The global omega 3 supplements market size was valued at USD 5.58 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2020 to 2028. A sedentary lifestyle has resulted in a rising number of chronic diseases, which is expected to propel the product demand. The omega-3 fatty acids aid in decreasing the risk of abnormal heartbeats or arrhythmias, which can even cause sudden death of the patient. It also helps in reducing triglyceride levels, slowing the growth rate of atherosclerotic plaque, and lowering blood pressure levels. Consumers are increasingly shifting to healthier alternatives while adopting preventive care as a necessary tool to help them lead a better lifestyle.
Brand name, nutritional value, and safety of the products are some of the factors that influence the consumers’ buying decision. Awareness through various forms of media, including electronic and print, about the benefits offered by omega 3-based supplements, is also likely to influence buying behavior. Growth in fish consumption is likely to continue, especially in developing countries. Omega 3 supplements are primarily produced from fish oil. However, uneven capture of fish and growing demand for fish from other application sources reduce their availability at a lower cost, restraining market growth.
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Key Player Mentioned:
- Nordic Naturals, Inc.
- NutriGold Inc.
- Reckitt Benckiser Group plc
- Pharma Nord B.V
- i-Health, Inc.
- Aker BioMarine AS
- Luhua Biomarine (Shandong) Co., Ltd.
- Pharmavite LLC
- KD Pharma Group
- NOW Foods
- GlaxoSmithKline plc
- Natrol LLC
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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The U.S. dominated the North America regional market and accounted for a 77.7% share of the revenue in 2020. The American Heart Association (AHA) recommends the consumption of fish to maintain optimum omega 3 levels in the diet. Growing consumer knowledge regarding the product benefits is also boosting the market growth. The rapid socio-economic development has resulted in increased cases of heart diseases, cancer, and diabetes across various segments of the population. Growing health consciousness has resulted in consumers preferring dietary supplements, such as omega 3, which promotes heart health, helps in maintaining optimum health of the infant, aids in cancer prevention, and offers many other health benefits.
The coronavirus pandemic has shifted the focus of customers to a preventive, rather than reactionary mindset. Consumers are increasingly prioritizing immune health, heart health, and overall wellbeing. According to the AHA, stroke survivors and those with heart diseases, including high blood pressure and congenital heart defects, may face an increased risk of complications, if infected by COVID-19. This, in turn, increased the demand for supplements for mitigating the risk of heart failure, thus positively impacting the product sales.
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