In a just-released report on The Global Market for EPA/DHA Omega-3 Products, Packaged Facts projects that global consumer spending on EPA/DHA fortified products will jump from $25.4 billion in 2011 to $34.7 billion in 2016, for a compound annual growth rate of 6.4 percent.
By geographic region, North America currently accounts for 43 percent of these consumer sales, but Asia-Pacific is projected to jump to a close second-place position by 2016.
These figures, based on research commissioned by the Global Organization for EPA and DHA Omega-3 (GOED) and presented at the GOED Exchange 2012 conference in Boston, cover six categories of packaged consumer products: infant formula; fortified foods and beverages; nutritional supplements; pharmaceuticals; clinical nutrition products; and pet food, treats and supplements.
Expanding public awareness of EPA/DHA omega-3 health benefits through media coverage of research findings, as well as developments in the regulatory environment, will spur continued growth in the global market for EPA/DHA omega-3 products. According to David Sprinkle, publisher of Packaged Facts, other factors that will continue to create a positive growth environment for EPA/DHA omega-3 products include:
- Consumer interest in functional food and fortified product line expansions;
- Increasing demand for fortified infant formula due to population growth and rising middle class in emerging economies;
- Continued popularity of EPA/DHA omega-3 nutritional supplement products, including krill oil and vegetarian algae-based supplements;
- Introduction of pharmaceutical-grade products into South America and approval of generic pharmaceuticals in existing markets;
- Expanding clinical nutrition market opportunities for disease- and disorder-specific formula applications, created through additional R & D and aggressive marketing by ingredient suppliers; and
- Premiumization of pet foods due to humanization of companion animals.