The global Omega-3 market–which grew from ~$2B in 2017, estimated to ~US$3B by 2022–is projected to grow further into ~$4B by 2028, owing to the increasing demand for supplement products from the pharmaceutical sector, growing health concerns among consumers, and health and skincare benefits, according to a report by Research & Markets. These supplements generally include liquid products, capsules, and others.
Health benefits associated with the consumption of Omega-3 is a major factor that propels the growth of the Omega-3 Products Market. Omega-3 polyunsaturated fatty acids (PUFAs) contain immune nutrients and are commonly used in the nutritional therapy of cancer patients due to their biological effects.
According to the World Health Organization (WHO), nearly 10 million deaths in 2020 were caused by cancer disease worldwide. It was observed in the WHO study that the most common cases of cancer were lung, prostate, skin, stomach, colon, and rectum. Due to this, the rising number of cancer patients is likely to drive the demand for Omega-3 products.
Government regulation on fishing activities to protect the fish species is expected to hamper the raw material supply. Moreover, allergies related to fish oil and complex extraction procedure is also restraining the Omega-3 Product Market growth.
The government of India has passed a law that restricts fishing or fishing-related activities in exclusive economic zones or high sea areas. In Europe, the Common Fisheries Policy states to preserve the fish stock, protect the marine environment, and ensure economic viability. In the USA, Magnuson-Stevens Fishery Conservation and Management Act, and the Endangered Species Act states prevent overfishing, rebuild overfished stocks, increase the long-term benefit of fisheries, and ensure a safe and sustainable seafood supply.