Consumers nowadays have become more aware about their health, hence they plan their fitness and diet regime accordingly. This new practice has not only helped improve the quality of living, but it has also paved way for the fatty acid supplements market to expand its operations globally. Fatty acids aid in the treatment of hair, eye, and heart diseases. With the increasing consumer base and evolution of the latest technologies to control oxidation in omega-9, omega-6, and omega-3 that maintain the taste and quality of the food, the market for fatty acid supplements is poised to grow exponentially.
The market is also anticipated to benefit from the increasing population of baby boomers. According to a survey conducted by the Population Division of the U.S. Dept. of Economics and Social Affair, almost 841 mn people were aged above 60 years in 2013, compared to 205 mn in 1950. The geriatric population above 60 years of age is likely to reach over 2.0 bn by 2050. Hence the fatty acids supplements market is anticipated to witness lucrative prospects in the near future.
Furthermore, the latest studies have found that omega-3 fatty acids aid cognitive development in infants, which has increased their use in infant formula, thus fuelling the demand for fatty acid supplements from around the world.
Fatty Acids Supplements Market Witnesses Lucrative Opportunities in Developed World
North America dominates the global market for fatty acids supplements. The region in 2013 accounted for over 35% of the global omega-3 fatty acids consumption. In Europe, the market capitalizes on the increasing awareness about the benefits of omega-3 fatty acids among consumers. With obesity being identified as endemic across North America and Europe, people in the regions are endeavoring to live a healthier life, which in turn is boosting the market for fatty acid supplements.
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Emerging Economies Exhibit Highest Growth Potential
Asia Pacific has also exhibited impressive potential in the recent past, in terms of demand for fatty acid supplements. The region has emerged as the fastest growing market for fatty acid supplements. The high birth rate in India and China is likely to fuel the demand from the Asia Pacific fatty acids market. The increasing population in China, coupled with the rapid urbanization in the country, has led to multifold growth of the market for fatty acids in China.
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Most Lucrative Segments Driving Demand from Global Fatty Acids Supplements Market
Based on the source, the fatty acids supplements market is segmented into algal oils, marine oils, and others. Of these the marine oil segment held the largest share of the market in 2013, and stood at 102.7 mn tons. Rising at a CAGR of 12.7% between 2014 and 2020, the market segment of marine oils is likely to reach 235.4 mn tons by the end of 2020. Based on application, the market is bifurcated into functional food and beverages, dietary supplements, and others. Of these, the dietary supplements segment stood at US$1,204.5 mn in 2013. The segment is likely to exhibit a CAGR of 8.5% between 2014 and 2020.
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Regionally, the North America market, which stood at US$688.3 mn in 2013, is likely to exhibit a CAGR of 9.2%. The vendor landscape of the global fatty acids supplements market is highly consolidated with the top five companies holding 74% of the market. DSM, leads the market at present, followed by Croda Health Care and Epax AS.