Report : Middle East and Africa Omega-3 Supplements Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Form (Capsules, Soft Gels, and Others), Source (Fish Oil, Krill Oil, Algae Oil, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
Krill Oil is Expected to be the Fastest Growing Segment During the Forecast Period 2020–2028
According to a new market research study on “Middle East & Africa Omega-3 Supplements Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Form, Source, and Distribution Channel,” is expected to reach US$ 3,782.63 million by 2028 from US$ 2,027.53 million in 2021. The market is estimated to grow at a CAGR of 9.3% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa omega-3 supplements market along with the drivers and restraints pertaining to the market growth. Scaling consumers preferences toward vegan supplements, thriving product innovation efforts by companies, and ramping emphasis on cognitive development are the major factor driving the growth of the Middle East & Africa omega-3 supplements market. However, insufficient clarity among consumers about the daily recommended intake hinders the growth of Middle East & Africa omega-3 supplements market.
Turkey, South Africa, Iraq, and Israel are among the major countries in the Middle East & Africa, which have reported a high number of COVID -19 cases. According to the International Finance Corporation, the COVID -19 pandemic has had a severe impact on the economy in this region, which has led to a decline in oil production, tourism, and remittances. The quarantine measures implemented for sanitary purposes in the region have led to disruptions in several activities across diverse economic sectors. The MEA comprises many growing economies, which are prospective markets for omega 3 supplements vendors. The pandemic has significantly propelled the growth of the omega 3 supplements market in the region on the back of health benefits associated with these products.
The Middle East & Africa omega-3 supplements market is segmented on the basis of form, source, distribution channel and country. Based on form, the market is segmented into capsules, soft gels, and others. In 2020, soft gels segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on source, the market is segmented into fish oil, krill oil, algae oil, and others. In 2020, fish oil segment held the largest share in the market, and krill oil is expected to be the fastest growing segment during the forecast period. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online stores, and others. In 2020, specialty stores segment held the largest share in the market, and online stores is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into South Africa, Saudi Arabia, the UAE, and Rest of MEA. In 2020, Saudi Arabia held the largest share in the market, and South Africa is expected to be the fastest growing country during the forecast period.Church & Dwight, Inc.; Prestige Consumer Healthcare Inc.; NOW Foods; Nordic Naturals; Reckitt Benckiser Group plc.; Pharma Nord B.V.; Pharmavite LLC; Quten Research Institute; and Epion Brands are among the leading companies in the Middle East & Africa omega-3 supplements market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Epion Brands introduced its new Kori Pure Antarctic in Walmart, CVS, Meijer, and HEB. It is also available on Target.com and directly from the product’s website.
Middle East & Africa Omega-3 Supplements Market, By Country, 2020 and 2028 (%)
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