Polyunsaturated fatty acids (PUFAs) have more than one carbon bond in the molecule. Omega-3 fatty acids and omega-3 fatty acids are polyunsaturated fatty acids. These fats are essential for improving the metabolic functions of the human body. They are widely used across pharmaceuticals, infant formula, food and beverages, dietary supplement, and animal food &feed.
Global polyunsaturated fatty acids (PUFAs) market is estimated to account for around US$ 5,792.1 million in terms of value in the year 2019 and it predicted to grow at a CAGR of 10.3% during the forecast period (2020-2027)
Rising demand for PUFAs in convenience and processed foods with low sugar, fat, and salt content is projected to drive the market growth of the polyunsaturated fatty acids. Rapid urbanization, improving lifestyle, and changing eating habits among the consumers are further expected to augment the market growth of the polyunsaturated fatty acids. Moreover, increasing disposable income of the population is encouraging them to spend on healthy food products which are again expected to accelerate the market growth of polyunsaturated fatty acids.
The growing use of PUFAs in infant’s formula is expected to bring new growth opportunities to the market of polyunsaturated fatty acids. Polyunsaturated fatty acids support overall neurological development in infants and also serve other benefits to the infant. Moreover, growth in the food and beverage industry around the globe coupled with the rising clinical trials by independent organization is further expected to augment the market growth of polyunsaturated fatty acids.
Increasing prices and limited availability of raw materials such as fish oils used to manufacture PUFAs is expected to restrict the market growth of polyunsaturated fatty acids. This is attributed to the high consumption of fish among consumers and increasing use of fish oil in supplements which is leading to depletion of fish sources. All these factors are increasing the overall price of PUFAs.
On the basis of region, Europe region dominated the global polyunsaturated fatty acids (PUFAs) market in 2019 with a 39.3% of market share in terms of value, followed by North America and Asia Pacific respectively.
On the basis of product type, omega-3 fatty acid segment dominated the global polyunsaturated fatty acids market in 2019 with 78.0% of market share in terms of value.
Various manufacturers are focusing on increasing production capacities of the omega-3 fatty acids in order to meet the rising demand around the globe. This is projected to foster market growth. For instance, in July 2019, Royal DSM, and 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). This new site has begun commercial production of omega-3 fatty acids rich in EPA and DHA from natural marine algae for sustainable salmon farming. This innovation helps to reduce the pressure on wild fish stocks, supports the aquaculture industry to sustainably meet the growing demand for seafood.
Polyunsaturated Fatty Acids (PUFAs) Market - Impact of Coronavirus (Covid-19) Pandemic
Coronavirus (Covid-19) has majorly impacted the food & beverages industry and in turn has changed the dynamics of entire ecosystem including raw material suppliers supplying food ingredients. Lockdown in various countries is expected to impact supply chain system of fatty acids, which will hamper growth of polyunsaturated fatty acids market for short period.
Few Recent Developments
In December 201, BASF Newtrition, a subsidiary of German chemicals giant BASF, has launched a new absorption technology designed to improve the delivery of omega 3 fatty acids from a single concentrated dose, such as a supplement pill. Accelon technology improved eicosapentaenoic acid (EPA) absorption by 6.4 times when compared to a dose without it and the absorption of docosahexaenoic acid (DHA) by 11.5 times.
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