Tuna and Algae Omega-3 Ingredient Industry

Tuna and Algae Omega-3 Ingredient Market Analysis

The Tuna and Algae Omega-3 Market is expected to register a CAGR of 14.03% during the forecast period.

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 Market Trends

Increasing Consumer Expenditure on Omega-3 Supplements Products

Growing consumer health awareness and concerns toward a healthy lifestyle, majorly in regions like Asia-Pacific, Latin America, and Africa, are leading to an increased demand for ingredients such as EPA and DHA. Moreover, the increase in the percentage of the smoking population, incidences of heart-related complications, and other health-related issues across the world are fueling the growth of omega-3 ingredients, including tuna and algae omega-3 ingredients, especially in developing economies. Manufacturers and suppliers are actively involved in the supply chain of omega-3 in various regions. They are also making strategic efforts to ensure a gradual flow of information regarding the health benefits associated with omega-3 enriched diets, which has largely and positively affected the sales of omega-3 ingredients in developing regions.

Asia-Pacific Emerges as the Largest Market Globally

Driven by the growing demand for sports nutrition and the increase in opportunities for personalized nutrition, omega-3 ingredients hold a promising future market in Asia-Pacific. Moreover, the increasing aging population in the countries such as China and Japan, with a proportionate rise in the general population, is emerging as one of the key factors leading to the demand for brain health supplements, which, in turn, has led many key players to invest on their research and development activities regarding new innovations in omega-3 supplements. The high birth rate and the recent abolition of the one-child policy in China are slated to boost the infant food industry. Many players, such as Pathway International, are strategically partnering with key ingredient manufacturers to expand the production level or product line.

Tuna and Algae Omega-3 Ingredient Industry Overview

The global tuna and algae omega-3 ingredient market is highly fragmented. BASF, Neptune Wellness Solutions Inc., and Omega Protein Corporation are the most active companies in the global tuna and algae omega-3 ingredients market. Key players, like Neptune Wellness Solutions Inc. and Cellana Inc., are focusing on partnerships and joint ventures to increase their production capabilities and consumer base across various regions. Moreover, players are focusing on investing in technology to increase efficiency as well as various research and development activities.

Tuna and Algae Omega-3 Ingredient Market Leaders

Tuna and Algae Omega-3 Ingredient Market News

• February 2022: Polaris partnered with Golden Omega USA to distribute its algae oils across North America.
• January 2022: AlgaeCytes agreed to a EUR 5 million funding round with German private equity provider IBG Risikokapitalfonds III GmbH & Co. KG (IBG), alongside a EUR 11 million commitment from the German Federal Ministry for Economic Affairs and Energy's GRW investment program. The agreed funding will be used by AlgaeCytes Germany to build one of Europe's largest bioreactors facility in Dessau, Saxony-Anhalt.
• June 2021: Polaris launched the Omegavie DHA 800 algae oil sourced from microalgae (Schizochytrium sp.) that is rich in vitamins, proteins, pigments, and enzymes. The ingredient offers a plant-based and sustainable origin for polyunsaturated fatty acids (PUFAs). It is produced in France and uses Polaris' patented Qualitysilver technology to protect and improve the stability of microalgae. Omegavie DHA 800 is unique because of its high potency, offering a minimum of 800 mg/g of DHA.