The Europe omega-3 concentrates market was valued at US$ 399.69 million in 2019 and is projected to reach US$ 664.99 million by 2027; it is expected to grow at a CAGR of 6.7% during 2020–2027.
Omega-3 concentrates are obtained from omega-3 rich fats processed to have EPA or DHA in higher concentrations. These concentrates are mainly derived from fish oil, calamari oil, and algal oil, and are available in powdered and oil forms. They are applicable in dietary supplement manufacturing and are also used as a pharmaceutical-grade component. The market for omega-3 concentrates is driven by factors such as increasing spending on dietary supplements and healthy foods due to the rising disposable income and improving lifestyles in Europe. In addition, key players and suppliers actively involved in the supply chain of omega-3 concentrates are developing various strategies, such as product launches, to expand the awareness regarding the health benefits associated with omega-3 enriched diets, which has bolstered the sales of omega-3 concentrates in the developing regions. Manufacturers are offering gluten-free and non-GMO omega-3 concentrates. However, the lack of awareness regarding to the health benefits of omega-3 concentrates restricts its usage, which hinders the profitable growth of the market.
Based on form, the Europe omega-3 concentrates market is bifurcated into oil and powder. In 2019, the oil segment dominated the market. The richest and the cheapest source of EPA/DHA is fish oil. The oil contains 30–60 different fatty acids. It is an industrial product of high nutritional value owing to its content of long-chain omega-3 polyunsaturated fatty acids (PUFA)—such as Docosahexaenoic acid (DHA) and Eicosapentaenoic acid (EPA), which are currently extremely valued for their prophylactic and therapeutic properties in nutritional and healthy fields. Moreover, the market for highly concentrated omega-3 fatty acid fish oils for pharmaceuticals and dietary supplements is growing.
In terms of geography, the Europe omega 3 concentrates market is segmented into Germany, France, Italy, the UK, Russia and rest of Europe. Transforming lifestyle trends and rising incidence of various diseases such as diabetes, cardiovascular diseases, and hormonal issues due to hectic lifestyles and harmful dietary habits promote the market growth of omega 3 concentrate in Europe. Germany is experiencing a favorable growth in demand for the omega 3 concentrate due to the various health benefits offered by them. Omega 3 concentrates support the health of skin and eye, and reduce the risk of cardiovascular diseases. It also helps in brain development and supports brain function in infants. The use of omega 3 concentrates in infant food formulation favor the market growth of omega 3 concentrates in Germany. The consumer base in France is expanding rapidly owing to widespread awareness regarding the health benefits of omega 3 concentrates and omega-3 concentrates-based food supplements, which is driving the growth of the market in France. Omega 3 concentrates in powder form get incorporated into convenience food & beverages such as nutritional bars and sports drinks and deliver a significant amount of EPA and DHA. Thus, well-established food & beverage industry in Italy provides a huge consumer base for omega 3 concentrates. The UK also provides lucrative opportunities for manufacturers and producer Of omega-3 concentrates.
The COVID-19 pandemic has been hindering economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of the food & beverages industry and disruptions in supply chain are restricting supplies of various products. The Russia recorded the highest number of confirmed cases across Europe. The shutdown of many food processing plants during lockdown is restraining the growth of the omega-3 concentrates market in Europe.
BASF SE; AlaskOmega; Golden Omega S.A.; DSM Nutritional Products AG; Nordic Naturals, Inc.; Epax Norway; Norwegian Fish Oil; and GC Rieber VivoMega are among the major players present in the Europe omega 3 concentrates market.
Overall size of the Europe omega 3 concentrates market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specialized in the Europe omega 3 concentrates market.