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Report forecasts growth in fatty acids
10 Jun 2015A new report from Persistence Market Research forecasts that the global market for fatty acid supplements will grow by 13.1% to reach $4,477.8 million by 2020. The report includes marine oils, algal oils and others (including flaxseed oils) and reviews segments including dietary supplements, functional food and beverages and others (including pharmaceuticals and infant formula). […]
A new report from Persistence Market Research forecasts that the global market for fatty acid supplements will grow by 13.1% to reach $4,477.8 million by 2020.
The report includes marine oils, algal oils and others (including flaxseed oils) and reviews segments including dietary supplements, functional food and beverages and others (including pharmaceuticals and infant formula).
Increasing awareness among consumers about health, diet, and fitness has helped improve lifestyles greatly, the company notes, saying that omega-3 is among the best options for consumers looking for a healthy lifestyle. Increasing health awareness and medicinal benefits of fatty acids are major growth drivers for the global fatty acids supplements market. In the past few years, certain health organisations, it says, have indicated that omega-3 fatty acids can be useful in the treatment of eye, hair, and heart diseases.
In recent years, infant formula, which is one of the major applications of omega-3, has witnessed significant growth, according to the company who point out that EFSA has said that omega-3 fatty acids can aid cognitive development in infants. Thus, says Persistence, companies such as Nestlé S.A. and Abbott Laboratories have been progressively expanding their product portfolios catering to this segment: for instance, infant formula, such as Similac with OptiGRO and Similac for supplementation, both products of Abbott Laboratories, are available in the market.
Lower level of consumer awareness acts as a major restraint for the fatty acids supplements market, the report claims, noting that the situation is adverse in developing parts of the world where literacy rates are low and people have low disposable incomes to spend on dietary supplements. Companies such as Arista Industries, Croda Healthcare, DSM, and Dean Foods are focusing on spreading awareness, says Persistence, especially in high potential markets in Asia Pacific and Latin America.
North America is the largest market for fatty acids supplements globally, according to the report, followed by Europe. In 2013, North America accounted for about 35% of the global consumption of omega-3 fatty acids. A growing trend towards consuming beverages with functional ingredients has offered new opportunities for the addition of omega-3, such as EPA and DHA, in beverages. According to the United Soybean Board’s Consumer Attitudes about Nutrition survey, around 84% of consumers perceived omega-3 as a healthy fatty acid in 2012; and increase from 79% in 2011.
The global fatty acids supplements market is highly consolidated, with the top five companies holding around 75% market share. Persistence says that DSM leads the market, followed by Epax and Croda Health Care.