Report : Asia Pacific Omega-3 Concentrates Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Form (Oil and Powder); Source (Fish, Algae, Calamari, Krill and Others); Type (Triglyceride (TG), Ethyl Ester (EE) and Phospholipids (PL)); Concentration (High DHA, High EPA and Balanced EPA-DHA); End Use (Food and Beverages, Dietary Supplements, Pharmaceuticals, Infant Formula, Personal care and cosmetics and Others)
According to the latest study on “Asia Pacific omega-3 concentrates Market Forecast to 2027 – Covid-19 Impact and Analysis – By Form (Oil and Powder); Source (Fish, Algae, Calamari, Krill and Others); Type (Triglyceride (TG), Ethyl Ester (EE) and Phospholipids (PL)); Concentration (High DHA, High EPA and Balanced EPA-DHA); End Use (Food and Beverages, Dietary Supplements, Pharmaceuticals, Infant Formula, Personal care & cosmetics and Others); and Country,” the Asia Pacific omega-3 concentrates market was valued at US$ 476.21 million in 2019 and is projected to reach US$ 800.15 million by 2027; it is expected to grow at a CAGR of 6.8 % during 2020–2027. The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.
Omega-3 concentrates are highly purified oils that offer DHA and EPA sufficient amounts. Convenience, along with health benefits, is propelling the demand for omega-3 concentrates. Omega 3 concentrate offers various health benefits to the consumers, including cardiovascular, eye, and brain health. Rising health consciousness among consumers furthers helps in market expansion. A large number of consumers are becoming familiar with the benefits of omega-3 concentrates. Nowadays, the populace worldwide is inclined towards a healthy lifestyle and is spending considerably on nutritional products. Omega-3 fatty acids help to reduce the risk of heart disease and are used along with exercise and diet to reduce the levels of triglyceride and to increase levels of HDL cholesterol. Increased level triglyceride in the blood promotes the development of arteriosclerosis, which eventually increases the risk of cardiovascular disease. Moreover, omega-3 concentrates aids in fighting depression and anxiety, improves eye health, reduces the symptoms of metabolic syndrome, fights inflammation, helps prevent cancer risks, and offers various other health benefits. These health benefits are attracting consumers to the omega-3 concentrates market. Furthermore, the rising incidence of cardiovascular diseases, cancer, and other similar health issues has also augmented the demand for omega-3 concentrates in Asia Pacific.
The increasing disposable income of the consumers in emerging economies of Asia Pacific, contributes to the market growth. Consumers in these regions are increasingly spending on dietary supplements and healthy foods due to the rising disposable income and improving lifestyles. In addition to this, key players and suppliers actively involved in the supply chain of omega-3 concentrates are developing various strategies to expand the awareness regarding the health benefits associated with omega-3 enriched diets, which has widely and positively influenced the sales of omega-3 concentrates in the developing regions. Manufacturers are also offering gluten-free, and non-GMO omega-3 concentrates. For instance, some company offer non-GMO, gluten, wheat, and dairy-free omega-3 fish oil concentrates. Therefore, the product launches that can satisfy a broad spectrum of consumers are also amplifying the market progression.
The Asia Pacific omega-3 concentrates market has been analyzed on the basis of historical, current, and future trends in countries such as China, India, Japan, South Korea, Australia and rest of Asia Pacific. These developed and developing countries are witnessing an upsurge in the middle-class population, along with rapid growth in urbanization, which offers ample opportunities for the key omega 3 concentrates market players in the omega 3 concentrates market. The omega 3 Concentrates market in the APAC region is growing at a faster pace owing to the ever-increasing disposable income of the middle-income group population. Consumers are pay higher prices for healthy food products produced from natural ingredients such as omega 3 concentrates. Moreover, rising concerns about healthy food due to rising incidence of cardiovascular diseases and cholesterol issues are a few more factors driving the omega 3 concentrates market in this region. The expanding dietary supplements market especially in China and India has the highest customer base in terms of omega 3 concentrates market in Asia Pacific. The shift in the preferences of consumers towards healthy diet comprising of omega 3 ingredients and the use of fish oil amplifies the sale of omega 3 concentrates in the region.
Recently, the World Health Organization (WHO) announced the outbreak of COVID-19, the novel form of a disease caused by the virus SARS-CoV-2, as a pandemic. This outbreak started in December 2019 in Wuhan, China, and later, it turned into a pandemic, causing numerous deaths worldwide. The outbreak of COVID-19 pandemic has severely impacted the food and beverages industry. The shutdowns of this industry and supply chain disruptions due to lockdown of countries has created a strain on the supplies of the products of this industry. India has the highest number of confirmed cases of COVID-19 morbidities in Asia Pacific. Owing to this pandemic, the Asia Pacific food and beverages industry has witnessed an abrupt downturn in several major countries. The food and beverages industry in Asia Pacific suffered its one of the biggest drops in activities after the restaurants and food centers were closed, and the supply of food products and workers were disrupted due to the pandemic. The drop in the demand for food products in the region has directly affected the sales of the omega-3 concentrates products in Asia Pacific.
The Asia Pacific omega-3 concentrates market is concentrated with several well-established players. A few of the key players in this market include are BASF SE; AlaskOmega; Golden Omega S.A.; K Pharmtech Co., Ltd; DSM Nutritional Products AG; Nordic Naturals, Inc.; Epax Norway; Norwegian Fish Oil; GC Rieber VivoMega and Australian Omega Oils Pty. Ltd.
The report includes the segmentation of Asia Pacific omega-3 concentrates market as follows:By Form
- Triglyceride (TG)
- Ethyl Ester (EE)
- Phospholipids (PL)
- High DHA
- High EPA
- Balanced EPA-DHA
- Food and Beverages
- Dietary Supplements
- Infant Formula
- Personal Care and Cosmetics
- South Korea
- Rest of Asia Pacific
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