Growth of Fatty Acids Supplements Market Attributed to High Birth Rate in Emerging Economies
Published On : Apr 29, 2015
Fatty acids supplements are a kind of dietary intake consumed by those with insufficient fatty acids in their body. Deficiency of fatty acids in the human body can lead to poor growth patterns in children, abnormalities of the kidneys and liver, dry skin, depression, or a weakened immune system. Fatty acids supplements provide relief from menstrual pain, ulcerative colitis, and joint pain, strengthen the immune system, reduce the chances of cardiac disorders, and also minimize the risk of developing breast cancer.
The fatty acids supplements market has achieved incredible growth in recent times primarily due to large-scale consumer awareness regarding the importance of these supplements. This healthy shift in lifestyle, coupled with the rising geriatric and infant population, and technological advancements have boosted the global market for fatty acids supplements.
North America Fatty Acids Supplements Market Emerges as World Leader
The global fatty acids supplements market is geographically segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is by far the largest market for fatty acids supplements, followed by Europe, owing to increased consumer awareness. In terms of global consumption of omega-3 fatty acids, North America held a 35% share in 2013 with a market value of US$688.3 million. This region grew at a 9.3% CAGR between 2010 and 2013. A survey conducted by the United Soybean Board on Consumer Attitudes about Nutrition indicates that there has been a rising trend among American consumers towards consumption of beverages that contain high amounts of functional ingredients. This stems from the fact that the percentage of consumers who realize the health benefits of omega-3 fatty acids rose from 79% in 2011 to 84% in 2012. This has had a positive impact on the overall market for fatty acids supplements.
Asia Pacific to Grow at a Steady Rate
Among all the regions, Asia Pacific has been identified as the fastest growing market for omega-3 fatty acids. Omega-3 is an important ingredient in infant formula and help in cognitive development and improved vision in babies. Considering the fact that countries such as India and China have an extremely high birth rate, the market for fatty acids supplements is poised for steady growth. The birth rate in India stands at 22%, followed by China at 12%.
Dietary Supplements Largest Application Segment of Fatty Acids Supplements Market
Application-wise, the market for fatty acids supplements is segmented into functional food and beverages, dietary supplements, and others such as infant formula and pharmaceuticals. Of these, the segment of dietary supplements emerged as the largest sector in 2013, amounting to 1,204.5 million. This segment of the fatty acids supplements market reportedly grew at a CAGR of 8.5% from 2010 to 2013.
Marine Oils Segment Holds Largest Share
In terms of source, the fatty acids supplements market is divided into algal oils, marine oils, and others such as flaxseed oils. Marine oils contributed the most to the fatty acids supplements market, with 102.7 million tons in 2013. Reaching a total of 235.4 million tons by the end of 2020, this segment is projected to develop at a 12.7% CAGR from 2014 to 2020.
Consolidated Nature of Global Market
The major players operating in the fatty acids supplements market are Koninklijke DSM N.V., Axellus AS, Croda Health Care, Omega Protein Corporation, Epax AS, Arista Industries, Inc., and Copeinca AS. The global fatty acids supplements market is rather oligopolistic and the top five players hold a 75% share of the overall market. Among the key players, Koninklijke DSM dominates the competitive scenario, with Epax and Croda Health Care following suit. Companies have been focusing on increasing the level of consumer awareness, especially in the lucrative markets of Latin America and Asia Pacific.
Over the next few years, the growing level of medicinal awareness, healthcare policies, and research and development in this field will help shape the global fatty acids supplements market.
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