North America Algae Omega-3 Ingredient Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.20 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Algae Omega-3 Ingredient Market Analysis
North America algae omega-3 ingredient is forecasted to reach USD 257 million by 2025, witnessing a CAGR of 6.2% during the forecast period.
- Algae Omega-3 ingredients are gaining prominence and becoming a part of the consumer’s daily diet. The key reasons for this change have been the increased prevalence of lifestyle diseases and people taking preventive healthcare measures.
- Consumers are increasingly relying on alternative channels to self-diagnose and identify targeted health needs, partly driven by the fact that insurers are increasing co-pays and incentivizing their customers to take preventative care measures. An estimated 70% of Americans use the internet to get health information and to help make decisions throughout their health journeys (pre-diagnosis, diagnosis, and treatment). This, in turn, has facilitated the rise in the demand for algae omega-3 ingredients.
North America Algae Omega-3 Ingredient Market Trends
This section covers the major market trends shaping the North America Algae Omega-3 Ingredient Market according to our research experts:
Growing Demand For Dietary Supplements
The algae omega-3 demand is growing in the health supplement segment, as it provides the same benefit as that of fish oil, but with no off-odor or taste. Algae Omega-3 is considered to be more bioavailable and sustainable. The algae omega-3 ingredient market is driven by the demand for dietary supplement products. The use of premium-grade omega-3 for infant formula is another factor driving the market, as algae omega-3 has proved to be of superior quality.
By application, the dietary supplement holds the major share followed by pharmaceutical, food & beverages, Animal Nutrition, and Clinical Nutrition. North American consumers are becoming less tolerant of unsustainable practices. The algae technologies allow for the production of a variety of environmentally sustainable biological products like algae omega-3 ingredients. The algal-based supplements of omega-3 oil, are the most sustainable innovative products, available in North America. Consumers are concerned about the need for omega-3 products in their diet.
United States Is The Largest Market For Algae Omega-3
The United States is the largest market for omega-3 in North America, followed by Canada and Mexico. In the United States, docosahexaenoic acid (DHA) is a major ingredient that is being used in infant nutrition. Almost all the brands offering infant nutrition formula in the country uses DHA as an ingredient that adds to the cost of formula, which is augmenting the growth of algae omega-3 ingredients market in the country. Increasing awareness about the long-term benefits of omega-3 consumption, fortified product availability, and growing market acceptance for such products is driving the market. The US food processors are launching many products with enhanced algae omega-3 functional food, owing to the rise in per capita spending and inclination of consumers toward health and wellness products.
North America Algae Omega-3 Ingredient Industry Overview
Pharmaceutical products based on algae omega-3 EPA will be the future spotlight in the market. EPA, individually, has high-potential in the market, especially, in pharmaceuticals and nutraceuticals market. There is a huge opportunity for the premium omega-3 ingredient in infant nutrition application in the region; sensory attributes is a major factor for the purchase of the products. Major companies include DSM Nutritional Products, Bioprocess Algae, Llc, Neptune Wellness Solutiions Inc., Archer Daniels Midland, Source-Omega LLC, Novotech Nutraceuticals Inc., and BASF SE.
North America Algae Omega-3 Ingredient Market Leaders
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DSM Nutritional Products
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Bioprocess Algae, LLC
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Archer Daniels Midland
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BASF SE
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SOURCE-OMEGA LLC
*Disclaimer: Major Players sorted in no particular order
North America Algae Omega-3 Ingredient Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
- 3.1 Market Overview
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
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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
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5.1 By Type
- 5.1.1 Eicosapentanoic Acid (EPA)
- 5.1.2 Docosahexaenoic Acid (DHA)
- 5.1.3 EPA/DHA
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5.2 By Application
- 5.2.1 Food and Beverages
- 5.2.1.1 Infant Formula
- 5.2.1.2 Fortified Food and Beverages
- 5.2.2 Dietary Supplements
- 5.2.3 Pharmaceuticals
- 5.2.4 Animal Nutrition
- 5.2.5 Clinical Nutrition
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5.3 By Concentration Type
- 5.3.1 High Concentrated
- 5.3.2 Medium Concentrated
- 5.3.3 Low Concentrated
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.1.4 Rest of North America
6. COMPETITIVE LANDSCAPE
- 6.1 Most Active Companies
- 6.2 Strategies Adopted by Leading Players
- 6.3 Market Share Analysis
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6.4 Company Profiles
- 6.4.1 DSM Nutritional Products
- 6.4.2 Bioprocess Algae, LLC
- 6.4.3 Archer Daniels Midland
- 6.4.4 Neptune Wellness Solutions Inc.
- 6.4.5 Source-Omega LLC
- 6.4.6 Bioceuticals
- 6.4.7 BASF SE
- 6.4.8 Novotech Nutraceuticals Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityNorth America Algae Omega-3 Ingredient Industry Segmentation
The North America algae omega-3 ingredients market is segmented by ingredient types such as Eicosapentaenoic Acid (EPA), Docosahexaenoic Acid (DHA), and EPA/DHA applicable to food and beverage, dietary supplements, pharmaceuticals, animal nutrition, and clinical nutrition. The market further provides the ingredient types based on the concentration level of low, medium and high and market scenario at the regional level.
| By Type | Eicosapentanoic Acid (EPA) | |
| Docosahexaenoic Acid (DHA) | ||
| EPA/DHA | ||
| By Application | Food and Beverages | Infant Formula |
| Fortified Food and Beverages | ||
| By Application | Dietary Supplements | |
| Pharmaceuticals | ||
| Animal Nutrition | ||
| Clinical Nutrition | ||
| By Concentration Type | High Concentrated | |
| Medium Concentrated | ||
| Low Concentrated | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America |
North America Algae Omega-3 Ingredient Market Research FAQs
What is the current North America Algae Omega-3 Ingredients Market size?
The North America Algae Omega-3 Ingredients Market is projected to register a CAGR of 6.20% during the forecast period (2024-2029)
Who are the key players in North America Algae Omega-3 Ingredients Market?
DSM Nutritional Products, Bioprocess Algae, LLC, Archer Daniels Midland, BASF SE and SOURCE-OMEGA LLC are the major companies operating in the North America Algae Omega-3 Ingredients Market.
What years does this North America Algae Omega-3 Ingredients Market cover?
The report covers the North America Algae Omega-3 Ingredients Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Algae Omega-3 Ingredients Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Algae Omega-3 Ingredients Industry Report
Statistics for the 2024 North America Algae Omega-3 Ingredients market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America 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.
