The global 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 supplements are nutritional supplements containing docosahexaenoic acid (DHA), an omega-3 fatty acid that is not synthetized by the human body and can only be obtained through diet or supplements. DHA plays an important role in brain, eye, and heart health and is especially important for fetal development and infant brain growth. It is found in fatty fish and fish liver oils. DHA supplements come in various forms including soft gels, capsules, liquids, powders, and chewable tablets. They offer various health benefits such as reduced risk of heart disease, better brain function, lower blood pressure levels, and improved eye health. The increasing consumer awareness about various health benefits associated with omega-3 fatty acids is expected to drive the growth of the DHA supplements market.
Market key trends:
One of the major trends in the DHA Supplements Market Size is the rise in demand for vegetarian and vegan DHA supplements. With increasing vegan and vegetarian population worldwide, manufacturers are focusing on developing plant-based DHA supplements without using fish oil. Algal DHA obtained from microalgae is considered a sustainable vegetarian source of DHA. Another key trend is the new product launches in the market. Manufacturers are developing DHA supplements targeted towards different consumer groups like pregnant and lactating women, children, senior citizens etc in various formats. In addition, with growing importance of clean label and organic ingredients, clean label and organic DHA supplements are also emerging as an important trend in the market.
Porter's Analysis
Threat of new entrants: Low capital requirements for production facilities and easy availability of raw materials poses threat of new entrants in DHA Supplements Market.
Bargaining power of buyers: Large number of buyers and suppliers in market results in high bargaining power of buyers.
Bargaining power of suppliers: Few global players operate in raw material supply chain giving them high bargaining power over buyers.
Threat of new substitutes: Threat of substitutes is moderate as Omega-3 from plant and animal sources can be used as alternatives.
Competitive rivalry: Market is competitive with presence of many global and regional players. Market leaders differentiate through innovation.
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 awareness about health benefits of DHA.
Regional analysis: North America dominates the DHA Supplements Market currently. However, Asia Pacific is expected to witness fastest growth during forecast period due to rising middle class population and their increased spending on healthy supplements in countries like China and India.
Key players: 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.
Read More: https://www.trendingwebwire.com/dha-supplements-market-is-estimated-to-witness-high-growth/
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