Asia-Pacific Polyunsaturated Fatty Acids (PUFAs) Market to Reach $1,984.1 Million by 2026
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The Asia-Pacific Polyunsaturated Fatty Acids (PUFAs) market was valued at $1.10 billion in 2020 and is projected to reach $1.98 billion in 2026, following a CAGR of 10.25% during the forecast period 2021-2026. The growth in the APAC PUFAs market is expected to be driven by increasing awareness regarding the health benefits of PUFAs, support from government organizations and institutions, and increasing chronic diseases.
Market Lifecycle Stage
The APAC PUFAs market is at the growing stage. There have been numerous research and development activities are underway to enhance PUFAs products and new innovative technologies in the PUFAs have been introduced in the market.
Furthermore, the PUFA market has been witnessing a shifting trend from animal-based to plant-based PUFA products. There are various types of animal and plant sources that provide PUFA. animal-based has the largest share in the PUFAs market, due to the increasing awareness regarding holistic lifestyle choices and environmental concerns plant-based is the fastest growing market in the Asia-Pacific region. As the consumer awareness towards global environmental concerns is driving the demand for sustainable ingredients and products across the globe is increasing. Consumers now show a preference for more eco-friendly products in various industries such as pharmaceutical, food and beverage, and others. This trend has coincided with a shift toward more holistic lifestyle choices, including the rising popularity of vegetarian, flexitarian, and vegan diets. This, in turn, is anticipated to increase the demand for the plant-based food source over the forecast period.
Impact
- Chronic diseases and conditions are rising across the globe. An aging population and variations in societal behavior are leading to a steady increase in these common and long-term health problems. In addition to this, the population is growing, and with urbanization accelerating, people are adopting a more sedentary lifestyle. Such trends are pushing obesity rates and cases of diseases such as diabetes upward. To overcome such challenges, various public organizations and governments are promoting healthier lifestyles which include the benefits of omega-3 to fight against chronic diseases.
- Various research has been conducted for a long time on the feasibility of innovative sources of PUFA which include plants, vegetables, animals, and others. Some of them include using microalgae as sources of omega-3 fatty acids. Diatoms are a prominent group of high omega-3-fatty acid-creating algae that play a crucial role in global climate change and ecosystem function. Such new innovative sources of PUFAs are anticipated to increase the demand for the market.
Impact of COVID-19
Impact of Covid-19 on PUFAs market was positive in comparison of other industries across the globe. during COVID-19, people's health awareness witnessed a sharp increase in the fight against the risk of various bacterial, viral, and other infections. Various chronic and severe infections lead to nutritional disorders and worsen affected people's nutritional status. Therefore, awareness toward diet and nutritional status during the COVID-19 pandemic witnessed a sharp increase. This, in turn, boosted the adoption of PUFAs.
Market Segmentation
by Application (Pharmaceutical, Dietary Supplements, Food and Beverages, Animal Feed, Others (Cosmetics, etc.))
The APAC PUFAs market in the Application segment is expected to be dominated by the dietary supplements. PUFAs are most commonly used in dietary supplements for the past few years, as offers various health benefits in the form of capsules and powders. The most important dietary of PUFAs are omega-3 and omega-6, as they are considered essential nutrients for humans.
by Product Type (Omega-3, Omega-6)
The APAC PUFAs market in product type segment is dominated by the omega-3 segment. This is due to benefits offered by Omega-3 to fight against diseases such as atherosclerosis, arthritis, hypertension, depression, myocardial infarction, thrombosis, and some cancers.
by Food Source (Plant Sources, Animal Sources)
The food source segment is dominated by animal source segment. Animal source PUFA play the most vital role in human health, ranging from conception across every stage of maturation, human development, and aging. For instance, fishes play a chief role in the brain and retina development throughout the fetal development process and the first two years of infant’s life.
