The omega 3 Supplements market is evaluated at US$5.337 billion for the year 2019 growing at a CAGR of 7.97% reaching the market size of US$8.457 billion by the year 2025.
Omega 3 is a family of fatty acids of polyunsaturated fats associated with several health benefits. Chronic diseases such as CVDs, depression, and anxiety among others can be reduced with the consumption of omega 3. Thus, the rising prevalence of chronic diseases globally coupled with the growing awareness among the millennials regarding proper nutrition and health in both developed and developing economies have played a major role in bolstering the demand for omega 3 supplements, thus positively impacting the market growth over the course of the next five years. Additionally, the growing fast-food consumption coupled with the sedentary lifestyle of the people particularly in the developing economies has further propelled the prevalence of various diseases. This, in turn, is anticipated to propel the business growth opportunities for the manufacturers. This combined with the growing purchasing power of the people in countries such as India and China among others has led to an increased focus towards a healthy lifestyle, thus augmented the demand for numerous supplements. It also helps in the risk of abnormal heartbeats which may also lead to sudden death. Thus, a growing prevalence of arrhythmia may supplement the consumption of omega 3 products as well. Moreover, participation by major market players in the launch of new and enhanced products with an aim to gain a competitive edge over other players further shows the growth potential of the market during the next five years.
The advent of COVID-19 may have a minimal impact on the market since the demand for health supplements has increased during the short run. However, the disruption in supply chains is anticipated to hit the production sector across the healthcare sector.
The segmentation of the omega 3 supplements market has been done into source, product, distribution channel, and geography. By source, the classification of the market has been done into plants and animals. On the basis of product, the segmentation of the market has been done into capsules, powder, soft gel, and others. By the distribution channel, the market has been segmented as online and offline. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
The growing prevalence of chronic diseases is supplementing the market growth
The growing number of people diagnosed with heart disease is the major driver of the omega 3 supplements market. According to the World Health Organization (WHO), 17.9 million people die each year due to cardiovascular diseases (CVDs), an estimated 31% of all deaths worldwide. Increasing consumption of tobacco, unhealthy diet and physical inactivity are raising the risk of heart attacks and strokes. According to the Centre for Disease Control and Prevention, heart disease has been the major cause of death in the United States in which coronary heart disease is the most common type of heart disease. The rising obese population is one major cause of heart attack. Thus, creating an amplified demand for various health supplements in the next five years. Moreover, the increasing prevalence of arrhythmia is projected to bolster the demand for omega 3 supplements in many parts of the world. This can be backed up by the fact that pacemaker implant surgeries are increasing in many countries. A pacemaker is a small device implanted in the heart or abdomen for controlling the abnormality of the heartbeats. Pacemakers are generally used for the treatment of arrhythmias. Arrhythmias may further lead to less pumping of blood to the heart which may further lead to tiredness, fatigues, or fainting, if not cured this may lead to loss of consciousness or death. As per the data from the National Health Service, United Kingdom, pacemaker implantation is one of the most common types of heart surgery that is carried out in which thousands of pacemakers are fitted across the country each year.
Plant-based supplements to grow at a notable rate
By source, animal-based supplements are projected to hold a significant market share. However, on the other hand, the plant-based segment will propel at a high CAGR during the next five years on account of the growing trend of veganism across many countries around the globe.
APAC to witness a promising growth
Geographically, the Asia Pacific region is projected to witness healthy market growth during the next five years. The major factors supporting the fast market growth in the APAC region includes the growing propensity of the consumers to spend on supplements and other nutritional products. Moreover, the growing adoption of a health-oriented lifestyle has also lead to increased spending on health-enhancing products in countries like India, China, and Australia among others. On the other hand, the North American region is anticipated to hold a substantial share in the market primarily due to the presence of a greater proportion of the health-savvy population in countries like the United States and Canada among others. Moreover, the higher purchasing power of the people along with the availability of a world-class healthcare sector coupled with the presence of major market players in the region are some of the additional factors supporting the share of the region over the next five years.
The players in the Omega 3 Supplements market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Omega 3 Supplements market.