Market Size of Tuna and Algae Omega-3 Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 14.03 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Tuna and Algae Omega-3 Ingredient Market Analysis
The tuna and algae omega-3 ingredient market is projected to grow at a CAGR of 14.03% in the next five years.
The perceived health benefits of omega-3 fatty acids, for which fish oil is the primary extraction source, drives the demand for tuna omega-3 ingredients. The tuna fish oil omega-3 market has witnessed emerging global raw material hotspots in China, Japan, Spain, and Italy. There has been a surge in the aquaculture sector around the world, and this boost is expected to provide further impetus to the overall growth of the fish oil omega-3 industry. According to the Marine Stewardship Council, the quantity of MSC-certified catch and the number of MSC-certified tuna fisheries continued to increase in 2021 and 2022. Nineteen tuna fisheries received MSC accreditation at the beginning of September 2022, bringing the total to 91.
This resulted in a 24% rise in the amount of MSC-certified tuna catch, from 1,982,000 tonnes in September 2021 to 2,460,000 in September 2022. Nearly 50% of the commercial tuna catch worldwide has MSC certification, boosting the market further. Algae omega-3 ingredients play a key role in driving the overall market growth due to the growing demand for algae omega-3 in infant food fortification, as it provides benefits similar to fish oil and has no off-odor or taste. Additionally, the surge in demand for fortified foods among various age groups across the globe is driving the tuna and omega-3 ingredients market.
Tuna and Algae Omega-3 Ingredient Industry Segmentation
Tuna and algae omega-3 ingredients contain fatty acids, EPA, and DHA. This enables a convenient intake of significant quantities and the condition for specific use.
The tuna and algae omega-3 ingredient market is segmented by type, application, and geography. On the basis of type, the market is segmented into algae type and tuna type. By application, the market is segmented into food and beverage, dietary supplements, pharmaceuticals, animal nutrition, and clinical nutrition. On the basis of geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
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Tuna and Algae Omega-3 Market Size Summary
The tuna and algae omega-3 ingredient market is experiencing significant growth, driven by the increasing awareness of the health benefits associated with omega-3 fatty acids. The demand for tuna omega-3 ingredients is bolstered by the global aquaculture sector's expansion and the rising prevalence of MSC-certified tuna fisheries, which enhance the sustainability and availability of these ingredients. Algae omega-3 ingredients are gaining traction, particularly in infant food fortification, due to their similar benefits to fish oil without the undesirable taste or odor. This trend is further supported by the growing demand for fortified foods across various demographics, contributing to the market's expansion. Regions such as Asia-Pacific, Latin America, and Africa are witnessing heightened consumer interest in health-conscious lifestyles, which is driving the demand for EPA and DHA-rich ingredients. The increasing incidence of health issues, including heart-related complications, is also propelling the market forward, especially in developing economies.
The market landscape is characterized by a high degree of fragmentation, with key players like BASF, Neptune Wellness Solutions Inc., and Omega Protein Corporation actively participating in the industry. These companies are focusing on strategic partnerships, joint ventures, and technological investments to enhance production capabilities and expand their market presence. The aging populations in countries like China and Japan are creating opportunities for brain health supplements, prompting investments in research and development for innovative omega-3 products. Additionally, the infant food industry is poised for growth due to demographic changes in China, further driving market demand. Companies such as Polaris and AlgaeCytes are making significant strides in expanding their production facilities and product offerings, underscoring the dynamic nature of the tuna and algae omega-3 ingredient market.
Tuna and Algae Omega-3 Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Algae Type
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2.1.1.1 Concentration type
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2.1.1.1.1 High Concentration
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2.1.1.1.2 Medium Concentration
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2.1.1.1.3 Low Concentration
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2.1.2 Tuna Type
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2.1.2.1 Crude Tuna Oil
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2.1.2.2 Refined Tuna Oil
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2.2 Application
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2.2.1 Food and Beverage
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2.2.1.1 Infant Formula
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2.2.1.2 Fortified Food and Beverages
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2.2.2 Dietary Supplements
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2.2.3 Pharmaceutical
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2.2.4 Animal Nutrition
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2.2.5 Clinical Nutrition
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 United Arab Emirates
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2.3.5.3 Rest of Middle East and Africa
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Tuna and Algae Omega-3 Market Size FAQs
What is the current Tuna and Algae Omega-3 Market size?
The Tuna and Algae Omega-3 Market is projected to register a CAGR of 14.03% during the forecast period (2024-2029)
Who are the key players in Tuna and Algae Omega-3 Market?
Archer Daniels Midland Company, Koninklijke DSM N.V., Polaris S.A., Clover Corporation Limited and Corbion N.V. are the major companies operating in the Tuna and Algae Omega-3 Market.
