Omega 3 Supplements Market Size, Share & Trends Analysis Report By Source (Fish, Krill Oil), By Form (Soft Gels, Capsules), By End User (Adults, Infants), By Functionality, By Distribution Channel, And Segment Forecasts, 2020 - 2028

Report Overview

The global omega 3 supplements market size was valued at USD 5.58 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2020 to 2028. A sedentary lifestyle has resulted in a rising number of chronic diseases, which is expected to propel the product demand. The omega-3 fatty acids aid in decreasing the risk of abnormal heartbeats or arrhythmias, which can even cause sudden death of the patient. It also helps in reducing triglyceride levels, slowing the growth rate of atherosclerotic plaque, and lowering blood pressure levels. Consumers are increasingly shifting to healthier alternatives while adopting preventive care as a necessary tool to help them lead a better lifestyle. Thus, omega 3 supplements are being increasingly consumed as they are a rich source of vitamins, proteins, minerals and render benefits to diseases, such as cancer, asthma, depression, and others.

The U.S. dominated the North America regional market and accounted for a 77.7% share of the revenue in 2020. The American Heart Association (AHA) recommends the consumption of fish to maintain optimum omega 3 levels in the diet. Growing consumer knowledge regarding the product benefits is also boosting the market growth. The rapid socio-economic development has resulted in increased cases of heart diseases, cancer, and diabetes across various segments of the population. Growing health consciousness has resulted in consumers preferring dietary supplements, such as omega 3, which promotes heart health, helps in maintaining optimum health of the infant, aids in cancer prevention, and offers many other health benefits.

Brand name, nutritional value, and safety of the products are some of the factors that influence the consumers’ buying decision. Awareness through various forms of media, including electronic and print, about the benefits offered by omega 3-based supplements, is also likely to influence buying behavior. Growth in fish consumption is likely to continue, especially in developing countries. Omega 3 supplements are primarily produced from fish oil. However, uneven capture of fish and growing demand for fish from other application sources reduce their availability at a lower cost, restraining market growth.

The coronavirus pandemic has shifted the focus of customers to a preventive, rather than reactionary mindset. Consumers are increasingly prioritizing immune health, heart health, and overall wellbeing. According to the AHA, stroke survivors and those with heart diseases, including high blood pressure and congenital heart defects, may face an increased risk of complications, if infected by COVID-19. This, in turn, increased the demand for supplements for mitigating the risk of heart failure, thus positively impacting the product sales.

Source Insights

Fish oil-based supplements led the market and accounted for more than 63.1% share of the global revenue in 2020. The availability of various types of fish, which contain different vitamins, is propelling omega-3 supplement manufacturers to offer diversified products. Increasing environmental, metal, & hazardous pollutants in fish are making them toxic for utilization, which is expected to restrain the growth of the segment.

Furthermore, increasing regulations on fishing activities to protect the fish species are expected to affect the raw material supply for the industry. The rising consumer inclination towards plant-based alternatives is expected to drive the demand for algae oil-based supplements. Moreover, the growing vegan population, coupled with rising consumer awareness regarding the product benefits, is expected to boost the segment growth.

Form Insights

Soft gels led the form segment with a share of 41.3% in the global market in 2020. Soft gels are an oral dosage form that consists of a gelatin-based shell surrounding a liquid fill. Soft gels are easier to swallow as compared to tablets and capsules as they do not have an unpleasant odor and are tasteless. Enhanced absorption and bioavailability offered by soft gels, which results in fast disintegration, immediate nutrient delivery, and quicker action, are the key factors driving their demand. The supplements derived from fish oil can be easily delivered with soft gel form by eliminating bad taste and odor.

Apart from omega-3 supplements, other dietary supplements including vitamin A, D3, & E, carotenoids, lycopene, and omega-3 fatty acids are also offered in soft gel form. The application of soft gels is projected to witness significant growth owing to their smooth texture and taste masking capabilities. Capsules are shells or containers made up of gelatin containing powder or spheroid form drugs. Apart from gelatin, which is an animal-derived casing material, plant-derived casing materials including hydroxypropyl methylcellulose and polysaccharide matrix are also utilized for making capsules.

Plant-based casing materials are expected to witness a considerable demand due to the growing vegan population across the globe. Gummies, similar to candies, are a chewable form of omega-3 supplements that are enriched with nutrients. The gummies were initially formulated for adults and children unwilling to take pills but later became popular among other end users as a result of their easy assimilation and visual appeal. Moreover, the gummy form of the product is available in a variety of flavors.

Functionality Insights

Cardiovascular health led the market and accounted for a 37.4% share of the global revenue in 2020. Concerning cardiovascular disease prevention, omega-3 fatty acids help maintain HDL cholesterol, stabilize heart rhythms, reduce harmful LDL cholesterol, and lower blood pressure. All these health benefits are expected to drive the product demand in the cardiovascular health segment. As per the AHA, in 2020, over 17.3 million people die per year globally because of Cardiovascular Diseases (CVDs) Moreover, people in North America, especially in the U.S., reported higher cholesterol levels of about 43.0% and 33.0% of high blood pressure.

This trend is expected to drive the product demand for the treatment of coronary heart diseases, hypertension, and cholesterol. The brain, nervous system, and mental health segment is expected to register the second-fastest CAGR over the forecast period. According to the WHO, about 50 million people worldwide suffer from epilepsy, making it a major health concern. Furthermore, depression has affected about 322 million in 2019 in the U.S. Over the past few years, the total number of people suffering from epilepsy has increased in the U.S.

