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A recent market research report by P&S Intelligence found that one of the biggest trends currently seen in the omega-3 market is the growth in veganism and the resulting consumption of herbal supplements.
The report says the global omega-3 market size (which contains fish oil) had sales of $ 19.7 billion in 2019 and is projected to reach $ 49.7 billion by 2030. Transparency Market Research released another report specifically looking at herbal products Omega-3 Market; This report estimates that the fish-free omega-3 market is projected to reach nearly $ 1.3 billion by 2029.
Transparency market research
Interest is shifting from species to source of omega fatty acids among health conscious consumers around the world, meaning the demand for herbal supplements will grow massively over the next decade. Consumers are increasingly concerned about protecting marine ecosystems and biodiversity.
Fish get omega-3s from eating seaweed. Therefore, it seems logical to bypass fish and go straight to the original plant source. Therefore, the use of algae as a new alternative source to fish is expected to expand rapidly in the market for vegetable omega-3 ingredients. In addition to algae oil, the manufacturers develop products made from chia seeds, flaxseed oil, rapeseed oil, hemp seeds, walnuts and others, which also grow as fish-free omega-3 ingredients.
Market research for transparency
The Transparency Market report said: “Stakeholders are expected to continue to rely on the growing population of vegan consumers and the preference for algae or plant-based omega-3 ingredients to keep the momentum going. However, slow regulatory approvals remain a major challenge for market participants as they will continue to make it difficult for manufacturers to offer competitive prices and prevent their products from reaching the fish-free omega-3 ingredient market.
“Nonetheless, the ongoing trend of replacing krill oil in omega-3 supplements with vegetarian algae oil will continue to support the growth of the fish-free landscape with omega-3 ingredients for the foreseeable future.”