North American region is the largest consumer of algalbased DHA and EPA. During 2016, North American algae Omega3 market was USD 183.39 million, and it is expected to reach USD 342.52 million by 2022, with 11% CAGR.
EPA and DHA types of algae omega3 ingredients have numerous scientifically proven health benefits, which make them preferable omega fatty acids. North America is the largest consumer of EPA algae omega3 ingredient, followed by Europe and AsiaPacific. However, North America is expected to lose its position in future, due to rapidly growing AsiaPacific market for omega3 ingredients.
Growing Demand for dietary Supplements
The algae omega3 demand is growing in the health supplement segment, as it provides the same benefit as that of fish oil, but with no offodor or taste. Algae Omega3 is considered to be more bioavailable and sustainable. The algae omega3 ingredient market is driven by the demand for dietary supplement products. The use of premiumgrade omega3 for infant formula is another factor driving the market, as algae omega3 has proved to be of superior quality.
North Americans are becoming less tolerant of unsustainable practices. The algae technologies allow for the production of a variety of environmentally sustainable biological products like algae omega3 ingredients. The algalbased supplements of omega3 oil, are the most sustainable innovative products, available in North America. Consumers are concerned about the need for omega3 products in their diet. The United States is the largest market for omega3 in North America, followed by Canada and Mexico. By application, the dietary supplement holds the major share, and followed by pharmaceutical, infant, food beverages, pet food and medicinal food.
U.S Dominates the North America Algae Omega3 Ingredients Market
Americans especially are becoming more aware of the need for Omega3 products as part of a healthy diet, and roughly 17% of US consumers supplement their diet with Omega3. There are approximately 35 million vegetarian buyers and 15 million vegans in the US and they get very little DHA in their diet. This is the major reason for the popularity of the algaebased Omega3.
Most of the omega3 oil is available in soft gelatin capsules. Consumers need to increase the product awareness during next last five years. The US public needs substantial premium products, which are abundant in omega3. The companies are focusing on products with enhanced omega3 functional foods.
Canadian microalgae industry is very promising. Algalbased omega3 is in more demand, where Canadian food manufactures cannot use fish oil, for example fortified beverages. Infant formula fortification is a high value market for algae based DHA and contributes to almost half of the microalgae based DHA market in Canada. The Canadian algal based omega3 industry is scalingup production, its supply channels and customer base yearonyear. Mexico is an opportunity for the manufacturers because, 96% of the Mexicans were aware of the benefits of omega3.
Key Developments
January 2018: Startup Triton Algae is bringing healthy and safe non GMO, and vegan algea powder rich in omega 3, 6, and 9 fatty acids, vitamin A/ Betacarotene and iron. This is an excellent source of high protein.
September 2017: Nordic Naturals Introduces Five New Children's Products. The new products offer concentrated, triglycerideform omega3 fish oil in ageappropriate formulations for cognition, learning and attention, mood health, and more, plus a kidfriendly, fastmelt probiotic powder.
Major Key Players: DSM NUTRITIONAL PRODUCTS, BIOPROCESS ALGAE, Llc, NEPTUNE WELLNESS SOLUTIONS, SOURCEOMEGA, QUALITAS HEALTH, NORDIC NATURALS, ADM, ALGAECYTES, SIMRIS ALG, ALGISYS, POLARIS, TerraVia Solazyme, BIOCEUTICALS
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