma Marine AS, Pronova Biopharma ASA, Qualitas Health Inc., etc.
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The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.