The DHA Supplements market is estimated to be valued at US$ 1586.6 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
DHA or docosahexaenoic acid is an omega-3 fatty acid that plays an important role in brain and eye development. DHA supplements come in various forms including capsules, oils, and gummies that help fulfill the dietary needs of DHA. They provide various health benefits such as improved brain & eye development in infants, brain health in adults, cardiovascular health, and reduced risk of asthma. DHA supplements are popular among health-conscious consumers, nursing mothers, pregnant women, and aged population.
Market Dynamics:
The DHA supplements market is expected to growth owing to increasing awareness among consumers regarding brain and overall health benefits of DHA. DHA plays an important role in brain development and cognitive functions. Supplementing diets with DHA has shown to improve mood, memory, and focus. Also, DHA needs cannot be fulfilled through diet alone as the natural sources like fatty fish are not widely consumed, hence dietary supplements have become important. However, fluctuations in fish stocks and prices pose a major challenge. Manufacturers are focusing on effective fermentation and algal DHA production methods to ensure steady supplies. Rising vegan and vegetarian population also present new market opportunities for algal DHA offerings.
SWOT Analysis
Strength: DHA Supplements Market Sizehas strong growth potential due to rising health awareness among consumers. Also, several clinical studies have proven the health benefits of DHA supplements in brain and eye health, heart health, pregnancy and lactation. Further, growing vegan and vegetarian population is inclined towards algal-based DHA supplements as they are highly sustainable.
Weakness: High production costs and unstable supply of DHA due to varying climatic conditions and availability of raw materials can act as challenges. Also, lack of regulation and quality checks in developing nations can compromise product quality.
Opportunity: Growing elderly population suffering from age-related cognitive decline and eye diseases will drive the demand. Also, increasing disposable incomes in developing regions will boost spending on supplemental nutrition. Further, promotion of OTC sales of DHA supplements without prescriptions can penetrate untapped regional markets.
Threats: Stringent regulatory policies and certifications for approval and commercialization of products may increase compliance costs. Further, availability of alternative plant-based supplements without DHA can reduce the market share over the long-run.
Key Takeaways
The global DHA Supplements market is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing health awareness among consumers regarding cognitive benefits of DHA. North America dominates the market currently due to surging elderly population and higher spending on brain health supplements in the US and Canada.
Regional analysis:
Asia Pacific region is expected to be the fastest growing market for DHA supplements exhibiting a CAGR of over 8% during the forecast period. This high growth can be attributed to rapidly growing middle-class population and their increasing health consciousness in major countries like China, India and Japan.
Key players related content:
Key players operating in the DHA supplements market are BASF Corporation, DSM, Cellana Inc., JC Biotech Pvt.Ltd, FEMICO, Croda International Plc, Pharma Marine AS, Clover Corporation, Omega Protein Corporation, Kingdomway Nutrition, Inc., ECPlaza Network Inc., Bizen Chemical Co.LTD, Stepan Company, Novotech Nutraceuticals, Inc., Arjuna Natural, Jiangsu Auqi Marine Biotechnology Co., Ltd., and Aker BioMarine. These major players are focusing on new product launches, capacity expansions and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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