Omega 3 Supplements Market Size, Share & Trends Report

Omega 3 Supplements Market Size, Share & Trends Analysis Report By Source (Fish, Krill Oil), By Form (Soft Gels, Capsules), By End User (Adults, Infants), By Functionality, By Distribution Channel, And Segment Forecasts, 2020 - 2028

  • Report ID: GVR-1-68038-818-3
  • Number of Pages: 150
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the omega 3 supplements market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for omega 3 supplements market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of omega 3 supplements market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Omega 3 Supplements Market Categorization:

The omega 3 supplements market was categorized into four segments, namely source (Fish Oil, Krill Oil, Algae Oil), form (Tablets, Capsules, Soft Gels), functionality (Cardiovascular Health, Brain, Nervous System & Mental Health, Eye Diseases Diabetes), end-user (Adults, Geriatric, Pregnant Women, Children, Infants), distribution channel (OTC, Prescribed), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The omega 3 supplements market was segmented into source, form, functionality, end-user, distribution channel, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The omega 3 supplements market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; Italy; Norway; Spain; The Netherlands; France; China; India; Japan; Australia; New Zealand; Brazil; Argentina; and UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Omega 3 supplements market companies & financials:

The omega 3 supplements market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Nordic Naturals, Inc.  - Nordic Naturals Inc. was established in 1995 and has headquarters in California, U.S. It is involved in the production of fish oil and marine animal oils. The company is also engaged in the business of animal and fish meals. It operates in 35 countries around the globe with a strong distributor network. Nordic Naturals Inc has multiple products under its portfolio namely Omega-3 Fish Oils, Probiotics, Vitamins, Gummies, and others. The products offered are dairy, non-GMO, and gluten-free. The company avoids using artificial colors, flavors, and preservatives. As of yearend 2019, the company had 150 employees.  

  • NutriGold Inc. - Nutrigold Inc. was established in 2010 and is headquartered in Utah, U.S. It is involved in manufacturing supplements using organic non-GMO ingredients. The product portfolio has various categories, namely vitamins, herbs, minerals, Omega-3s EFAs, specialty supplements, and superfoods. The company has obtained various certifications, namely Non-GMO Project Verification, USDA Organic Certification, Vegan Certification by Vegan Action, Kosher Certification, Fair Trade Certification, MSC Certification, and IFOS Certification. Nutrigo Inc. has various categories of products, namely Multis, Vitamins, Minerals, Omegas, Botanicals, and Specialty supplements. The Multis category has whole food ingredients like organic kale, tomato guava, and sea kelp supplements. The vitamins category has vitamins from B1 to K2. Minerals include minerals like zinc, magnesium, iron, iodine extracted from plant-based ingredients. Omegas have fish oil supplements, which are triglyceride forms of omega-3s. Botanicals have turmeric, ashwagandha, and others. Specialties supplements category has products like Astaxanthis, Ubiquinol, CoQ10, and others.  

  • Reckitt Benckiser Group plc  - Reckitt Benckiser Group plc was founded in 1999 by the merger of Reckitt & Colman and Benckiser and has headquarters in Slough, England. It is a consumer goods company having operations in more than 60 countries and product sales in more than 200 countries. The company acquired U.S.-based health supplement company Schiff Nutrition, in November 2012, and through Schiff Nutrition's MegaRed brand, the company has been offering omega-3 dietary supplements within the market. Reckitt Benckiser Group plc has organized its products into three major categories, namely hygiene, health, and home. It has various brands catering to industries like food, pharmaceuticals, and others. Popular brands of the company include Dettol, Air Wick, Durex, Mortein, Veet, Lysol, and others. The company has various products like Disprine, Strepsils for sore throat, Airborne as an immune support supplement, Gaviscon for indigestion, and a baby food brand called Mead Johnson. The company employed around 42,400 employees as of the year-end 2019.  

  • Pharma Nord B.V -  Pharma Nord B.V was established in 1981 by Eli Wallin and Sven Moesgaard and is headquartered in Denmark. The company has production facilities in Vojens, Denmark, and the company products are retailed in more than 45 countries in Europe, the Middle East, Asia, and the North American region. Also, 85% of these products are registered as medical drugs. The company distributes its products through 25 sister companies and 20 business partners around the globe. All the products produced by Pharma Nord B.V. are GMO-free, lactose-free, and Gluten-free. The company's product portfolio includes various types of products namely essential fatty acid, medicine, minerals strong vitamins & minerals, vitamins, and herbs for various applications including personal care and health care. As of yearend 2019, the company had 350 employees.  

