Polyunsaturated fatty acids (PUFAs) are fatty acids that contain more than one double bond in their backbone. They are used widely in manufacturing various food and beverages, dietary supplements, functional foods, pharmaceuticals and animal feed. The major types of PUFAs are omega-3 fatty acids such as alpha-linolenic acid (ALA), docosahexaenoic acid (DHA), and eicosapentaenoic acid (EPA) and omega-6 fatty acids such as linoleic acid (LA) and gamma-linolenic acid (GLA). DHA and EPA find wide application in supplements due to their various health benefits. PUFAs are known to reduce risk of heart diseases and help in maintaining brain health. PUFA supplements are gaining traction due to growing health and wellness trend among consumers. The global polyunsaturated fatty acids market is estimated to be valued at US$ 6.36 billion in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for omega-3 fatty acids from dietary supplement, functional food and feed industries is expected to drive the growth of global polyunsaturated fatty acids market over the forecast period. According to the report by Coherent Market Insights, omega-3 fatty acids segment accounted for largest market share in 2022 owing to increasing health consciousness among consumers. Moreover, rising consumption of dietary supplements to fulfill daily macronutrient requirement is expected to propel the demand for PUFAs as ingredients. However, availability of cheaper substitutes and stability issues related to PUFAs at high temperature are projected to hamper the market growth during the forecast period. Ongoing R&D for developing cost effective extraction technologies is likely to create lucrative opportunities for PUFA manufacturers in the coming years.
Segment Analysis
The global polyunsaturated fatty acids market is dominated by the omega-6 segment which holds around 60% market share. This is primarily due to the widespread usage of linoleic acid in various food products as an essential fatty acid. Linoleic acid is easily available at lower costs and has extensive applications in processed food recipes. The omega-3 segment is expected to witness fastest growth during the forecast period owing to rising awareness about the health benefits of EPA and DHA fatty acids in managing conditions like cardiovascular diseases and depression.
PEST Analysis
Political: Regulations around usage levels and labels for trans fats in foods are expected to drive demand for healthier polyunsaturated fats. Several countries have imposed restrictions on trans fatty acid consumption.
Economic: Growing health consciousness and disposable incomes are encouraging consumers to opt for premium food products rich in omega-3 and omega-6 fatty acids. However, high production costs remain a challenge for industry expansion.
Social: Increasing prevalence of lifestyle diseases and obesity has highlighted the importance of dietary fatty acids. Social media influence has boosted the adoption of polyunsaturated fats in daily diets.
Technological: New extraction technologies are helping lower manufacturing costs and reduce environmental footprint of polyunsaturated fatty acid production. Supercritical fluid technologies offer sustainable solutions.
Key Takeaways
The Global Polyunsaturated Fatty Acids Market Size is expected to witness high growth during the forecast period due to rising health awareness.
North America dominates the market currently due to strong demand for dietary supplements and functional foods enriched with omega-3 and omega-6 in the region.
Key players operating in the polyunsaturated fatty acids market are Advanced, Ariba, Inc. (SAP SE), Coupa Software Inc, GEP, Procurify, Sage Intacct, Inc. (The Sage Group PLC), Sievo, SutiSoft, Inc., TOUCHSTONE GROUP PLC, VA Tech Ventures Pvt Limited (Happay), and others.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
