Europe Omega-3 Supplements Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Form (Capsules, Soft gels, and Others), and by Source (Fish Oil, Krill Oil, Algae Oil, and Others), and by Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Stores, and Others)
The Europe Omega-3 supplements market was valued at US$ 803.28 million in 2019 and is projected to reach US$ 1,294.07 million by 2027; it is expected to grow at a CAGR of 6.2% from 2020 to 2027.
Omega-3 supplements contains highly concentrated oils comprising the EPA and DHA along with other essential vitamins and other nutrients. These supplements are mainly derived from oils such as fish oil, calamari oil, krill oil and algal oil. These supplements are available in capsules, soft gels, gummies, and candies. The plethora of health benefits and attributes offered by omega-3 supplements are the key factors driving the growth of the omega-3 supplements market. However, the European consumers mostly rely on natural food resources for their nutrition intake; thus, the consumption of omega-3 supplements in Europe is moderate compared to other countries such as Australia, US, and China. Nonetheless, rising incidences of cardiovascular diseases and growing awareness toward cognitive health is encouraging the European consumers to increase their intake of Omega-3; thus, supplementing the growth of the omega-3 supplements market.
Europe is a well-established, large and lucrative market for omega-3 supplements. The companies are continuously improving their overall business processes to meet the customers' demand for superior quality products and services in the best possible way. European consumers are shifting their preferences toward a healthy lifestyle and prefer products that improve their health and well-being. Demand for omega-3 supplements is increasing due to the rise in the geriatric population and the increasing prevalence of diseases associated with aging. These factors are expected to increase the consumption of omega-3 supplements. Moreover, rising awareness regarding the benefits of omega-3 supplements among health-conscious consumers in the countries such as the UK, Germany, and Italy is estimated to fuel the demand for omega-3 supplements in the coming years. The increasing competition among the key players has further driven the growth of the omega-3 supplements market. To cater the market growth, manufacturers are investing massive amounts in R&D activities to offer high-quality products. Pharma Nord, headquartered in Denmark, has introduced omega-3 dietary supplements targeting different segments of the population.
COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace worldwide. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns imposed by governments. Food & Beverages is one of the major industries suffering serious disruptions, such as supply chain breaks, technology events cancellations, and office shutdowns. As per the recent data, in Europe, Russia has recorded the highest number of COVID-19 cases. Other than this, the UK, France, Spain, Italy, and Germany have also been hit hard and are expected to suffer an economic hit due to a lack of revenue from various industries. Other member states have implemented drastic measures and travel restrictions, along with partially closing their borders. This is anticipated to impact the market growth in Europe.
Europe Omega-3 Supplements Market Forecast to 2027
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Market Insights
Rising Awareness Regarding Chronic Diseases
Omega-3 is a polyunsaturated fatty acid that is obtained by the consumption of plant and animal sources as it cannot be synthesized in the human body. These sources include marine and plant-based sources. Omega-3 supplements contain highly concentrated omega-3 fatty acids such as EPA, DHA, and numerous vitamins and minerals that the human body needs to maintain overall health and wellness. In the past few years, consumers' stressful and hectic lifestyles and dietary habits have significantly limited their nutritional intake. The deficiency of omega-3 fatty acids has led to many chronic diseases such as Arthritis, Asthma, Cystic Fibrosis, Alzheimer's Disease, and Other Dementias. For instance, according to the WHO, 58% of Germans aged 65 years and above reported suffering from at least one chronic disease, a proportion that is slightly above other EU countries. In Germany, chronic diseases accounted for 92% of all deaths. EPA and DHA in omega-3 supplements help reduce the risk of heart diseases improving metabolic and cardiovascular health. It has anti-inflammatory properties, and it further supports the immune system by promoting the functionality of immune cells. Rising awareness regarding chronic health has increased the daily intake of omega-3 supplements, thus driving the market growth.
