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Press Release: Polyunsaturated Fatty Acids (PUFAs) Market to reach around US$ 12,849.3 million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Polyunsaturated fatty acids are compounds that have more than one unsaturated carbon bond. They are important fats which cannot be produced by the human body hence it is required to consume through food as it improves the overall metabolic process. They have beneficial effects on the cardiovascular system and also helps to enhance the cognitive functions.
The global polyunsaturated fatty acids (PUFAs) market is projected to reach around US$ 12,849.3 million by the end of 2027, in terms of revenue, growing at CAGR of 10.3% during the forecast period (2020-2027).
Drivers:
Growing prevalence of cardiovascular disease along with the rising awareness regarding the PUFAs for treating chronic disease is primarily fueling the market growth. According to the U.S. Department of Health & Human Services, about 647,000 Americans die from heart disease each year that’s 1 in every 4 deaths. Therefore, the growing prevalence of the cardiovascular disease is projected to foster the market growth of polyunsaturated fatty acids.
Figure 1. Global Polyunsaturated Fatty Acids (PUFAs) Market Share (%) in terms of Value, By Region, in 2019
Europe region dominated the global Polyunsaturated Fatty Acids (PUFAs) market in 2019, accounting for 39.3% share in terms of value, followed by North America and Asia Pacific, respectively.
Market Restraints
Lack of awareness regarding the health benefits associated with consumption of PUFAs owing to a few marketing and promotional activities in rural areas is expected to hinder the market growth of polyunsaturated fatty acids.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 5,792.1 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 10.3% | 2027 Value Projection: | US$ 12,849.3 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Koninklijke DSM N.V., BASF SE, Croda International PLC, Enzymotec Ltd., Omega Protein Corporation, Aker BioMarine AS, Polaris Nutritional Lipids, FMC Corporation, Cargill, Incorporated, and GlaxoSmithKline plc. |
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Market Opportunities
Increasing consumption of marine-derived polyunsaturated fatty acids (PUFAs), including docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) for treating various types of cancer is expected to serve major growth opportunities. It acts as an effective adjuvant to chemotherapy treatment and have anticancer effects that help in treating the cancers. Thus, growing consumption of marine-derived polyunsaturated fatty acids for preventing cancers is expected to fuel the market growth.
Growth in fisheries production is projected to provide potential opportunities to the market of polyunsaturated fatty acids. Growing demand for krill oil and highly concentrated fish oil is also expected to accelerate the market growth of polyunsaturated fatty acids. High availability of chia seeds that are a rich source of α-linolenic acid is further expected to increase the consumption of PUFAs in Brazil country. All these factors are projected to foster the market growth.
Figure 2. Global Polyunsaturated Fatty Acids (PUFAs) Market– Opportunity Analysis
Market Trends
Manufacturer are introducing products such as soft gels, oils, and capsules that contain docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) is a major trend in the market. For instance, in February 2020, Wiley Companies a producer of AlaskOmega® omega-3 fish oil concentrates and natural fish oils announced that it has launched an MSC-certified omega-3 concentrate powder for use in food, beverage, and dietary supplement formulations.
Increasing consumption of super-fortified food across developed countries is a major trend in the market. This trend is expected to foster the market growth of polyunsaturated fatty acids. The growing health wellness trend is leading to the rapid adoption of a healthy lifestyle among consumers which is also projected to augment the market growth. Moreover, a growing number of consumers participating in various sports and other physical activities is further expected to stimulate the market growth of polyunsaturated fatty acids over the foreseeable time period.
Figure 3. Global Polyunsaturated Fatty Acids (PUFAs) Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the dietary supplement segment has accounted the largest market share of 47.4% in terms of value, followed by infant formula and food & beverage segment respectively.
Global Polyunsaturated Fatty Acids (PUFAs) Market - Impact of Coronavirus (Covid-19) Pandemic
Demand for dietary supplements has grown during the coronavirus pandemic as it helps to boost immunity. According to U.S. FDA (Food and Drug Administration) coronavirus cannot be transmitted through dietary supplements or their packaging. However, manufacturers are experiencing increased prices and potential shortages of raw materials to meet the consumer demand. Sales of supplements addressing cold, flu and immunity are expected to grow at a substantial rate during the pandemic and post pandemic period. According to Coherent Market Insights, demand for polyunsaturated fatty acids (PUFAs) during the pandemic.
Competitive Section:
Company Names
Few Recent Developments
In July 2019, Royal DSM, a global science-based company in Nutrition, Health, and Sustainable Living, today together with Evonik celebrated the grand opening of their Veramaris 50-50 joint venture's commercial-scale US$200 million production facility located in Blair, Neb. (USA).
Polyunsaturated fatty acids are compounds that have more than one unsaturated carbon bond. They are important fats which cannot be produced by the human body hence it is required to consume through food as it improves the overall metabolic process. They have beneficial effects on the cardiovascular system and also helps to enhance the cognitive functions.
Market Dynamics
Increasing use of PUFAs in place of saturated fat in dietary supplements and functional foods are projected to augur the market growth. Growing demand for omega-3 and omega-6 fatty acids among consumers is also supporting the market growth of polyunsaturated fatty acids. Moreover, the growing use of PUFAs in pharmaceutical and aquaculture industries is further expected to spur the market growth of the polyunsaturated fatty acids over the forecast timeframe.
Partnership and agreements among major players is a current trend in the market and this trend is expected to foster market growth. For instance, in February 2020, GC Rieber Oils (Kristiansund, Norway), a producer of marine-based omega-3 concentrates, has partnered with Barrington Nutritionals to distribute its VivoMega omega-3 fish oils to the United States and Mexico. Such partnerships and agreements are expected to spur the market growth over the forecast timeframe.
High costs required for conducting R&D programs is projected to hamper the market growth of the global PUFAs over the forecast timeframe. The high cost of R&D is a major challenge for SMEs companies.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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