Africa Algae Omega-3 Ingredient Market - Growth, Trends and Forecasts (2017 - 2022)
Africa is an emerging market for the algal-based omega-3 ingredient with the recent consumer awareness regarding its health benefits. The Africa algae omega-3 ingredient market is expected to register a CAGR of 9.9%, during the forecast period of 2017–2022. The market, estimated at USD XX billion in 2016, is projected to reach USD XX billion by 2022.
The omega-3 ingredient market is at a nascent stage in Africa; however, the growing middle-class population and slow economy drive 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. Lack of proper regulatory structure for dietary supplements and fortified food products provides opportunities for the market.
The market has been segmented by type, concentration type, application type and purity/quality type. There are commercially two types of essential omega-3 fatty acids derived from algae, namely, Eicosapentaenoic Acid (EPA) and Docosahexaenoic Acid (DHA). DHA holds the largest share in the market due to the high demand for infant formula products and its legal recommendations. EPA is the fastest-growing market, supported by various health benefits, which has increased its importance in drug formulation. By concentration type, the market is divided into high-concentrated, concentrated and low-concentrated products. Based on the product purity and quality type, algae omega-3 is segmented into premium grade and others. By application, the market is segmented into infant formula, dietary supplements, pharmaceuticals and animal nutrition. Dietary supplement holds the largest share of the market, followed by infant formula application. The use of algae omega-3 ingredient is quite less in the pharmaceutical application, but its value is high. The high awareness of the health benefits of EPA has triggered its application in pharmaceutical products.
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.
DSM Nutritional Products
Bioprocess algae, LLC
An average of 18% of deaths, annually, in Africa are due to obesity and heart disease. Algal omega-3 EPA has positive benefits on the health of the heart. Algal EPA-only supplement and drugs will pose a great opportunity for the market growth.
Key Deliverables in the Study
Market analysis for the Africa algae omega-3 ingredient market, with region-specific assessments and competition analysis on Africa and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on Africa and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the Africa algae omega-3 ingredient market on, both, Africa and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions where this industry is growing and identify the regions that are still untapped.