Algae Omega3 Ingredients Market Forecast and CAGR
According to the latest research by Fact.MR, the Algae Omega3 Ingredients market is set to witness substantial growth during the forecast period 2021-2031. Gradual shift of consumers towards functional food and dietary supplements, rise in vegan population, increasing demand of EPA/DHA ingredients in infant formulas, high demand of clean label products, and increasing application scope is likely to offer immense growth momentum for the algal omega3 ingredients market.
What is Driving Demand for Algae Omega3 Ingredients?
Omega-3 fatty acids are known to be essential for normal cell function along with protecting against inflammation-related health conditions. DHA is an integral component of cell membranes and is required for normal cell functionality. DHA plays an essential role in all stages of life for reducing risk of metabolic diseases.
DHA is essential for brain development during pregnancy to early childhood for brain development of infants whereas for adults its properties are associated with improving cardiovascular health. The other health benefits of it includes reducing the risk of respiratory infections and allergies in early childhood along with preventing early pre-term birth. With increasing concerns regarding cardiovascular health and shift towards health beneficial ingredients, the market is expected to be a lucrative avenue for the manufacturers.
With the rising complexity in customer dynamics due to professional and personal work commitments, the lifestyle and the eating habits of the customers has changed, which in turn has marked a positive impact on dietary supplements and health beneficial products. DHA supplementation is also known to prevent cognitive decline and reduction in the risk of progression to dementia thus prompting increased application in dietary supplements.
Algal DHA is well perceived to be a pure, premium source of DHA that can effectively ensure vegetarians get the vast health benefits with a higher DHA status. The increasing vegan population is further expected to opt for products made from vegan ingredients as traditionally, fish and marine sources were only considered as only source of DHA.
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Increasing Demand for Functional Food to Benefit Market Growth
Increasing number of health-conscious consumers are consuming food with additional minerals and fibers to it. The food offered by different manufacturers today go through a lot of processing, which takes away the necessary minerals and fibers from the food. This factor has influenced the sales of functional ingredients that add value to the food of the customers by providing necessary nutrients. Functional food is seen as an alternative to the different supplements, which are used by the core supplement users.
Algae Omega 3 ingredients are known for health beneficial properties along with helping mood balance, normal brain function, and reduced risk of respiratory infections. Thus, increasing customer inclination towards functional food for aiding health and wellness the market is expected to witness positive growth outlook.
US & Canada Algae Omega3 Ingredients Market Outlook
US in North America represents largest share worldwide in the algae omega 3 ingredients market. This is because of the expanded utilization of Omega 3 enhancements, increased awareness regarding benefits of Omega 3 coupled with demand for functional and fortified food. Additionally, the country is home of the major manufacturers, so domestic expansion of the key participants and successive product launched with upgraded formulations has further contributed towards high market share.
For example, Enfamil, a US-based organization offers Enfagrow A+ Stage 4 Nutritional Milk Powder, which comprises of DHA, alongside other fundamental prebiotics and micronutrients for infants.
In Canada, docosahexaenoic corrosive (DHA) is a significant ingredient that is being increasingly used in infant formulations. Most of the brands offering infant formula is utilizing the ingredient for offering added health benefits to the infants which is augmenting growth of the market in Canada.
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Asia Pacific Growth Outlook for Algae Omega3 Ingredients
Asia Pacific market is projected to accomplish significant CAGR attributable to expanding number of number of poultry and domesticated animals around.
Poultry, pig and ruminants require fundamental unsaturated fats to encourage strong metabolism, reduce inflammatory response, improve feed conversion, and palatability. Omega 3 in animals and pet nutrition aids in diminishing resistant pressure and prompts improved wellbeing and regenerative productivity. These nutritional upgrades cut down the veterinary expense by improving in general wellbeing of the animals. Thus, with the development of animal nutrition market in Asia Pacific the scope for including algae omega3 ingredients in such products is expected to support high growth rate.
Also, with the increasing number of working woman populace in Asia Pacific the demand for DHA infused recipes and infant formula is expected to witness immense growth.
The wrath of COVID-19 has brought customers attention towards health beneficial and nutritious food for their babies in order to curb the impact of the virus. This has prompted increased use of health beneficial algae omega3 ingredients in infant products for supporting healthy well-being.
Who are the Key Manufacturers and Suppliers of Algae Omega3 Ingredients?
Some of the leading manufacturers and suppliers operating in the algae omega3 ingredients market include
- Archer Daniels Midland Company
- Neptune Wellness Solutions Inc.
- Koninklijke DSM N.V
- BASF SE
- Orkla Health
- Omega Protein Corporation
- Croda Internation Inc.
- BioProcess Algae
- GC Reiber Oils
- Aker Biomarine Antarctic AS
Key manufacturers such as BASF SE are carrying out extensive research and development for new extraction process of omega 3 from algae with improved technology to serve large customer base with better quality of DHA. In 2018, the company launched new-algae based Dry n-3 DHA 11A for application in infant nutrition with the help of encapsulation technology in order to ensure extended shelf life and better freshness.
Other key participants including Neptune Wellness Solutions Inc., Archer Daniels Midland Company, Koninklijke DSM N.V. are focused towards joint ventures and partnerships for increasing their production capabilities and customer base globally.
An Adaptive Approach to Modern-day Research Needs
Algae Omega3 Ingredients Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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- Eicosapentaenoic Acid (EPA)
- Docosahexaenoic Acid
- Food & Beverage Industry
- Dietary Supplements
- Animal Nutrition
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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