U.S. Omega-3 Market Remains Largest in World, but Shrinking
The U.S. and European omega-3 markets decreased in value between 2013 and 2014, while the Asia-Pacific and South American markets grew.
Photo © iStockphoto.com/Gubcio
The United States continued to hold the largest share of the omega-3 market in the world by both value and volume in 2014, according to a new report by the Global Organization for EPA and DHA Omega-3s (GOED; Salt Lake City, UT). However, value of the U.S. omega-3 market declined between 2013 and 2014, with significant market growth taking place in other parts of the world.
In 2014, the global omega-3 raw materials market clocked in at a total market value of $1433.1 million, with the U.S. market accounting for approximately 32% of the total market at $458.5 million, according to the 2013-2014 EPA & DHA Ingredient Market Report. But compared to 2013, both the U.S. and European omega-3 markets experienced a decrease in value last year.
GOED says the drop in value was largely due to decreasing usage of omega-3 dietary supplements in older, more established markets.
Emerging omega-3 markets like Asia-Pacific and South American, on the other hand, grew in value over the same period.
Dietary Supplements Losing Ground?
While dietary supplements were still the largest omega-3 application in 2014, there was a significant decrease from 2013.
According to GOED’s report, dietary supplements were the largest application by value in 2014 with $649.1 million and 45.3% of the market, followed by pharmaceuticals, infant formula, food and beverages, and pet foods. But supplements experienced a 9.9% decrease ($71.4 million) in market share between 2013 and 2014, partially caused by a decline in revenue across all applications, says GOED.
The full 2013-2014 EPA & DHA Ingredient Market Report includes in-depth breakdowns of the global omega-3 market by geographical region, source ingredient, application, and more. To request an executive summary or to purchase the report, contact Mike Roberts at mike@goedomega3.com.
Read more:
New Omega-3 Infographic Explains Brain Health Benefits to Consumers
Omega-3s May Help Slow Cognitive Decline in Older Adults
Ultra-High Concentrates Are the Next Omega-3, SupplySide West Report
Michael Crane
Associate Editor
Nutritional Outlook Magazine
michael.crane@ubm.com
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