The global market for fatty acid supplements will grow by 13.1 percent to reach a staggering $4.48 billion by 2020, according to new market research. A new report from Persistence Market Research forecasts that nearly 270 million tons of these supplements will be sold in 2020.
What’s driving the growth? People are getting a clue about health, diet and fitness, according to the report, as noted in a release about the research. In particular, people who live in cities are becoming aware of their dietary intake, and more and more people are moving to cities. The urbanization trend will help boost the market. And don’t forget those aging boomers— billions of them. According to the Population Division of the United Nations Department of Economic and Social Affairs (UN-DESA), there were 841 million people aged 60 and above in 2013, compared to 205 million in 1950. The number is projected to reach over 2 billion by 2050.
The researchers found that advances in technology that help prevent foods, beverages and supps from leaving consumers with fish breath with also drive the demand for omegas.
North Americans consumed about 35 percent of the world omega-3 market in 2013. While North America’s the largest market for fatty acids supps (followed by Europe), Asia-Pacific is the fastest growing market, according to the report. The researchers identified functional beverages featuring fatty acids for adults and infants are growing trends.
A low level of consumer awareness is “a major restraint for the fatty acids supplements market,” according to the report. To that note, a multi-media campaign to boost public awareness of the health benefits of omegas showed promise during its pilot run.