EPA/DHA (Omega 3) Ingredients Market Revenue To Grow Beyond USD 4 billion by 2024 | Hexa Research
28 March 2019, The global EPA/DHA ingredients market size is anticipated to surpass USD 4 billion by 2024 growing at a decent CAGR of over 9.5 % over the forecast period (from 2016 to 2024). The rising awareness about consuming nutritional foods is projected to boost the growth of the EPA/DHA (Omega 3) ingredients market. The global market is categorized as applications, sources, and regions.
The application sector includes pharmaceuticals, dietary supplements, pet & animal feed, functional foods, and infant formulas. The dietary supplements sector sales surpassed USD 985 million in 2015. The pet & animal feed sector was the second largest sector and occupied more than 15 % of the overall demands in 2015. This application sector is said to experience an average growth with a CAGR of over 6 % during the estimated years. The pharmaceuticals sector is expected to grow at a healthy CAGR of over 6 % from 2016 to 2024.
The sources of the EPA/DHA (Omega 3) ingredients market include high concentrates, anchovy / sardine oil, medium concentrates, algae oil, low concentrates, tuna oil, salmon oil, cod liver oil, krill oil, and menhaden oil. The anchovy/sardine oil sector dominated the overall market in 2015. Its prices are said to increase on account of the partial ban by Peru’s Ministry of Production (Produce) due to the presence of a large number of anchovy juveniles. The algae oil sector is expected to experience the highest growth rate of over 9 % over the forecast period as a result of the rising consumer preferences towards plant source-derived products.
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Geographically, North America dominated the global market in 2015 exceeded valuation of over USD 750 million. Fresh product launches along with the rising awareness about omega 3 ingredients-enriched products for infants are expected to augment the demands in this region. Europe is likely to experience a steady growth with a CAGR of over 4 % from 2016 to 2024. The market share of Asia-Pacific, mainly driven by China and Japan, is anticipated to grow at a CAGR of over 8 % over the estimated years.
The key companies of the EPA/DHA (Omega 3) ingredients market are Croda International PLC.; ProNova Solutions LLC.; and Omega Protein Corp.
Browse Related Reports in Nutraceuticals & Functional Foods Industry:
Fava Beans Market: The global fava beans market was valued at USD 3.20 billion in 2017, is expected to grow at a CAGR of 1.9% from 2017 to 2025.
Dietary Supplements Market: The global dietary supplements market is likely to witness significant growth in the coming years. Increasing practice of preventive health management due to high healthcare costs and occurrence of lifestyle diseases can propel market growth.
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