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Global Omega-3 Market to Reach $34B by 2016
October 11, 2012
3 Min Read
ROCKVILLE, Md.Fueled by consumer awareness of EPA/DHA omega-3 health benefits through media coverage of research findings, as well as developments in the regulatory environment, the global market for EPA/DHA omega-3 products is projected to jump from $25.4 billion in 2011 to $34.7 billion in 2016, for a compound annual growth rate of 6.4%, according to new market data from Packaged Facts.
According to the Global Market for EPA/DHA Omega-3 Products" report, North America currently accounts for 43% of these consumer sales, but Asia-Pacific is projected to jump to a close second-place position by 2016. These figures cover six categories of packaged consumer products, including infant formula; fortified foods and beverages; nutritional supplements; pharmaceuticals; clinical nutrition products; and pet food, treats and supplements.
The report notes a significant amount of nutrient-based new product development is driven by the concept of "superfoods." Omega-3s widely accepted status as a "superfood," in combination with a globally expanding range of nutrient-based new product development across CPG markets, means that the market for omega-3 products will remain lively and opportunity-rich for years to come.
David Sprinkle, publisher of Packaged Facts, said in addition to increased consumer awareness about omega-3 health benefits, other factors that will continue to create a positive growth environment for EPA/DHA omega-3 products include:
Consumer interest in functional food and fortified product line expansions;
Increasing demand for fortified infant formula due to population growth and rising middle class in emerging economies;
Continued popularity of EPA/DHA omega-3 nutritional supplement products, including krill oil and vegetarian algae-based supplements;
Introduction of pharmaceutical-grade products into South America and approval of generic pharmaceuticals in existing markets;
Expanding clinical nutrition market opportunities for disease- and disorder-specific formula applications, created through additional R&D and aggressive marketing by ingredient suppliers; and
Premiumization of pet foods due to humanization of companion animals.
The report examines packaged retail products marketed as high in omega-3 fatty acids, whether the products are inherently high in omega-3 or purposefully enhanced or fortified with this nutritional content, and whether the omega-3 content is docosahexaenoic acid (DHA), eicosapentaenoic acid (EPA), or alpha linolenic acid (ALA). The report pinpoints opportunities in an industry that has grown explosively but remains far from reaching maturity. The geographic scope of the report is global, and the packaged consumer product categories covered are foods and beverages ( which account for the bulk of the market); health and beauty care products, primarily consisting of supplements; and pet products, primarily dog or cat food.
Looking for more information about omega-3s? Check out SupplySide Omega-3 Insights, an online destination site for companies that currently develop or are looking to develop products with long-chain omega-3 ingredients. The site delivers ingredient information, regulatory analysis, best practices, product solutions, and more. The site is centered around long-chain omega-3s in an effort to help companies innovate and market successfully to their customers and potential clients. VIRGO unveiled the new program in cooperation with GOED (Global Organization for EPA and DHA Omega-3).
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