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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 5.6 Billion
- Forecast CAGR (2021-2026): 5%
- Forecast Market Size (2026): USD 9.20 Billion
Consumers are increasingly shifting to healthier alternatives while adopting preventive care as a necessary tool to help them lead a better lifestyle. Thus, omega 3 supplements are being increasingly consumed as they are a rich source of vitamins, proteins, minerals and render benefits to diseases, such as cancer, asthma, depression, and others. A sedentary lifestyle has resulted in a rising number of chronic diseases, which is expected to propel the product demand. Customers' attention has moved from reaction to prevention as a result of the COVID-19 pandemic. Consumers are increasingly prioritising immune health, heart health, and overall wellbeing. This, in turn, increased the demand for supplements for mitigating the risk of heart failure, thus positively impacting the product sales. The rising consumer inclination towards plant-based alternatives is expected to drive the demand for algae oil-based supplements.
Industry Definition and Major Segments
A dietary supplement containing omega 3 fatty acids is known as an omega 3 supplement. The supplement has a lot of health benefits and is available in a variety of forms, including tablets, capsules, and pills.
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Based on source, the market is divided into:
- Fish Oil
- Krill Oil
- Algae Oil
The various forms of omega 3 supplements include:
- Soft Gels
On the basis of functionality, the market is segmented into:
- Cardiovascular Health
- Brain, Nervous System, and Mental Health
- Eye Diseases
The significant end users of omega 3 supplements are:
- Pregnant Women
The major distribution channels of the product include:
On the basis of region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
With the increased cases of age-related macular degeneration (AMD), which might worsen after the age of 60, the geriatric population is expected to account for a large share. Omega 3 supplements can successfully treat AMD, which is expected to drive demand for the product in the forecast future. The population explosion is expected to drive demand for fish oil, which includes concentrated omega-3 fatty acids, over the predicted period. The benefits of omega 3-based supplements are likely to affect purchasing behaviour if they are made known through multiple forms of media, including electronic and print. Also, the growing vegan population, coupled with rising consumer awareness regarding the product benefits, is expected to boost the market growth. Initiatives aimed at enacting favourable regulations, and infrastructure development in the healthcare sector by most governments across the world, are expected to have an impact on the growth and popularity of omega 3 supplements.
Key Market Players
The major players in the market are NutriGold Inc., Pharma Nord B.V., Luhua Biomarine (Shandong) Co., Ltd., Aker BioMarine ASA, KD Pharma Group SA, and Nordic Naturals, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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