Growing awareness among people about fitness and healthy living has improved the lifestyle of the global population greatly. Many healthcare organizations have declared that omega-3 fatty acids are useful in treating heart diseases and are beneficial for hair and eye health. In the recent past, infant formula, one of the important applications of omega-3, witnessed considerable growth. As per the European Food Safety Authority (EFSA), omega-3 fatty acids help cognitive development in infants. Medical benefits of fatty acids are expected to drive the global fatty acids supplements market during the period from 2015 to 2020.
Leading organizations such as Nestle S.A. and Abbott Laboratories have expanded their product lines in the fatty acids supplements market. Some other leading companies in the global fatty acids supplements market such as Croda Healthcare, Dean Foods, DSM, and Arista Industries, Inc. are aiming to spread awareness on dietary supplements, especially in the Latin America and Asia Pacific regions. Some of the other leading companies in the global fatty acids supplements market are Epax AS, Axellus AS, Koninklijke DSM N.V., Omega Protein Corporation, and Copeinca AS. The global fatty acids supplements market is consolidated, as the top five leading players hold a 75% market share. With the entry of many new emerging players in the global fatty acids supplements market, there would be an increased level of competition for the leading companies.
Marine Oils Segment to Expand at 12.70% CAGR till 2020
The global fatty acids supplements market is segmented on the basis of geography, source, and application. Based on the source, the global fatty acids supplements market is classified into marine oils, algal oils, and others. In 2013, the marine oils segment dominated the global fatty acids supplements market with a market share of 102.7 mn tons. The marine oils segment’s market share is predicted to reach 235.4 mn tons by 2020 at a 12.70% CAGR commencing from 2014. By application, the global fatty acids supplements market is classified into dietary supplements, functional food and beverages, and others. The dietary supplements sector expanded at an 8.50% CAGR during the period from 2010 to 2013 and reached US$1.2 bn in 2013.
North America Fatty Acids Supplements Market to Register Highest Demand by 2020
By geography, the global fatty acids supplements market is divided into North America, Asia Pacific, Europe, and Rest of the World. The North America market for fatty acids supplements expanded at a 9.20% CAGR during the period from 2010 to 2013 and reached US$688.3 mn by 2013. This region held a 35% share in the global consumption of omega-3 fatty acids. Asia Pacific is expected to be the fastest growing market for fatty acids supplements in the coming few years. Low literacy rates in developing and underdeveloped countries and lower level of customer awareness are two of the major restraints on the global fatty acids supplements market. Factors such as technological advancement, rising aging population, and growing preference for and awareness about healthy lifestyles are expected to propel the global market for fatty acids supplements during the forecast period.
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