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Rising Prevalence of Chronic Diseases in Omega-3 PUFA Market
HYDERABAD, TELANGANA, INDIA, November 9, 2022 / / -- IndustryARC, in its latest report, predicts that size is forecast to reach $7.3 billion by 2026, growing at a CAGR of 9.8% during the forecast period 2021-2026. Omega-3 PUFA is a dietary fat offering various health benefits that reduce the risk of developing arthritis. It fights against inflammation and makes the immune system stronger. Docosahexaenoic acid, Alpha-Linolenic acid, and Eicosapentaenoic acid are some of the types of Omega-3 PUFA among others. It has various applications in nutraceuticals, pharmaceuticals, and dietary supplements among others. Increasing awareness of the consumers regarding the health benefits and increasing awareness about infant nutrition products are the major factors driving the growth of the market. The increasing prevalence of vegetarian consumers and increasing prevalence of chronic diseases is set to further enhance the overall market development of the Omega-3 PUFA Market for the period 2021-2026. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
1. North America dominated the Omega-3 PUFA Market in 2020 owing to the increasing health awareness and increasing the adoption rate of nutritional supplements. The Omega-3 PUFA Market scope for different regions will be provided in the final report.
2. Increasing incidences of chronic diseases and increasing usage of dietary supplements are likely to aid the market growth of the Omega-3 PUFA Market report.
3. Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be Omega-3 PUFA Market report.
4. Higher price of the omega-3 PUFA and increasing competition is poised to create the hurdles for the Omega-3 PUFA Market.
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Segmental Analysis:
1. Docosahexaenoic acid held the largest share in the Omega-3 PUFA Market in 2020 and is estimated to grow at a CAGR 8.7% during the forecast period 2021-2026. This is owing to the increasing awareness regarding the functionalities of omega-3 PUFA.
2. Dietary Supplements held the largest share in the Omega-3 PUFA Market in 2020 and is estimated to grow at a CAGR 10.4% during the forecast period 2021-2026. This is owing to the increasing awareness regarding the consuming capsules for omega-3, and increasing incidences of cardiovascular diseases.
3. North America dominated the Omega-3 PUFA Market with a major share of 35.3% in 2020. This is attributed to the increasing research & development, and increasing penetration of improved medication. Increasing consumption of dietary supplements, increasing health benefits of omega-3 PUFA, increasing healthcare expenditure, and improving healthcare infrastructure is increasing the growth of the market in this region.
4. The leading cause of death around the world can be attributed to the chronic diseases. It is estimated that around 29% of the deaths are owing to the chronic diseases and 40.5% of the population of U.S. suffer from chronic diseases. Thus, increasing the growth of the Disposable Negative Pressure Wound Therapy Devices Market during the forecast period 2021-2026.
5. Some of the factors that are set to impede the growth of the Omega-3 PUFA Market are higher price of the omega-3 PUFA and increasing competition. Stringent government regulations and the absence of daily intake of nutritional products is set to hinder the growth of the market during the forecast period 2021-2026.
Competitive Landscape:
The top 5 players in the Omega-3 PUFA industry are -
1. Cargill
2. BASF SE
3. Polaris
4. DSM
5. Omega Protein Corporation
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