Fatty acids supplements are biochemical substances, which include elongated aliphatic chain and can be found either saturated or unsaturated. Rising health awareness and therapeutic advantages of fatty acids are the key growth drivers for the global fatty acids supplements market. Sunflower oil, olive oil, soybean oil, corn oil, beef fat pig fat, and butter are some of the key sources of naturally developing fatty acids. The fatty acids products are utilized in a several kinds of markets. Structurally, fatty acids contain two reactive sites; the minor one is the double bond alongside strait alkyl chain, while the major one is carboxylic acid group at the beginning of the chain. In 2013, the global fatty acids supplements market was worth US$1,912.0 million and is likely to increase at 13.1% CAGR during 2014 to 2020, to reach an expected value of US$4,477.8 million in 2020.
Rising awareness amidst customers about physical wellbeing, diet, and fitness has helped enhance lifestyles significantly. Omega-3 is among one of the best alternatives for customers looking for a hale and hearty lifestyle. In the past few years, many health organizations have pointed out that omega-3 fatty acids can be helpful in the treatment of hair, eye, and heart diseases.
Fatty Acid Supplements Market – The Driving Forces
In recent years, one of the main applications of omega-3, infant formula, has experienced enormous growth in the fatty acids supplements market. As stated by the European Food Safety Authority (EFSA), omega-3 fatty acids can assist in cognitive growth in infants. Hence, enterprises such as Abbott Laboratories and Nestlé S.A. have been gradually expanding their product portfolios catering to this category. For example, infant formula, such as Similac for supplementation and Similac with OptiGRO, both of which are products of Abbott Laboratories, are present in the market.
Lesser awareness of customers acts as the main hindrance for the fatty acids supplements market. The situation is unfavorable in developing regions of the world where literacy level are very poor and people have lesser disposable earnings to pay out on dietary supplements. Organizations such as Croda Healthcare, DSM, Arista Industries, and Dean Foods are targeting on spreading awareness about health and well-being, diet, and fitness, specifically in high potential fatty acids supplements markets in Latin America and Asia Pacific.
North America is considered as the largest fatty acids supplements market worldwide, followed by Europe. North America accounted for around 35% of the global utilization of omega-3 fatty acids in 2013. The main factor driving the growth of the fatty acids supplements market in Europe is the rise in awareness about omega-3 fatty acids. Asia-Pacific is considered as the fastest emerging and fatty acids supplements market. Nations such as China and India have high birth rates that can propel the demand for fatty acids supplements ingredients in infant formula. The birth rate in India is 22% that is the highest one, followed by China, which is at 12% in the Asia Pacific region.
An emerging trend towards consuming drinks with efficient ingredients has catered for new opportunities for the addition of omega-3, such as DHA and EPA, in beverages. As stated in a survey on ‘Consumer Attitudes about Nutrition’ by the Board of United Soybean, around 84% of customers, perceived omega-3 as a healthy fatty acid in 2012; which was an increment of 79% in that of 2011.
Global Fatty Acids Supplements Markets - Major Players
Koninklijke DSM N.V., Copeinca AS, Croda Health Care, Omega Protein Corporation, Axellus AS, Epax AS, and Arista Industries, Inc. are the key companies of the fatty acids supplements market.
The global fatty acids supplements market is extremely consolidated, with the top five companies holding over 75% share of fatty acids supplements market. DSM N.V. dominates the market, followed by Croda Health Care and Epax AS.
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