Omega-3 products such as fish oil, algal oil, and krill oil are rich sources of omega-3 fatty acids (α-linolenic acid (ALA), docosahexaenoic acid (DHA), and eicosapentaenoic acid (EPA)) that provide various health benefits such as improved cardiovascular health, enhanced cognitive function, and reduced inflammation. The increasing prevalence of heart diseases and neurological disorders has raised awareness about maintaining overall wellness through diet and supplementation, propelling the demand for omega-3 enriched products. The global omega-3 products market is estimated to be valued at US$ 47,500.55 million in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The market is expected to witness high growth owing to the opportunity of increased health benefits of omega-3. Regular consumption of omega-3 fatty acids helps reduce triglyceride levels, decrease inflammation, lower blood pressure, reduce the risk of abnormal heart rhythms, and curb the occurrence of heart disease and stroke. Moreover, omega-3 aids in neurodevelopment in infants born from women who consume it during pregnancy and improves neurological health in adults by preventing cognitive decline and decreasing the risk of Alzheimer's disease and dementia. Omega-3 in the form of supplements also benefits elderly population suffering from age-related illnesses. Thus, growing awareness about multiple health advantages is prompting consumers to include omega-3 enriched foods and beverages in their regular diet as well as rely on supplements, thereby providing impetus to the market growth over the forecast period.

Porter's Analysis
Threat of new entrants: The global omega-3 products market is moderately consolidated with major players holding key market share. However, the threat of new entrants remains low due to capital intensive nature and strong brand positioning of existing players.

Bargaining power of buyers: The bargaining power of buyers is high as omega-3 products are not deemed essential products and buyers can switch between available substitutes easily.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key inputs such as fish oil and algal oil have limited suppliers globally. However, suppliers cannot influence prices significantly due to availability of alternatives.

Threat of new substitutes: The threat of substitutes remains high due to availability of alternative sources of omega-3 such as flaxseeds, chia seeds, and walnuts.

Competitive rivalry: The competitive rivalry in the market is high due to strong brand positioning and marketing initiatives by top players.

SWOT Analysis
Strength: Wide range of product offerings, strong brand recognition, and global distribution networks of top players. Extensive R&D efforts in new product development.
Weakness: High prices of products compared to alternatives. Dependence on few suppliers for key inputs affects consistency of supply.
Opportunity: Growing health and wellness trend widens customer base. Increasing demand for plant-based and sustainable products presents new opportunities.
Threats: Intense competition from substitutes. Stringent regulations pertaining to label claims and dietary supplements.

Key Takeaways
The Global Omega-3 Products Market Size is expected to witness high growth. The market size is projected to reach US$ 47500.55 Mn by 2030, expanding at a CAGR of 7.5% during the forecast period.

Regional analysis: North America currently dominates the omega-3 products market, supported by increasing health consciousness. However, Asia Pacific is expected to rise as the fastest growing region due to improving disposable incomes and changing lifestyles in countries like India and China.

Key players: Key players operating in the Omega-3 Products market are Nestle SA, Unilever PLC, Amway Corp., Aker BioMarine, Blackmores Group, Herbalife Nutrition Ltd, Glanbia PLC, Reckitt Benckiser Group PLC, Natrol LLC, Nordic Naturals Inc., Now Foods, and Pharmacare Laboratories Pty Ltd. They are focused on developing alternative vegan and concentrated sources of omega-3 to boost market share.

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