Europe omega-3 supplements market was valued at US$ 408.82 million in 2019 and is projected to reach US$ 751.09 million by 2027; it is expected to grow at a CAGR of 8.1% from 2020 to 2027.
Omega-3 supplements contains highly concentrated oils comprising the EPA and DHA along with other essential vitamins and other nutrients. These supplements are mainly derived from oils such as fish oil, calamari oil, krill oil and algal oil. These supplements are available in capsules, soft gels, gummies, and candies. The plethora of health benefits and attributes offered by omega-3 supplements are the key factors driving the growth of the omega-3 supplements market. However, the European consumers mostly rely on natural food resources for their nutrition intake; thus, the consumption of omega-3 supplements in Europe is moderate compared to other countries such as Australia, US, and China. Nonetheless, rising incidences of cardiovascular diseases and growing awareness toward cognitive health is encouraging the European consumers to increase their intake of Omega-3; thus, supplementing the growth of the omega-3 supplements market.
The Europe omega-3 supplements market based on form has been segmented into capsules, soft gels, and others. The capsules segment dominated the Europe omega-3 supplements market in 2019 and is expected to witness the fastest CAGR during the forecast period. The capsules are one of the common forms of omega-3 supplements, which are popular among the consumers as they are easy to swallow. Capsules are the shells or containers composed of gelatin, which contain powder or spheroid form drugs inside them. Various manufacturers use an enteric coating to keep the tablet from dissolving until it reaches the human small intestine. This is prevalent in fish oil capsules, as it inhibits fish burps. Apart from gelatin, which is an animal-derived casing material, plant-derived casing materials, such as hydroxypropyl methylcellulose and polysaccharide matrix, are also used to form capsules. Plant-based casing materials are anticipated to witness a significant demand due to the increasing vegan and vegetarian populace. Menhaden, sardines, salmon, herring, and cod liver are among the most common natural fish oil sources available in capsules form. Further, processed fish oils make up most of the fish oil market, as they are cheap and ordinarily come in tablets popular among consumers. All these factors are driving the growth of capsules segment.
The European continent comprises several developed economies such as Germany, France, the UK, and Italy, among others. Europe is a well-established, large, and lucrative market for omega-3 supplements. The companies are continuously improving their overall business processes to meet the customers' demand for superior quality products and services in the best possible way. European consumers are shifting their preferences toward a healthy lifestyle and prefer products that improve their health and well-being. Demand for omega-3 supplements is increasing due to the rise in the geriatric population and the increasing prevalence of diseases associated with aging. These factors are expected to increase the consumption of omega-3 supplements. Moreover, rising consumer awareness regarding the benefits of omega-3 supplements among health-conscious consumers in the countries such as the UK, Germany, Italy, and others is estimated to fuel the demand for omega-3 supplements in the coming years.
COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace worldwide. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns imposed by governments. Food & Beverages is one of the major industries suffering serious disruptions, such as supply chain breaks, technology events cancellations, and office shutdowns. As per the recent data, in Europe, Russia has recorded the highest number of COVID-19 cases. Other than this, the UK, France, Spain, Italy, and Germany have also been hit hard and are expected to suffer an economic hit due to a lack of revenue from various industries. Other member states have implemented drastic measures and travel restrictions, along with partially closing their borders. This is anticipated to impact the market growth in Europe.
Now Foods; RIMFROST AS; Pharma Nord B.V.; Nordic Naturals, Inc.; Aker BioMarine AS; and Reckitt Benckiser (RB); are among the major players operating in the Europe omega-3 supplements market.
The overall Europe omega-3 supplements market size has been derived in accordance with to 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. The participants typically involved in 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 specializing in the Europe omega-3 supplements market.