Algae Omega-3 Ingredients Market - Growth, Trends and Forecasts (2019 - 2024)
NEW YORK, May 27, 2019 /PRNewswire/ -- Market Overview
The global algae omega-3 ingredients market is forecasted to reach USD 1.2 billion by 2024 growing at a CAGR of 11.3% during the forecast period (2019-2024). The market for algae omega-3 ingredients is dynamic and highly fragmented, with numerous small and domestic players occupying the major chunk of the global market share. Omega-3 oils are essential fatty acids that have a broad range of health benefits, including cardiovascular, eye, and brain health, for which they are being widely used in various end-user applications, like dietary supplements, infant nutrition, functional food and beverages, and pharmaceutical and clinical nutrition. Algal oil is gaining popularity among vegans and other people who want a source of long-chain omega-3 fatty acids (EPA and DHA). It does not pose the risk of contamination with pollutants, such as polychlorinated biphenyls.
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Scope of the Report
The global algae omega-3 ingredients market offers ingredient types such as Eicosapentaenoic Acid (EPA), Docosahexaenoic Acid (DHA), and EPA/DHA applicable to food and beverage, dietary supplements, pharmaceuticals, animal nutrition and clinical nutrition. The market further provides the ingredient types based on the concentration level of low, medium and high and market scenario at the global level.
Key Market Trends
EPA/DHA Ingredients Emerge as the Fastest Growing Segment
EPA is commonly used in combination with DHA in various infant formulas. Most products in the market are present as a combination of EPA and DHA, owing to their combinatorial health effects. Algal oil is gaining popularity among vegans and vegetarians, and other people who want a source of long-chain omega-3 fatty acids (EPA and DHA). It does not pose the risk of contamination with pollutants, such as polychlorinated biphenyls. For instance, in India, the dietary supplements sector is the largest consumer of omega-3 ingredients. The main source of the omega-3 ingredient is algal oil. Its usage is expected to increase faster than the fish oil, due to the large vegetarian population in India. The combination of EPA and DHA in dietary supplements claims to have benefits for fetal development, cardiovascular health, and cognitive function, among others.
Dietary Supplements Hold the Major Share in Market
Algae Omega-3 oils are essential fatty acids that have a broad range of health benefits, including cardiovascular, eye, and brain health. Hence, it is being widely used in dietary supplements. The increasing prevalence of obesity in developed countries has increased the diet-consciousness among the younger generation, which is supporting the growth of this segment of algae omega-3 ingredients in these markets. For instance: Australia-based organic algae omega oil company Qponics Limited had signed a collaboration with technAlgaeCytes Limited to start producing commercial algae by Qponics Limited in 2016. It is also focused on developing high-quality algae EPA for supplements through the Algacytes photobioreactor ology. It also aims to expand the company product in Europe and Australia.
Competitive Landscape
The global algae omega-3 ingredients market is fragmented, as key players, like DSM, Corbion, BASF, Polaris S.A., and Neptune Wellness Solutions Inc. are facing competition from local players across various regions. Partnerships remained the most common strategy, with weightage of 43% in the global algae omega-3 ingredients market. Key players, like ADM, DSM, and Neptune Wellness Solutions Inc. are focusing on partnerships and joint ventures to increase their production capabilities and consumer base across various regions.
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