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North America Algae Omega-3 Ingredients market was valued at $160.8 Million in 2021 and is expected to reach $XX Million by 2029, growing at a CAGR of around XX% during the forecast period. The algae omega-3 ingredients market in North America is mainly attributed to the factors such as the mounting wave of veganism and the rising number of consumers shifting to vegetarian diets. The North America is dynamic and highly fragmented, with numerous small and domestic players occupying the major chunk of the North America market share. The food & beverage industry has been undergoing health-driven transformations, increasing consumer awareness about health-benefit diets.
The future Omega-3 markets will need new sources to meet the increasing demand from the food and pharma industry. Algae, a vegetarian source, provides much higher levels of Omega-3 FAs and does not contain contaminants such as mercury, PCBs and dioxins that could be found in marine sourced fish oils. Due to this reason, algae oils are only permitted in the USA’s DHA fortification of infant formula. Moreover, algae offer year-round cultivation and can provide predictable yields.
The COVID-19 pandemic in 2020 has garnered North America attention for nearly a year. During the pandemic, much has been said about vitamin D and zinc, but a major nutrient largely overlooked is the omega-3 fatty acids EPA and DHA. Found mostly in oily fish like salmon, albacore tuna, sardines and herring—as well as dietary supplements (fish oil, krill oil, algal oils)—these fatty acids may also play a potential role in the fight against COVID-19. The pandemic has steered the customers’ attention toward nutritious food with health benefits for their infants to curb the virus. This has prompted the rise in the use of algae omega-3 ingredients in infant products to support healthy well-being. The impact of COVID-19 resulted in the generation of opportunities for manufacturers of health-oriented products, especially dietary supplements. In May 2021,
The North America Algae Omega-3 Ingredients market is segregated on the basis of product type, application and geography. By product type, EPA held the largest market share and is estimated to hold the same during the forecast period. Eicosapentaenoic acid (EPA) is a long-chain omega-3 fatty acid found in plants and animals. EPA are essential fatty acid for brain function and human growth and development. EPA fatty acid consumption lowers the risk of chronic diseases such as cancer, heart disease, and arthritis. EPA has used an essential compound that is used in the treatment of depression and protection against thrombosis.
By application, the dietary supplements segment is projected to witness robust CAGR during the forecast period. Dietary Supplements are products like vitamins, minerals, herbs, amino acids, enzymes, and others that are added to a diet to complete dietary needs or to make up for a nutrition deficiency. Dietary supplements dosage forms include pills, capsules, powders, drinks, energy bars, and others. Supplement use can also be considered complementary or alternative medicine. Rapid urbanization and growing disposable income worldwide is driving the demand for products that can cover the nutritional deficit at higher convenience. The rising interest of millennials in building health through a healthy diet and the growing prevalence of diseases is expected to increase the demand for dietary supplements, especially in energy and weight management, gastrointestinal health, and cardiac health applications.
Based on geography, the market is categorized into U.S., Canada, Mexico. Among these, North America region is estimated to hold the significant market share during the forecast period. Amongst North American countries, the U.S. holds a significant market share in the overall market during the forecast period due to innovations in products and technologies. In 2019, the U.S FDA announced new qualified health claims for EPA and DHA Omega-3 consumption using food or dietary supplements.
American Heart Association and the Council for Responsible Nutrition have also agreed on the potential beneficial effects of omega-3 fatty acids, particularly EPA and DHA, further propelling growth. In general, there is an increasing focus on healthy living and eating, which is expected to present opportunities for the market in the country.
Along with these companies, there were many other companies considered/ cited in the report while analyzing the Algae Omega-3 Ingredients market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.
or dietary supplements. American
Starting from $2700
Starting from $2700
Starting from $2700
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