North America Omega-3 Market

North America Omega-3 Market Size Share Trends Demand Overview

North America Omega-3 Market was estimated at USD xx.xx billion in 2019 and is anticipated to reach an extent of USD xx.xx billion with a considerable CAGR throughout the foreseen period 2022 - 2027.

Omega-3s are a family of fats significant for health, which are divided into docosahexaenoic acid, eicosapentaenoic acid, and alpha-linolenic acid. The human body cannot prepare alpha-linolenic acid, so it must be consumed. Docosahexaenoic acid and Eicosapentaenoic acid are long-chain fats that can be made from ALA in our bodies.

Recent Developments

In October 2019, Kardio3 was introduced by KD Pharma, which is a blend of phytosterols, vitamin K2, and omega-3s. Helps sustain bone health and supports heart and healthy lipids.

In September 2019, an investment of USD 36 million announced by Epax for the innovation in its omega-3 sector in the subsequent two years.

 Market Drivers and Restraints:

Increased consumer awareness of health products is a major trend in the North America omega-3 market. Consumers increasingly accept health and beauty products as extensions of the food they eat. A new range of nutrient-focused products is emerging around the world ranging from fortified foods to nutritional supplements. In the case of pet owners, this continuum extends to pet food and grooming products, essentially mimicking the range of human products available. The industry has seen a rapid increase in the absorption of omega-3 supplements over the past five years, with growing evidence supporting their use to prevent cardiovascular disease, depression, rheumatoid arthritis, and asthma, and to delay cognitive decline. This is driving the growth of the omega-3 market in North America. Also, since docosahexaenoic acid (DHA) is particularly essential during pregnancy and in the early stages of a baby's life, pregnant and nursing mothers also prefer to use these supplements. Additionally, the need for DHA remains crucial for a newborn's brain development. All these factors are further driving the growth of the North America Omega-3 market.

The supplement needs of a growing number of athletes around the world are expected to represent an opportunity for the omega-3 market. Several research studies are underway in the industry regarding the tremendous benefits of supplements and functional foods containing animal and plant-based omega-3s. These supplements are known for their ability to fight inflammation, reducing joint pain and tenderness associated with arthritis. Currently, supplements specifically positioned for sports nutrition have not gained as much popularity as ingredients such as protein powders or amino acids, in terms of sales and product development. However, the historical period has seen the emergence of sports nutrition and a greater number of scientific research studies supporting the benefits of omega-3 supplements for athletes. With their growing interest in these supplements to increase metabolic capacity, delay the onset of fatigue, improve muscle hypertrophy, and shorten recovery periods, athletes can build a potential consumer base in the omega-3 market.

Market Segmentation:

The North America Omega-3 market has been divided based on the type, source, and application. Depending on the type, the market is divided into alpha-linolenic acid, docosahexaenoic acid, and eicosapentaenoic acid. The combination of DHA and EPA helps reduce bad cholesterol and coronary heart disease such as stroke and high blood pressure, which in turn should drive growth in these segments. In this regard, the increased incidence of heart disease in people due to unhealthy lifestyles is likely to drive demand for Omega-3.

In terms of application, the global Omega-3 market is divided into pet and animal foods, instant formulas, pharmaceuticals, functional foods and supplements, and others. The functional foods and supplements segment dominated the industry in 2019 due to several health benefits of omega-3s, increased R&D initiatives, and rising healthcare costs. The increasing use of dietary supplements to maintain fitness and nutrient adequacy in adults is expected to increase omega-3 intake from dietary supplements. Food supplements and functional foods are mainly consumed in order to ensure the supply of important nutritional components for the human body. The increase in the number of cardiovascular diseases due to an inactive and sluggish lifestyle, especially among the 30-40 age group, and fluctuating eating habits are the factors that should drive the importance of the products. Omega-3 nutraceuticals on the market for years to upcoming years. In terms of revenue, the marine source of Omega-3 fatty acids accounted for an 82.5% share in 2019 and is expected to experience significant growth during the forecast period.

The demand for seafood is driven by growing consumer interest in Omega-3 fatty acids extracted from fish and krill oils. The increasing consumption of Omega-3s in the form of fortified food products, such as fish ham and fish sausages, is expected to drive the segment in the coming years.

Impact of covid-19 on North America Omega-3 Market

Uncertainty about employment increases, with the likelihood that a point of sale was employed at the closing store. Outlets that will continue to exist will do so with significantly less seating capacity and reduced overall demand due to public perception and reduced unjustified departures, further impacting the number of employees needed. The return of migrant labor to their country of origin will also affect the availability of skilled labor and there may be a shortage of people who are well adjusted to the limited jobs available. It will be a two-sided problem for both operators and F&B employees. As per the industry experts, this phase is survival of the fittest. So while many operations will deteriorate, some will merge with larger companies. Today, as the entire nation grapples with the problem of a global recession, all sectors are in an unprecedented situation where they are forced to make difficult decisions that could have colossal tax effects on their businesses. By being forced to endure this challenge, the F&B sector does so for the benefit of the entire community, although it will take some time to recover from losses incurred during the closing phase. While the strong performance in the last quarter will be austere, expectations for a strong rebound in the days after the close are not predictable and will be a daunting task. The road to profitability will not be easy and companies will need to adopt innovative and more efficient methods of doing business and creating new sources of income to maintain their presence in the market.

Regional Analysis:

The North America Omega-3 market has been categorized by geography into the United States, Canada, Mexico, and rest of North America. North America emerged as the largest market in 2019 due to the increasing use of the product in the pharmaceutical industry, along with increased research and development activities. Also, the increasing consumption of improved medicines, together with the need to increase the life expectancy of the aging population, is expected to drive the demand for omega-3 pharmaceuticals in the area.

Leading Company

Cargill Inc. had the largest share of the North America Omega-3 Market in terms of sales and revenue in 2019.

Key Players

Key players in the North America Omega-3 Market include Pharma Marine AS, Polaris, Cargill, GC Rieber Oils, Omega Protein Corporation, and others.