Omega-3 polyunsaturated fatty acids are essential nutrients that cannot be synthesized by human body, hence are obtained from the diet. Market Research Future (MRFR) has published a report stating that the global Omega-3 PUFA Market is marked to expand moderately by the end of 2023.
Market Drivers and Restraints:
Since Omega-3 PUFA cannot be synthesized by human body, it is consumed through food that is enriched with omega-3 fatty acid. Increasing awareness regarding the multiple health benefits of omega-3 PUFA and high demand for these ingredients in food and beverages and pharmaceutical industries are majorly propelling the growth of the global Omega-3 PUFA market. Increasing emphasis on maintaining the nutritive value of daily diet and inclination towards leading a healthy lifestyle are some other factors that are positively influencing the growth of the global Omega-3 PUFA market. Introduction of innovative food products that are enriched with omega-3 fatty acids in order to make their consumption more convenient for the consumers is one of the primary factors that fueling the growth of the global Omega-3 PUFA market. Increased research for discovering new animal as well as plant source for obtaining rich quality omega-3 polyunsaturated fatty acids and availability of these products in the form of functional foods and drugs are some other factors that are responsible for the growth of the global Omega-3 PUFA market. However, high cost of products that are rich in Omega-3 PUFA is likely to restrain the expansion of the global Omega-3 PUFA market.
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The major player profiled by MRFR that are operating in the global Omega-3 PUFA market are Cargill, Incorporated (the U.S.), FMC Corporation (the U.S.), Croda International PLC (the U.K.), Hain Celestial Group, Inc. (the U.S.), Omega Protein Corporation (the U.S.), Royal DSM (The Netherlands), GC Rieber (Norway), Pharma Marine USA LLC (the U.S.) and others.
The global Omega-3 PUFA market has been segmented on the basis of types, source and application. Based on type, the Omega-3 PUFA market has been segmented into EPA, DHA and ALA. Based on source, the Omega-3 PUFA market has been segmented into animal source and plant source. The Animal segment has been sub-segmented into fish oil, algal oil, krill oil and others. The plant segment has been sub-segmented into chia seed, flax seed, hemp seed and others. Based on application, the Omega-3 PUFA market has been segmented into food & beverages, dietary supplements, pharmaceuticals, infant formula and others
In November 2018, VIRUN and Algarithm have announced the debut of their new product O3Omega multi-serving smoothies in the flavor of peanut butter and jelly sandwich in Supply Side West Expo, Las Vegas. This brand has launched multiple other flavored smoothies that are enriched with Omega-3 polyunsaturated fatty acids.
In May 2018, researchers at the Institute of Aquaculture, University of Sterling has published that states certain invertebrates that are inhabiting marine ecosystems, including, worms, corals and mollusks are capable of producing omega-3 fatty acids. This discovery is considered to be a very significant contribution to global omega-3 production chain.
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Geographically, the global Omega-3 PUFA market has been segmented into North America, Europe, Asia Pacific and the rest of the world. The North America region commands for a significant share in the global Omega-3 PUFA market owing to the rise in number of health-conscious consumers and introduction of innovative products that are enriched with Omega-3 polyunsaturated fatty acids by the large pool of manufacturers in this region. Easy acceptance of new products and utilization of advanced technology for optimizing the manufacturing process are fueling the growth of Omega-3 PUFA market in the Europe region. Increasing consumer awareness regarding the benefits of omega-3 polyunsaturated fatty acids and high demand for fortified food products are propelling the growth of the Omega-3 PUFA market in the Asia Pacific region.