Number of Pages: 106
Category – Food & Beverages
Asia Pacific Omega 3 Concentrates Market Forecast to 2027 – COVID-19 Impact and Analysis – by Form (Oil and Powder), Source (Fish, Algae, Calamari, Krill, and Others), Type [Triglyceride (TG), Ethyl Ester (EE), and Phospholipids (PL)], Concentration (High DHA, High EPA ,and Balanced EPA-DHA), and End- Users (Food and Beverages, Dietary Supplements, Pharmaceuticals, Infant Formula, Personal Care and Cosmetics, and Others)
The Asia Pacific omega 3 concentrates market was valued at US$ 476.21 million in 2019 and is projected to reach US$ 800.15 million by 2027; it is expected to grow at a CAGR of 6.8% during 2020–2027.
Omega-3 concentrates are obtained from omega-3 rich fats processed to have EPA or DHA in higher concentrations. These concentrates are mainly derived from fish oil, calamari oil, and algal oil, and are available in powdered and oil forms. They are applicable in dietary supplement manufacturing and are also used as a pharmaceutical-grade component. The market for omega-3 concentrates is driven by factors such as increasing spending on dietary supplements and healthy foods due to the rising disposable income and improving lifestyles in Asia Pacific. In addition, key players and suppliers actively involved in the supply chain of omega-3 concentrates are developing various strategies, such as product launches, to expand the awareness regarding the health benefits associated with omega-3 enriched diets, which has bolstered the sales of omega-3 concentrates in the developing regions. Manufacturers are offering gluten-free and non-GMO omega-3 concentrates. However, the lack of awareness regarding to the health benefits of omega-3 concentrates restricts its usage, which hinders the profitable growth of the market.
Based on form, the Asia Pacific omega 3 concentrates market is bifurcated into oil and powder. In 2019, the oil segment dominated the market. The richest and the cheapest source of EPA/DHA is fish oil. The oil contains 30–60 different fatty acids. It is an industrial product of high nutritional value owing to its content of long-chain omega-3 polyunsaturated fatty acids (PUFA)—such as Docosahexaenoic acid (DHA) and Eicosapentaenoic acid (EPA), which are currently extremely valued for their prophylactic and therapeutic properties in nutritional and healthy fields. Moreover, the market for highly concentrated omega-3 fatty acid fish oils for pharmaceuticals and dietary supplements is growing.
In terms of geography, the Asia Pacific omega 3 concentrates market is segmented into China, India, Japan, Australia, South Korea, and rest of Asia Pacific. The shift in the preferences of consumers toward healthy diet comprising omega 3 ingredients and the use of fish oil amplifies the sale of omega 3 concentrates in the region. The importance of omega 3 infant nutrition stands unparalleled, which has resulted in the gigantic demand for the omega 3 concentrates for infant nutrition. The availability of omega 3 concentrates in oil and powder form that is being increasingly used by the dietary supplements manufactures for the purpose of making capsules drives the growth of the omega 3 concentrates market in Australia. China is one of the largest consumers and producers of omega 3 concentrates in Asia Pacific. The fish consumption is high in China; therefore, the taste of omega 3 products is easily accepted by the consumers, which supports the demand for omega 3 concentrates in the country. The growing demand for dietary supplements among the population and the use of omega 3 concentrates in the production of dietary supplements fuel the market growth in India. The presence of large number of omega 3 manufacturing companies coupled with innovative & strategic marketing initiatives for the promotion of omega 3 products and concentrates favor the growth of the market in Japan. Omega 3 concentrates improve the health of eye and skin, and reduce the risk of cardiovascular disease. Besides this, these concentrates support cognitive function and memory recall. An upsurge in the awareness about such benefits associated with the consumption of omega 3 concentrates and the incorporation of omega 3 concentrates in infant food formulation drive the market growth in South Korea.
The COVID-19 pandemic has been hindering economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of the food & beverages industry and disruptions in supply chain are restricting supplies of various products. India recorded the highest number of confirmed cases across Asia Pacific. The shutdown of many food processing plants during lockdown is restraining the growth of the omega-3 concentrates market in Asia Pacific.
BASF SE; AlaskOmega; Golden Omega S.A.; K Pharmtech Co., Ltd; DSM Nutritional Products AG; Nordic Naturals, Inc.; Epax Norway; Norwegian Fish Oil; GC Rieber VivoMega; and Australian Omega Oils Pty. Ltd. are among the major players present in the Asia Pacific omega 3 concentrates market.
Overall size of the Asia Pacific omega 3 concentrates market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specialized in the Asia Pacific omega 3 concentrates market.