Taking care of our health and wellness has never been more important for the human race as it is today. As a result of our morbid living choices, the incidence of cardiovascular diseases has unfathomably increased. Excessive dependence on an insalubrious lifestyle is cited as the foremost factor that triggers a number of health hazards. The World Health Organization (WHO) has identified cardiovascular diseases as the leading cause of death worldwide. In 2012, almost 17.5 million people died because of heart diseases, which represents a startling 31% of the total number of deaths witnessed globally in the same year. To curb the growing prevalence of cardiovascular ailments and other lifestyle diseases, people all around the world are seeking ways to improve their lifestyle. This is the principal factor driving the global fatty acids supplements market.
Persistence Market Research has published a report recently, studying the market prospects for fatty acid supplements. The report classifies the global fatty acids supplements market into algal oil, marine oil, and others in terms of source. Of these, marine oil enjoys the largest market share. The market for marine oil stood at 102.7 million tons in 2013 and is expected to reach 235.4 million tons in 2020, expanding at an impressive 12.7% CAGR.
On the basis of application, the market has been segmented into beverages, functional food, dietary supplements, and others. Among these segments, dietary supplements dominated the market in 2013. Developing at a positive 8.5% CAGR between 2010 and 2013, the market reached a value of US$1,204.5 million in 2013.
Several factors have contributed to the development of the global fatty acid supplements market. The most significant of these are enumerated in the paragraphs below:
Rising awareness among consumers about a healthy diet and fitness regime has not only helped them improve their lifestyle, but has also spurred the fatty acids supplements market exponentially. Omega-3 fatty acids are identified as the best option among consumers seeking a healthier lifestyle. Health organizations from around the world have found that omega-3 fatty acids are extremely beneficial to heart health and also help in the treatment of eye and hair disorders. Such factors have significantly contributed to the growth of the global fatty acids supplements market.
Increasing application in infant formula has emerged as one of the key growth drivers of the fatty acids supplements market. As per the EFSA (European Food Safety Authority), omega-3 fatty acids aid cognitive development in toddlers. Therefore, leading entities in the global market such as Abbott Laboratories and Nestle S.A. have gradually expanded their product portfolios to cater to this segment of consumers. This has given a boost to the global fatty acids supplement market.
However, despite registering positive growth prospects, the global fatty acids supplements market will face hindrance from low level of awareness among consumers regarding the benefits of fatty acids, especially in developing economies, where literacy rates are low compared to developed nations and adherence to traditional dietary regimes is high.
Nevertheless, high birth rate across the world will augment the market for fatty acids supplements, especially in infant formula sector.