For instance, as per the research conducted by the Centers for Disease Control and Prevention (CDC), the number of adults suffering from epilepsy in 2018 was 3 million. According to the Anxiety and Depression Association of America, over 18.1% of the U.S. population suffers from anxiety disorders every year. The high prevalence of various mental disorders across the U.S. is anticipated to drive the demand for omega 3 supplements over the coming years.

Distribution Channel Insights

The Over-The-Counter (OTC) distribution channel segment led the market and accounted for a 75.9% share of the global revenue in 2020. Initiatives related to the introduction of favorable policies, along with the infrastructural development in the healthcare sector by most governments worldwide, are projected to influence the expansion and popularity of omega 3 supplements through the OTC channel.

Key players in the industry are capitalizing on shifting consumer preferences. The product sales through OTC distribution channels are anticipated to witness steady growth because of the rising consumer awareness regarding the nutritional value and health benefits of these products. Self-medication for the treatment of gastrointestinal and immunity-related issues is another key factor driving the demand for dietary supplements through the OTC distribution channel.

The cost-effectiveness and convenience of direct purchase are expected to create various opportunities for product manufacturers. Strict regulations by the governing bodies and less awareness among individuals are expected to augment the product sales through the prescribed distribution channel. Moreover, increasing R&D expenditure, coupled with funding from the public and private sectors, is expected to boost the segment growth.

End-user Insights

The adult end-user segment accounted for the highest revenue share of over 43% in 2020. Growing consumption of omega 3 supplements among working individuals to maintain a healthy lifestyle is projected to remain a key driving factor for the segment. An increasing number of athletes and the popularity of various sports will boost the product demand over the forecast period.

The children segment is expected to witness significant growth owing to the increasing inclination towards maintaining optimal health along with high purchasing power and willingness to spend on health and wellness products. In addition, growing concerns about eye health among children are likely to favor the segment growth in the coming years.

The risk of developing lifestyle diseases, such as diabetes, Alzheimer’s disease, dementia, and cognitive function, is higher among geriatric consumers, owing to which they rely on health supplements for disease management. The ongoing trend of preventive healthcare among geriatric consumers is expected to fuel the segment growth.

Regional Insights

North America dominated the market and accounted for 37.7% share of the global revenue in 2020. Increased cases of obesity and lifestyle-related diseases on account of unhealthy dietary habits and availability of several processed and Ready-To-Eat (RTE) foods. As per the research conducted by the New York State Government in March 2019, about 610,000 people die from heart diseases in the U.S. every year.

Cardiovascular health is one of the primary application segments of omega 3 supplements as Coronary Heart Disease (CHD) is a primary cause of death among several men and women in North America. The ‘transitioning face’ of food has evolved into functional foods and supplements, which can provide numerous health benefits beyond basic nutrition.

Therefore, products, such as fortified foods and dietary supplements enriched with omega fatty acids, are expected to have a high demand in the regional market. Asia Pacific is anticipated to witness significant growth on account of the rising expenditure on health-enhancing products due to increasing sports activities. Other factors contributing to the growth are increasing cases of mal-digestion and the growing geriatric population.

In addition, in India, the rising prevalence of lifestyle diseases, such as diabetes, blood pressure, obesity, and cardiovascular problems, will boost the regional market growth. Rising awareness about following an active lifestyle is another factor driving the product demand. The urban population with strong disposable income in the country is increasingly opting for dietary supplements, which will further boost the product demand.

Key Companies & Market Share Insights

The industry is highly fragmented and is characterized by intense competition, with both public and privately-held market players focusing on innovation to stay competitive. Public companies in the industry are proactive in initiating strategies to push the adoption of their products in the global market. Key players are extensively investing in research & development activities and capacity expansion to introduce novel products to gain a greater share of the market.s For instance, in October 2019, Aker BioMarine acquired a patent for concentrated krill oils with more than 50% phospholipids. In October 2020, Aker BioMarine established a new distribution hub in Chennai, India. The new distribution center is expected to strengthen the position of the company in India. Some prominent players in the global omega 3 supplements market include:

• Nordic Naturals, Inc.

• NutriGold Inc.

• Reckitt Benckiser Group plc

• Pharma Nord B.V

• i-Health, Inc.

• Aker BioMarine AS

• Luhua Biomarine (Shandong) Co., Ltd.

• Pharmavite LLC

• KD Pharma Group

• NOW Foods

• GlaxoSmithKline plc

• Natrol LLC

• Carlson Laboratories

• OmegaBrite

• Optimum Nutrition, Inc.

• VAYA Pharma

• Vital Choice Wild Seafood & Organics, SPC

• Bionova

• The Nature’s Bounty Co.

• Arkopharma

Omega 3 Supplements Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global omega 3 supplements market report on the basis of source, form, functionality, end user, distribution channel, and region:

• Source Outlook (Revenue, USD Million, 2017 - 2028)

  • Fish Oil

  • Krill Oil

  • Algae Oil

  • Others

• Form Outlook (Revenue, USD Million, 2017 - 2028)

  • Tablets

  • Capsules

  • Soft Gels

  • Others

• Functionality Outlook (Revenue, USD Million, 2017 - 2028)

  • Cardiovascular Health

  • Brain, Nervous System & Mental Health

  • Eye Diseases

  • Diabetes

  • Others

• End-user Outlook (Revenue, USD Million, 2017 - 2028)

  • Adults

  • Geriatric

  • Pregnant Women

  • Children

  • Infants

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

  • OTC

    • Supermarkets/ Hypermarkets/Food Stores

    • Drug Stores & Pharmacies

    • Online Retailers

    • Others

  • Prescribed

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • The Netherlands

    • Italy

    • Spain

    • Norway

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • New Zealand

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • UAE