Form Insights
The Europe omega-3 supplements market based on form has been segmented into capsules, soft gels, and others. The capsules segment dominated the Europe omega-3 supplements market in 2019 and is expected to witness the fastest CAGR during the forecast period. The capsules are one of the common forms of omega-3 supplements, which are popular among the consumers as they are easy to swallow. Capsules are the shells or containers composed of gelatin, which contain powder or spheroid form drugs inside them. Various manufacturers use an enteric coating to keep the tablet from dissolving until it reaches the human small intestine. This is prevalent in fish oil capsules, as it inhibits fish burps. Apart from gelatin, which is an animal-derived casing material, plant-derived casing materials, such as hydroxypropyl methylcellulose and polysaccharide matrix, are also used to form capsules. Plant-based casing materials are anticipated to witness a significant demand due to the increasing vegan and vegetarian populace. Menhaden, sardines, salmon, herring, and cod liver are among the most common natural fish oil sources available in capsules form. Further, processed fish oils make up most of the fish oil market, as they are cheap and ordinarily come in tablets popular among consumers. All these factors are driving the growth of capsules segment.
Source Insights
The Europe omega-3 supplements market based on source has been segmented into fish oil, krill oil, algae oil, and others. The fish oil segment dominated the Europe omega-3 supplements market in 2019 and is expected to witness the fastest CAGR during the forecast period. Fish oil is mainly derived from oily fish tissues containing omega-3 fatty acids docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA). The most extensively available EPA and DHA dietary sources are cold-water oily fishes, such as salmon, anchovies, mackerel, and sardines. Fish oil has become a prevalent supplement because of its cardiovascular health benefits. Most health benefits from fish oil consumption are connected with the long-chain omega-3 fatty acids, EPA, and DHA. Studies show that people in European nations suffer from low levels of DHA and EPA that correlate to health issues. Further, oily fish such as herring, salmon, and mackerel contains omega-3 fatty acids, essential for maintaining a healthy metabolism, development of brain, preventing heart diseases. Therefore, fish oil's health benefits are the key factor driving the growth of the fish oil segment.
Europe Omega-3 Supplements Market, by Source – 2019 and 2027
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Distribution Channel Insights
The Europe omega-3 supplements market based on distribution channel has been segmented into supermarkets and hypermarkets, specialty stores, online stores, and others. The specialty stores segment dominated the Europe omega-3 supplements market in 2019. Specialty stores sell only particular brand items to the consumers and primarily focus on customer satisfaction. These stores specialize in a specific product and would not sell anything else apart from the particular range. These shops also provide excellent consumer experience with unique features, such as high-level customer service, premium offers, and special discounts. This specificity of product sales proves to be a guiding factor to the consumers who are focused on buying only a specific type of product. A specialty store staff has complete knowledge about the product, helping buyers know the product specifications before buying. Moreover, there are more price-conscious consumers than before, and they are attracted to discount retailers. The popularity of shopping malls has helped specialty stores since consumers can accomplish one-stop shopping through various specialty stores in the same mall or shopping centre. These factors are bolstering the specialty stores segment.
Strategic Insights
Now Foods; RIMFROST AS; Pharma Nord B.V.; Nordic Naturals, Inc.; Aker BioMarine AS; and Reckitt Benckiser (RB); are among the key players in the market. Major players in the omega-3 supplements market are focused on strategies such as mergers and acquisitions and product launch to increase the geographical presence and consumer base globally.
Report Spotlights
- Progressive industry trends in the Europe Omega-3 supplements market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the Europe Omega-3 supplements market from 2017 to 2027
- Estimation of the demand for omega-3 supplements across various industries
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
- Recent developments to understand the competitive market scenario and the demand for vacuum pumps
- Market trends and outlook coupled with factors driving and restraining the growth of the omega-3 supplements market
- Decision-making process by understanding strategies that underpin commercial interest with regard to Europe Omega-3 supplements market growth
- Omega-3 supplements market size at various nodes of market
- Detailed overview and segmentation of the Europe Omega-3 supplements market as well as its dynamics in the industry
- Omega-3 supplements market size in various regions with promising growth opportunities
Europe Omega-3 Supplements Market, by Form
- Capsules
- Soft gels
- Others
Europe Omega-3 Supplements Market, by Source
- Fish Oil
- Krill Oil
- Algae Oil
- Others
Europe Omega-3 Supplements Market, by Distribution Channel
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
Company Profiles
- Now Foods
- RIMFROST AS
- Pharma Nord B.V.
- Nordic Naturals, Inc
- Aker BioMarine AS
- Reckitt Benckiser (RB)
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe Omega-3 supplements market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Europe Omega-3 supplements market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the Europe Omega-3 supplements market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution