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.
The market for polyunsaturated fatty acids (PUFAs) is anticipated to grow as a result of growing chronic disease rates, government and institutional support, and growing knowledge of the health benefits of PUFAs.
It is anticipated that numerous R&D projects will create new technologies and enhance PUFAs, hence accelerating market expansion.
The market for polyunsaturated fatty acids is also seeing a surge in demand for plant-based dietary items. Customers are moving away from animal-based PUFA goods and toward plant-based ones. This is explained by people’s increasing understanding of holistic living options and environmental conscience. Plants and multicellular animals supply PUFA. The market for PUFAs is still dominated by animal-based products, notwithstanding the current trend toward vegan and plant-based foods.
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Over the projection period, there will likely be an increase in long-term health difficulties due to changes in societal behavior and an aging population. In addition, as the world’s population continues to rise and urbanization picks up steam, more and more individuals are choosing to live sedentary lives. The aforementioned reasons are driving up the prevalence of diabetes and obesity. In order to address chronic diseases, governments and public groups are promoting better lifestyles that incorporate omega-3 fatty acids.
Market manufacturers are required to closely follow both national and international regulatory standards. Large pockets of distribution channels and adherence to these requirements for sustainable production continue to be attractive market drivers. Furthermore, getting certifications from accredited organizations like the USDA has opened up new business options in other industries, which has increased demand for the product.
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.
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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 Industry
- 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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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