Omega-3 Supplements Market Worth US$ 50,845.88 Mn, Globally, by 2028 at 8.4% CAGR - Exclusive Report by The Insight Partners

NEW YORK, April 18, 2022 /PRNewswire/- The Insight Partners published latest research study on Omega-3 Supplements Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Form, Source, Distribution Channel, and Geography," the market is projected to reach US$ 50,845.88 million by 2028 from US$ 28,817.291 million in 2021; it is expected to grow at a CAGR of 8.4% during 2021–2028.

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Omega-3 Supplements Market: Competitive Landscape and Key Developments

Church & Dwight, Inc.; Prestige Consumer Healthcare Inc.; Pharmavite LLC; Quten Research Institute; Epion Brands; NOW Foods; Nordic Naturals; Reckitt Benckiser Group PLC; Pharma Nord B.V.; and Rimfrost AS are the prominent players operating in the global omega-3 supplements market.

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Omega-3 supplements are dietary supplements consumed for the appropriate daily consumption of omega-3 fatty acids. The prevalence of chronic diseases due to the rising sedentary lifestyle among consumers drives the growth of the omega-3 supplements market. Omega-3 helps decrease triglycerides in the body, which has led to the high consumption of supplements among health-savvy consumers. The supplements are also said to be beneficial in cognitive functioning, which has further fueled the demand for the product.

In 2020, North America accounted for the largest share of the global omega-3 supplements market. The regional share is likely to increase in the coming years due to the surging regional demand for omega-3 supplements to improve cognitive functioning. In the region, omega-3 supplements are also highly being used for skin and hair health-care reasons. Moreover, high disposable income and increasing consumer awareness regarding nutritional products have also accelerated the demand for omega-3 supplements.

Widening Distribution Channel Scope to Boost Market Growth during Forecast Period

The dietary supplements market is driven by the availability and accessibility of the product through a wide distribution network of the market players and the growing use of e-commerce websites. Various online channels are available for consumers across the globe to get access to numerous brands available for online purchase. The channel has been further preferred by numerous consumers due to apprehensions regarding social distancing and the spread of the novel coronavirus that causes COVID-19. The increased focus on better health and well-being by consumers has led to high demand for the product amid the pandemic. The market is expected to witness growth in the coming years due to the expansion of online retail channels.

Omega-3 Supplements Market: Segmental Overview

Based on form, the omega-3 supplements market is segmented into capsules, soft gels, and others. In 2020, the soft gels segment accounted for the largest revenue share in the market. Based on source, the market is segmented into fish oil, krill oil, algae oil, and others. In 2020, the fish oil segment accounted for the largest revenue share in the market. Based on distribution channel, the omega-3 supplements market is segmented into supermarkets & hypermarkets, specialty stores, online retail, and others. In 2020, the online segment accounted for the largest revenue share in the market.

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On the basis of distribution channel, online retail is the fastest-growing segment. Online stores have promoted the growth of the omega-3 supplements market, as online retailing reduces the operation cost of the manufacturers and allows them to reach targeted customers.

In 2020, the U.S. held the largest market share in the global omega-3 supplements market. The country is dominated by key players such as Prestige Consumer Healthcare Inc. and Epion Brands. Key manufacturers are heavily spending on Research & Development and capacity growth in order to create novel goods and get a larger proportion of the market.

Increasing consumer awareness regarding the benefits of omega-3 supplements in the improvement of cognitive functions as well as the growing prevalence of chronic diseases is expected to be the key drivers for the growth of the global omega-3 supplements market.

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Impact of COVID-19 Pandemic on Omega-3 Supplements Market

The COVID-19 pandemic disrupted distribution networks and other logistic operations across many regions. However, the governments began lifting lockdowns. Therefore, the manufacturing has fairly recovered, as the demand for supplements amid the pandemic period has increased for better health purposes. The demand for omega-3 supplements has also been propelled as consumers are seeking supplements for the prevention of many chronic diseases. The increase in health-savvy consumer base has therefore led to increased consumption of omega-3 supplements.

In 2020, North America accounted for the largest share of the global omega-3 supplements market. North America includes economies such as the US, Canada, and Mexico. The rising awareness regarding chronic diseases is the major driver for the omega-3 supplements market in North America. In North America, there is a growing health consciousness which has resulted in customers preferring nutritional supplements, such as omega 3, which boosts cardiovascular health, aids in infant health maintenance, aids in cancer prevention, and provides numerous other health advantages.

In 2020, the soft gels segment accounted for the largest market share. Soft gels are one of the most common forms of omega-3 supplements, as it protects the oil and renders a convenient dosage form. Soft gels consist of a gelatin-based shell enclosing a liquid fill composed using the rotary-die encapsulation method. Encapsulation of products into soft gels inhibits the degenerative process and uses advanced formulation methods to disguise their tastes. Soft gels are easier to swallow than capsules and tablets as they are tasteless and don’t have an unpleasant odor.

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