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Long-chain omega-3 market tops US$1.4 billion: GOED

GOED 2020 omega-3 market report
Sales of EPA and DHA omega-3 increased more than 3% in value and 1% in volume, according to a new report from the Global Organization for EPA and DHA Omega-3s (GOED).

The Global Organization for EPA and DHA Omega-3s (GOED) released the 2021 edition of its annual Global EPA and DHA Omega-3 Ingredient Market Report. Globally, the EPA and DHA omega-3 ingredient market was valued at US$1.409 billion in 2020, an increase of 3.6% from the previous year, a decline from the 9% growth in value in 2019. Volume increased by 1.0% to top 110,802 metric tons. The report includes insights on the size and value of the global market, with forecasts through 2023, and this year analyses the impact of COVID-19 on a number of market factors.

The Ingredient Market Report covers the market for EPA and DHA omega-3s used as an ingredient in consumer products, including dietary supplements, food additives, pharmaceuticals, clinical nutrition, infant formula or pet food/supplements. This specifically excludes oils used as ingredients for feed in aquaculture or livestock/poultry production. Estimates of ingredient volume and value are separated by raw material source and oil type, geographic region and consumer application.

On a regional basis, GOED reports that the European market grew at a moderate pace in volume and value; given its mature state, the association doesn’t expect significant changes. The largest sector by volume—and value—is the food supplement area, which grew at 7.6% in volume and 6.5% in value in 2020. Further insights in the report explore the specific impact of the COVID-19 pandemic on demand for omega-3 supplements.

According to Ellen Schutt, GOED executive director: “This year’s research for our Ingredient Market Report was, not surprisingly, focused particularly on the impact of COVID-19 on the omega-3 supply chain. As a well-established and scientifically based ingredient, omega-3s fared well during the pandemic but were hit by the same logistics and supply challenges many other supplements faced.”

“There were definitely some surprises in terms of how the pandemic impacted sales, with, for example, category sales decreases in the US refined oil (18:12) sector but a strong year for cod liver oil sales in Europe. Even the rapidly-growing pharmaceutical category was impacted by the lockdowns and limitations caused by COVID-19."

More information and a sample of the report is available on the GOED website.

Editor's Note: Interested in learning more about the Ingredient Market Report or opportunities in the global EPA and DHA market? Visit the Omega-3 Resource Centre, developed in association with GOED, at Vitafoods Europe 2021 4 to 8 October in person and online.

TAGS: Omega-3
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