by 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 supplements contain docosahexaenoic acid (DHA), an omega-3 fatty acid that is important for brain and eye health. DHA plays a crucial role in brain development during fetal stages and early life. It supports brain function, heart health, joints and reduces inflammation. Advantages of supplementing with DHA include boosting brain and eye development, reduces cardio-vascular risks and joints pains.
Market key trends:
One of the major trends in the DHA Supplements Market Size is rising awareness regarding importance of DHA for brain development, heart health and vision. Regular consumption of DHA supplements is known to significantly boost cognitive development in infants and children and reduces risk of heart diseases. Studies also show that supplementing with DHA protect eyes from age related macular degeneration. Increasing health consciousness among individuals coupled with rising cases of lifestyle diseases has propelled the demand for DHA supplements globally. Manufacturers are focusing on developing innovative forms of DHA supplements like gummies, soft gels and liquids to increase customer base.
Porter’s Analysis
Threat of new entrants: The threat of new entrants entering the DHA supplements market is low to moderate as manufacturing supplements require significant capital investments and entrants need to achieve economies of scale.
Bargaining power of buyers: The bargaining power of buyers is moderate as DHA supplements are available from multiple brands and buyers can switch between brands easily based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for manufacturing DHA supplements like fish oil are commodities and are available from numerous global suppliers.
Threat of new substitutes: The threat of new substitutes is low as DHA provides unique benefits for brain and eye health that are not easily substituted.
Competitive rivalry: High due to presence of many global and regional players.
SWOT Analysis
Strength: Wide applications of DHA in infant formula, pharmaceuticals, functional foods & beverages. Growing consumer awareness about health benefits of DHA.
Weakness: Supply chain uncertainties and fluctuations in fish catch. Higher R&D costs associated with product development.
Opportunity: Increasing health & wellness trend drives the demand. Rising focus on preventive healthcare supplements.
Threats: Stringent regulations associated with supplements. Supply disruptions due to environmental factors.
Key Takeaways
The global DHA supplements market size is expected to reach US$ 2,458.1 Mn by 2030, expanding at a CAGR of 7.0% over the forecast period, due to increasing consumer awareness about brain and eye health benefits of DHA. By application, infant formula is expected to dominate the market over the forecast period, accounting for more than 30.0% market share in 2030.
Regionally, North America captured the largest share of over 35.0% of the overall DHA supplements market in 2023 owing to changing dietary patterns and growing health consciousness among consumers. Asia Pacific is expected to be the fastest growing region, expanding at a CAGR of around 8.0% during the forecast period due to rising disposable incomes, growing middle class population and their willingness to spend on nutrition and health supplements.
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 players are focused on new product launches and expansion in emerging markets to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