by Forms (Ethyl Esters, Triglycerides, Others)
Ethyl ester forms of omega-3 fatty acid supplements are most widely consumed in the market mainly due to the cost, as ethyl esters are cheaper to produce than triglyceride forms of PUFA.
by Country
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Thailand
- Australia and New Zealand
- Rest of Asia-Pacific
China is expected to dominate the APAC PUFAs Market during the forecast period. It has been observed that in China, most of the industry such as food and beverages, pharmaceutical, cosmetics, among others are dependent on PUFAs, and witnessing positive growth over the forecast period. In addition to this, post-pandemic, in China, health awareness has risen to a new level. The country is witnessing change in lifestyles which is expanding the PUFAs market.
Recent Developments in APAC PUFAs Market
- In November 2021, Aker BioMarine ASA partnered with Gambol Pet Food Group of China to expand its business in the Chinese pet food market, followed by more hirings in China.
- In December 2020, VivoMega announced a partnership with Bioscope Viet Nam, aiming to target the Vietnamese market of omega-3 fatty acids.
- In April 2020, Novosana B.V and LUS Health Ingredients partnered to work on the vegan omega-3 market.
Demand - Drivers and Limitations
Following are the demand drivers for the APAC PUFAs market:
- Growing Awareness Regarding Health Benefits of Omega-3
- Increasing Cases of Chronic Diseases
- Support from Government Organization and Institutions
The market is expected to face some limitations too due to the following challenges:
- Volatility in the Prices of PUFA Sources
- Harmful Effects of High Ratio Consumption
How Can This Report Add Value to An Organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of PUFAs products such as product type, food source, forms available for deployment in applications. Moreover, the study provides the reader a detailed understanding of the different PUFAs based products by Application (pharmaceutical, dietary supplements, food and beverage, animal feeds and others).
Growth/Marketing Strategy: The APAC PUFAs market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been Partnerships, Collaborations, and Joint Ventures to strengthen their position in the APAC PUFAs. For instance, in December 2020, VivoMega announced a partnership with Bioscope Viet Nam, aiming to target the Vietnamese market of omega-3 fatty acids.
Competitive Strategy: Key players in the APAC PUFAs market analyzed and profiled in the study involve PUFAs-based product manufacturers that product type, forms, and food source products. Moreover, a detailed competitive benchmarking of the players operating in the APAC PUFAs market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, and analyzing company coverage, product portfolio, market penetration.
Some of the prominent names established in this market are:
- Aker BioMarine ASA
- BASF SE
- CABIO Biotech (Wuhan) Co., Ltd.
- Cargill, Incorporated.
- Cellana, Inc.
- Clover Corporation
- Croda International PLC
- DSM
- Guangdong Runke Bioengineering Co. Ltd.
- Huatai
- Jindawei Group
- KinOmega Biopharm Inc
- Novasep
- NovoSana B.V.
- Omega Protein Corporation
- Pelagia AS
- Polaris
- Sinomega Biotech Engineering Co., Ltd
- Solutex
- Stepan Company
- Veramaris
- VivoMega
Table of Contents
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Companies Mentioned
- Aker BioMarine ASA
- BASF SE
- CABIO Biotech (Wuhan) Co., Ltd.
- Cargill, Incorporated.
- Cellana, Inc.
- Clover Corporation
- Croda International PLC
- DSM
- Guangdong Runke Bioengineering Co. Ltd.
- Huatai
- Jindawei Group
- KinOmega Biopharm Inc
- Novasep
- NovoSana B.V.
- Omega Protein Corporation
- Pelagia AS
- Polaris
- Sinomega Biotech Engineering Co., Ltd
- Solutex
- Stepan Company
- Veramaris
- VivoMega
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 222 |
| Published | June 2022 |
| Forecast Period | 2021 - 2026 |
| Estimated Market Value ( USD | $ 1218.1 Million |
| Forecasted Market Value ( USD | $ 1984.1 Million |
| Compound Annual Growth Rate | 10.3% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 22 |
