ALBANY, New York, September 26, 2016 /PRNewswire/ --
As stated in a research report released by Transparency Market Research, the competitive intensity in the global market for omega 3 ingredients is expected to remain very high till 2021. The market is extremely concentrated in developed economies and relatively sparser in emerging ones. Additionally, the key players hold a large part of the market share, leaving little scope for regional players or new entrants to prosper in the market. The overall threat from new entrants is also expected to remain very low over the coming years, owing to the high entry barriers and the overall lack of consumer awareness in untapped regions.
The global market for omega 3 ingredients is expected to generate a revenue of US$7.49 bn by 2021. It is projected at a CAGR of 15.2% from 2015 to 2021 and is predicted to reach US$3.70 bn before the end of 2016. Supplements and functional foods have consistently been the leading application segment in omega 3 ingredients. By the end of 2021, this segment is expected to accrue a total revenue of US$3.91 bn.
Koninklijke DSM N.V., BASF SE, and Croda International Plc. - the three leading companies for omega 3 ingredients in 2014 - held a collective share of 48.2% in terms of market value. Most of the key omega 3 ingredients manufacturers have been in the market for a long time and possess a history of business consolidation through various business strategies and mergers and acquisitions.
Browse Research Report with ToC: http://www.transparencymarketresearch.com/global-omega-three-market.html
North America Pushes Demand for Omega 3 Fatty Acids
By the end of 2021, North America is expected to generate US$3.62 bn in revenue from the demand for omega 3 ingredients. It is the dominant region in the world for EPA/DHA consumption since quite a few years and is expected to remain at the top till 2021. A large portion of this region's omega 3 ingredients demand comes from supplements and pharmaceuticals, but there is a strong growth rate in the demand for omega 3 ingredients in infant formula as well.
Comparatively, the demand for omega 3 ingredients in Europe is much lower due to a lower rate of awareness. The awareness level reduces even further in the case of Asia Pacific. However, both regions are showing immense potential due to a gradual improvement in the flow of nutritional information within urban areas.
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Omega 3 Ingredients Demand Spurred by Growing Health Concerns
"At the moment, the primary driver boosting the demand for omega 3 ingredients is the growing level of concern over physical health. People are becoming increasingly aware of the high rate of diseases such as cancer and asthma around the world and are looking for ways to mitigate the risks of contracting them. One of the proven ways to do so is the regular consumption of DHA/EPA. Both fatty acids are known to reduce the chances of a person falling prey to prostate or skin cancer, and are also known to abate bronchial inflammation and asthma," states a TMR analyst.
The growing consumer awareness is attributed to the increasing marketing efforts put in by nutrition companies, along with the release of scientific research which proves the benefits of consuming omega 3 fatty acids.
EPA/DHA Consumption Still Marred by Low Awareness
There is still, however, a large percentage of population in the world that is not aware of the benefits of omega 3 fatty acids. They still cannot differentiate between fatty acids that are beneficial or harmful when consumed. The overall public opinion of all fatty acids therefore remains negative. This can be dismissed by increasing awareness efforts through drives and other activities.
"Manufacturers of omega 3 ingredients can look to Asia Pacific for future endeavors. This region is ripe with a large number of consumers in urban areas that have positive disposable income. As the awareness of omega 3 fatty acid benefits spread, so will the demand for them in this region," adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, "Omega 3 Ingredients Market By Application (Supplements and Functional Foods, Pharmaceuticals, Infant formula, Pet and Animal Feed) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021."
- Global demand for omega 3 ingredients expected to fetch US$7.49 bn in revenue by 2021.
- Total revenue in supplements and functional foods by 2021 expected to reach US$3.91 bn.
- North America expected to generate US$3.62 bn in omega 3 ingredients revenue by 2021.
Key segments of the Global Omega 3 Ingredients Market
Global Omega 3 Ingredients Market, by Application Type:
- Supplements and Functional Foods
- Infant formula
- Pet and Animal Feed
Global Omega 3 Ingredients Market, by Geography:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Browse Other Research Reports & TOC:
- Omega 3 And 6 Market: http://www.transparencymarketresearch.com/omega-3-6-market.html
- Global Nutraceuticals Market: http://www.transparencymarketresearch.com/global-nutraceuticals-product-market.html
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SOURCE Transparency Market Research