Number of Pages: 99
Category – Food & Beverages
The North America omega 3 concentrates market was valued at US$ 605.81 million in 2019 and is projected to reach US$ 994.78 million by 2027; it is expected to grow at a CAGR of 6.5% 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 North America. 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. For instance, Solgar Inc. offers non-GMO, gluten free and dairy-free omega-3 fish oil 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.
In terms of geography, the North America omega 3 concentrates market is segmented into the US, Canada, and Mexico. Several domestic and international companies have a strong foothold in North America. A few key market players present in the North America omega-3 concentrates market are BASF SE, AlaskOmega, and Golden Omega S.A. These companies are constantly working toward innovations and new product developments of omega-3 concentrates with improved characteristics and qualities to attract new consumers and widen the consumer base across the region. The growth of the omega-3 concentrates market in the
US is attributed to the factors such as rise in awareness regarding the benefits of omega-3 concentrates in reducing the risk of illness along with maintaining the health; increase in the adoption of omega 3 concentrates by the people who are deficient in omega 3 essential fatty acids; and the presence of wide variety of fishes, algae, calamari, and krill as a source for omega 3 concentrates. The growing food & beverage industry in Canada is expected to boost the omega-3 concentrates market in the coming years. Rising health consciousness among the customers and increasing awareness regarding the omega-3 concentrates nutritional benefits are driving the market growth in Mexico.
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 North America omega- concentrates market.
Overall size of the North America 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 North America omega 3 concentrates market.