Africa Algae Omega-3 Ingredients Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Africa Algae Omega-3 Ingredients Market Analysis
The Africa Algae Omega 3 Ingredient Market is expected to grow at a CAGR of 4.3% over the forecast period, 2020 to 2025.
- The Algae omega-3 ingredient market is at a nascent stage in Africa; however, the growing middle-class population and a revival of economy drives the market. Consumer spending on health and wellness products is increasing owing to the growing awareness of nutraceutical products.
- Algae omega-3 ingredient is a sustainable source for production and even supports the vegan label, which is further triggering the market demand. The high-cost of production and costly downstream processing are the major factor affecting the market growth. Furthermore, lack of proper regulatory structure for dietary supplements and fortified food products provides lesser opportunities for the market.
Africa Algae Omega-3 Ingredients Market Trends
This section covers the major market trends shaping the Africa Algae Omega-3 Ingredients Market according to our research experts:
DHA is expected to have a high penetration rate
Across Africa, The most obvious market for EPA/DHA oil from phototrophic algae is the growing EPA/DHA consumer market, which can be divided into the market segments such as dietary supplements, pet foods, functional foods, infant formulas, pharmaceuticals and clinical nutrition. On the other hand, poor nutrition has long been recognized as one the contributing factors of mental illnesses among individuals in developing countries. To counter such issues the supplementation of omega-3 fatty acids, particularly, docosahexaenoic acid (DHA) is an example of available nutrient-based interventions that has shown promising results in improving mental health.
South Africa dominates the demand
South Africa dominates the market due to the rising health awareness and economy of the country. The increasing birth rate in the region has accelerated the market for the algal omega-3 ingredient, as it is considered as premium DHA/EPA to fortify infant formula products. The dietary supplements segment is likely to emerge as a high growth segment citing its increasing consumption pattern among affluent consmers in the country. Across South Africa, almost half of the population, or 46%, take some form of daily nutritional supplement, thereby laying numerous opportunities for Omega-3 products manufacturers to populate their product offerings.
Africa Algae Omega-3 Ingredients Industry Overview
Players operating in the Africa Algae Omega 3 products market are vying on new product launches as a part of their strategy to gain competitive advantage along with market share. For an instance, in 2018, Triton Algae, is bringing healthy and safe non GMO, and vegan algae powder rich in omega - 3, 6, and 9 fatty acids, vitamin A/ Betacarotene and iron. This is an excellent source of high protein.
Some of the prominent players in the market are DSM Nutritional Products, Vital Health Foods, Nordic Naturals, VidaLife, ADM and Xymogen among others.
Africa Algae Omega-3 Ingredients Market Leaders
-
Xymogen
-
Vital Health Foods
-
DSM
-
Nordic Naturals
-
Vidalife
*Disclaimer: Major Players sorted in no particular order
Africa Algae Omega-3 Ingredients Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions & Market Definitions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
-
4.3 Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 By Product Type
- 5.1.1 Eicosapentanoic acid (EPA)
- 5.1.2 Docosahexanoic acid (DHA)
-
5.2 By Concentration Type
- 5.2.1 High Concentrated
- 5.2.2 Medium Concentrated
- 5.2.3 Low Concentrated
-
5.3 By Application
- 5.3.1 Food & Beverages
- 5.3.1.1 Infant Formula
- 5.3.1.2 Fortified Food & Beverages
- 5.3.2 Dietary Supplements
- 5.3.3 Pharmaceuticals
- 5.3.4 Animal Nutrition
- 5.3.5 Clinical Nutrition
-
5.4 By Geogrpahy
- 5.4.1 Africa
- 5.4.1.1 South Africa
- 5.4.1.2 Nigeria
- 5.4.1.3 Kenya
- 5.4.1.4 Rest of Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Most Active Companies
- 6.2 Most Adopted Strategies
- 6.3 Market Share Analysis
-
6.4 Company Profiles
- 6.4.1 Nordic Naturals
- 6.4.2 Royal DSM
- 6.4.3 VidaLife
- 6.4.4 Xymogen
- 6.4.5 Vital Health Foods
- 6.4.6 Algacytes
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Africa Algae Omega-3 Ingredients Industry Segmentation
The Africa algae omega-3 market is segmented by type, concentration, application and by geography. Based on type, the market is segmented into Eicosapentanoic acid (EPA) and Docosahexanoic acid (DHA). Based on concentration the market is segmented as high concentrated, medium concentrated, and low concentrated. Based on application the market is segmented into food and beverages which is further sub-segmented into infant formula and fortified food & beverages; and dietary supplements, pharmaceuticals, animal nutrition and clinical nutrition.Based on geography, the study provides an analysis of the algae omega-3 market in South Africa, Nigeria, Kenya, and rest of Africa.
| By Product Type | Eicosapentanoic acid (EPA) | |
| Docosahexanoic acid (DHA) | ||
| By Concentration Type | High Concentrated | |
| Medium Concentrated | ||
| Low Concentrated | ||
| By Application | Food & Beverages | Infant Formula |
| Fortified Food & Beverages | ||
| By Application | Dietary Supplements | |
| Pharmaceuticals | ||
| Animal Nutrition | ||
| Clinical Nutrition | ||
| By Geogrpahy | Africa | South Africa |
| Nigeria | ||
| Kenya | ||
| Rest of Africa |
Africa Algae Omega-3 Ingredients Market Research FAQs
What is the current Africa Algae Omega-3 Ingredients Market size?
The Africa Algae Omega-3 Ingredients Market is projected to register a CAGR of 4.30% during the forecast period (2024-2029)
Who are the key players in Africa Algae Omega-3 Ingredients Market?
Xymogen, Vital Health Foods, DSM, Nordic Naturals and Vidalife are the major companies operating in the Africa Algae Omega-3 Ingredients Market.
What years does this Africa Algae Omega-3 Ingredients Market cover?
The report covers the Africa Algae Omega-3 Ingredients Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Africa Algae Omega-3 Ingredients Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Africa Algae Omega-3 Ingredients Industry Report
Statistics for the 2024 Africa Algae Omega-3 Ingredients market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Africa Algae Omega-3 Ingredients analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
