The omega 3 supplements market is valued at $5.875B for 2020, growing at a CAGR of 7.15% reaching an anticipated market size of $9.5B by 2027, according to a report by Research & Markets.
The market for omega-3 supplements is being driven by the growing number of people who have been diagnosed with heart disease. According to the World Health Organization (WHO), 17.9 million people die each year due to cardiovascular diseases (CVDs), an estimated 31% of all deaths worldwide. Increasing consumption of tobacco, an unhealthy diet, and physical inactivity are raising the risk of heart attacks and strokes.
Omega 3 is a family of fatty acids of polyunsaturated fats associated with several health benefits. Chronic diseases such as CVDs, depression, and anxiety, among others, can be reduced with the consumption of omega 3. Thus, the rising prevalence of chronic diseases globally coupled with the growing awareness among millennials regarding proper nutrition and health in both developed and developing economies have played a major role in bolstering the demand for omega 3 supplements, thus positively impacting the market growth over the next five years.
Additionally, the growing fast-food consumption coupled with the sedentary lifestyle of people, particularly in developing economies, has further propelled the prevalence of various diseases. This, in turn, is expected to propel manufacturers' business growth potential. This combined with the growing purchasing power of the people in countries such as India and China, among others, has led to an increased focus on a healthy lifestyle, thus augmenting the demand for numerous supplements.
It also reduces the risk of abnormal heartbeats, which may also lead to sudden death. Thus, a growing prevalence of arrhythmia may necessitate the consumption of omega 3 products as well. Moreover, participation by major market players in the launch of new and enhanced products to gain a competitive edge over other players further shows the growth potential of the market during the next five years.