Global Omega-3 Market to Reach $34B by 2016
Fueled by consumer awareness of EPA/DHA omega-3 health benefits through media coverage of research f…Fueled by consumer awareness of EPA/DHA omega-3 health benefits through media coverage of research findings, as well as developments in the regulatory environment, the global market for EPA/DHA omega-3 products is projected to jump from $25.4 billion in 2011 to $34.7 billion in 2016, for a compound annual growth rate of 6.4%, according to new market data from Packaged Facts.
According to the “Global Market for EPA/DHA Omega-3 Products" report, North America currently accounts for 43% of these consumer sales, but Asia-Pacific is projected to jump to a close second-place position by 2016. These figures cover six categories of packaged consumer products, including infant formula; fortified foods and beverages; nutritional supplements; pharmaceuticals; clinical nutrition products; and pet food, treats and supplements.
The report notes a significant amount of nutrient-based new product development is driven by the concept of "superfoods." Omega-3s widely accepted status as a "superfood," in combination with a globally expanding range of nutrient-based new product development across CPG markets, means that the market for omega-3 products will remain lively and opportunity-rich for years to come.
David Sprinkle, publisher of Packaged Facts, said in addition to increased consumer awareness about omega-3 health benefits, other factors that will continue to create a positive growth environment for EPA/DHA omega-3 products include:
- Consumer interest in functional food and fortified product line expansions;
- Increasing demand for fortified infant formula due to population growth and rising middle class in emerging economies;
- Continued popularity of EPA/DHA omega-3 nutritional supplement products, including krill oil and vegetarian algae-based supplements;
- Introduction of pharmaceutical-grade products into South America and approval of generic pharmaceuticals in existing markets;
- Expanding clinical nutrition market opportunities for disease- and disorder-specific formula applications, created through additional R&D and aggressive marketing by ingredient suppliers; and
- Premiumization of pet foods due to humanization of companion animals.
Looking for more information about omega-3s? Check out SupplySide Omega-3 Insights, an online destination site for companies that currently develop or are looking to develop products with long-chain omega-3 ingredients. The site delivers ingredient information, regulatory analysis, best practices, product solutions, and more. The site is centered around long-chain omega-3s in an effort to help companies innovate and market successfully to their customers and potential clients. VIRGO unveiled the new program in cooperation with GOED (Global Organization for EPA and DHA Omega-3).
