The polyunsaturated fatty acids industry is forecast to experience a growth of 5.4% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 6,019 million in 2023. Demand for polyunsaturated fatty acids (PUFAs) is expected to rise due to increased awareness of the health advantages of PUFAs, an increase in chronic diseases, and government and institutional assistance.
Many R&D activities are predicted to develop new technologies and improve PUFAs, hence boosting market growth.
Demand for plant-based food products is catching up in the polyunsaturated fatty acids industry as well. Consumers are showing an inclination toward plant-based PUFA products from animal-based ones. This can be attributed to the growing eco-consciousness and awareness about holistic lifestyle choices. Multifold animals and plants provide PUFA. Despite the recent shift toward vegan and plant-based products, animal-based PUFA products still retain their dominance in the PUFA market.
Long-term health issues are expected to rise over the forecast period, underpinned by variations in societal behavior and the aging population. Moreover, the global population is constantly increasing, and with robust urbanization, people are adopting a deskbound lifestyle. The said factors are increasing obesity rates and the incidence of diseases like diabetes. For recourse, governments and public organizations are encouraging healthier lifestyles that include omega-3 to combat chronic issues.
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Manufacturers in the market have to strictly adhere to national as well as international regulatory norms. Adherence to these standards for sustainable production and large pockets of distribution channels remain a promising key driver for the market. Additionally, obtaining certifications from authorized bodies like USDA has led to emerging opportunities in different segments, thus driving product demand.
Top Highlights from the FMI’s Analysis of the Polyunsaturated Fatty Acids Market:
- The United States contributes 12.8% to the overall market, as per FMI’s assessment. The high market share of the country represents large, nationwide participation of manufacturers of polyunsaturated fatty acids.
- Germany scored 7.2% of the global market, demonstrating its dominance in the European region. Over the years, businesses in Germany are expected to observe process efficiency and productivity, thus fueling market growth.
- The United Kingdom is projected to expand at a significant CAGR of 5.1% over the next ten years. Robust expansion of the market is expected to attract many businesses in this country.
- In 2023, Japan gathered a 3.2% market share globally. Enterprises are expected to strengthen their distribution channels to deeply penetrate the Japanese market.
- Australia is expected to account for a 1.8% value share in 2023. Despite its relatively low market hold, the country offers enterprises many opportunities to explore the market.
- India and China are estimated to register CAGRs of 4.9% and 4.6% over the forecast period.
- Based on product type, omega-6 fatty acids are projected to attain a market share of 57.1% in 2023.
- Under the application category, the dietary supplement segment is expected to attain 27.2% in 2023.
Key Developments in the Market
- Aker BioMarine ASA collaborated with Gambol Pet Food Group of China in November 2021 to widen its business in the Chinese pet food market.
- VivoMega declared in December 2020 that it is partnering with Bioscope Viet Nam, aiming to capture the Vietnamese market of omega-3 fatty acids.
- LUS Health Ingredients and Novosana B.V. partnered in April 2020 to work on the vegan omega-3 industry.
Top Key Player in the Global Market
- Koninklijke DSM N.V.
- BASF SE
- Croda International PLC
- Enzymotec Ltd.
- Omega Protein Corporation
- Aker BioMarine AS
- Polaris Nutritional Lipids
- FMC Corporation
- Cargill, Incorporated
- GlaxoSmithKline plc.
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Key Segmentation
By Product Type:
- Omega-3 Fatty Acids
- Omega-6 Fatty Acids
By Source:
- Marine
- Plant
- Chia Seed Oil
- Flax Seed Oil
- Other
By Application:
- Dietary Supplement
- Infant Formula
- Pharmaceuticals
- Food and Beverages
- Animal Food and Feed
By Form:
- Oil
- Syrup
- Softgel and Capsule
- Other (Powder, Emulsion, and Gummy Candy)
By Region:
- North America
- Latin America
- East Asia
- Europe
- South Asia & Pacific
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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