Africa Algae Omega-3 Ingredients Market

Africa Algae Omega-3 Ingredients Market Analysis

The Africa Algae Omega-3 Ingredients Market is expected to register a CAGR of 4.3% during the forecast period.

• The Algae omega-3 ingredient market is at a nascent stage in Africa; however, the growing middle-class population and a revival of economy drives the market. Consumer spending on health and wellness products is increasing owing to the growing awareness of nutraceutical products.
• Algae omega-3 ingredient is a sustainable source for production and even supports the vegan label, which is further triggering the market demand. The high-cost of production and costly downstream processing are the major factor affecting the market growth. Furthermore, lack of proper regulatory structure for dietary supplements and fortified food products provides lesser opportunities for the market.

Africa Algae Omega-3 Ingredients Market Trends

DHA is expected to have a high penetration rate

Across Africa, The most obvious market for EPA/DHA oil from phototrophic algae is the growing EPA/DHA consumer market, which can be divided into the market segments such as dietary supplements, pet foods, functional foods, infant formulas, pharmaceuticals and clinical nutrition. On the other hand, poor nutrition has long been recognized as one the contributing factors of mental illnesses among individuals in developing countries. To counter such issues the supplementation of omega-3 fatty acids, particularly, docosahexaenoic acid (DHA) is an example of available nutrient-based interventions that has shown promising results in improving mental health.

South Africa dominates the demand

South Africa dominates the market due to the rising health awareness and economy of the country. The increasing birth rate in the region has accelerated the market for the algal omega-3 ingredient, as it is considered as premium DHA/EPA to fortify infant formula products. The dietary supplements segment is likely to emerge as a high growth segment citing its increasing consumption pattern among affluent consmers in the country. Across South Africa, almost half of the population, or 46%, take some form of daily nutritional supplement, thereby laying numerous opportunities for Omega-3 products manufacturers to populate their product offerings.

Africa Algae Omega-3 Ingredients Industry Overview

Players operating in the Africa Algae Omega 3 products market are vying on new product launches as a part of their strategy to gain competitive advantage along with market share. For an instance, in 2018, Triton Algae, is bringing healthy and safe non GMO, and vegan algae powder rich in omega - 3, 6, and 9 fatty acids, vitamin A/ Betacarotene and iron. This is an excellent source of high protein.

Some of the prominent players in the market are DSM Nutritional Products, Vital Health Foods, Nordic Naturals, VidaLife, ADM and Xymogen among others.

Africa Algae Omega-3 Ingredients Market Leaders