  • i-Health, Inc. -  i-Health, Inc was founded in 2011 by combining Amerifit Brands with i-Nutrition and is headquartered in Connecticut, U.S. The company is benefitting from the DSM’s strong product portfolio and Amerifit Brand’s sales and marketing expertise in the dietary supplements market. It is a fully-owned subsidiary of DSM which is the Netherland based corporation engaged in fields of health, nutrition and materials. i-Health, Inc operates with multiple brands with Culturelle, AZO, Estroven, UP4, Ovega-3, Brainstrong Memory Support, and Life’s DHA. Culturelle brand consists of probiotic supplements, gums, and capsules for digestive health improvement. OZO has pain-relieving products for various applications like urinary tract infections, vaginal health, and bladder control.  

  • Aker BioMarine AS  -  Aker BioMarine AS was founded in 2006 and is headquartered in Oslo, Norway. It is a fishing and biotech company that supplies krill products. The company harvests fish and has a fully documented processing unit to produce krill products rich with omega-3 phospholipids. It is a fully owned subsidiary of Aker Group. It has a proprietary Aker ECO-Harvesting system, certified by the Marine Stewardship Council in 2010. The company owns a fleet of vessels that include three krill vessels and two support vessels. It has a manufacturing plant in Houston, Texas, with an annual production capacity of 1200 metric tons.  

  • Luhua Biomarine (Shandong) Co., Ltd  -  Luhua Biomarine (Shandong) Co., Ltd. was established in 2014 and has headquarters in Jinan, China. It is a bio-tech company with multiple utility patents on the Antarctic Krill oil extraction technique. The company has successfully partnered with multiple universities and research institutions like Shandon analysis and test center and Shandong Academy of Sciences. Over the years, it has obtained ISO22000, HACCP, FOS, GMP, and HALAL Certification. The company specializes in Omega-3, Antarctic Krill, and Dietary supplement ingredients and has three products, including Antarctic Krill Oil, Antarctic Krill Oil Jellies, and Antarctic Krill Powder.  

  • Pharmavite LLC -  Pharmavite was established in 1971 by Barry Pressman and Henry Burdick and is headquartered in California, U.S. The company was acquired by Otsuka which is a healthcare company dealing in pharmaceuticals and nutraceuticals. The company has manufacturing facilities in Alabama and California. Alabama facility employs around 300 employees and can produce tablets, soft gels, and gummy vitamins. One facility in California serves as a research & development center and packaging center for the finished product. The second facility facilitates warehousing & distribution and finishing operations of unfinished goods. Pharmavute LLC majorly operates with four categories of products namely Nature Made, Megafood, Equelle, and Nurish. Nature Made has vitamins, supplements, multivitamins, minerals, herbs, and fish oil & omegas. Megafood deals with chews, multivitamins, gummies, bundles, prenatal & postnatal, food/herbal formula, minerals, probiotic supplements, vitamins, and booster powders. Equelle has relief products for hot flashes during menopause. Nurish has multiple products such as multivitamins, letter vitamins, minerals, omegas, prebiotics, herbs, and immunity support products. As of 2019, the company employed around 850 people. 

  • KD Pharma Group - KD Pharma Group was established in 1988 and has headquarters in Bexbach, Germany. It specializes in pharmaceutical-grade omega-3 and can commercially produce lipids and omega-3 concentrates with 99% purity. The company has an annual production capacity of 2000 tons for omega3 concentrates. The company has offices in 8 countries with more than 1000 product offerings KD Pharma Group operates with three business verticals namely KD Pharma, KD Nutra, and KD Biopharma. KD Pharma Specializes in omega-3 concentrates. The patented Super Critical Fluid (SCF) technology that includes two processes, Supercritical Fluid Extraction and Supercritical Fluid Chromatography, has allowed the company to produce Omega-3 Fish oil with concentration levels up to 99%. KD Nutra delivers marine ingredients focusing on Omega-3 fatty acids extracted from fish. It produces a wide range of fish oils that are highly refined, processed, and molecularly distilled. KD Nutra has production sites in Germany, the U.S, and Norway. KD Biopharma specializes in drug development using Omega-3 for medicinal purposes.  

  • NOW Foods -  NOW Foods was founded in 1968 and has headquarters in Bloomingdale, U.S. It operates as a nutritional product manufacturer in the U.S. The company mainly offer various dietary supplements, beauty & health supplement, essentials oils, sports nutrition, natural foods, pet health products. The majority of the products are offered in tablet and powder form. The company owns two manufacturing facilities in the U.S. and Canada. The company also owns several distribution facilities in the U.S. and Canada. The company's product portfolio includes supplements, beauty & health, essential oils, sports nutrition, natural foods, and pet health products. The company distributes its nutritional products to over 70 countries across the world. Along with the traditional distribution channel consisting of distributors and retailers, the company distributes products through an online mode of distribution.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Omega 3 Supplements Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2020, historic information from 2017 to 2019, and forecast from 2020 to 2028). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Omega 3 Supplements Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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