Global demand for Vegan DHA Market is expected to reach a market valuation of US$ 1569 Million by the end of the year 2023, accelerating at a CAGR of 7% over the forecast period (2023 to 2033). The Vegan DHA Market is relatively niche and is experiencing utmost and rapid growth, owing to the increasing number of people opting for vegan diets as a part of their consciousness of the impact of their food choices on the environment. Furthermore, the increasing awareness of health benefits of vegan DHA are impacting the growth of the market. The market is supported by:
North America, followed by Europe, is the major market for Vegan DHA Market, owing to the increasing popularity and growing awareness of plant-based diets and the health benefits of Omega-3 fatty acids. The US is the largest Vegan DHA Market in the region, followed by Canada, owing to advances in plant based food industry and related practices. Apart from North America, Asia-Pacific is the largest market for Vegan DHA Market, due to the growing number of consumers seeking plant-based options for their health and environmental concerns.
Key producers are working on manufacturing Vegan DHA Market in order to gain a greater market share. Some of these companies include Martek Biosciences Corporation (acquired by DSM in 2014), Corbion, Algae Dynamics Corp, Algatech, Blue Evolution, Omega Protein, BASF, Solgar, Nordic Naturals and BulkSupplements.
The Vegan DHA Market is expected to see increased competition in the coming years as more companies enter the market and existing players expand their product portfolios. Companies are also investing in research and development to enhance the quality and effectiveness of their products, which is likely to further increase competition. Companies may also differentiate themselves through their marketing and branding strategies, product formulation, and pricing strategies.
For instance, in August 2022, Vital Nutrients, a US-based company, introduced a vegan fish oil made from algae. This new product, called Ultra Pure Vegan Omega SPM+, is designed to support immunity, cardiovascular health, and cognitive focus, and combines omega-3 fatty acids with SPMs (specialized pro-resolving mediators). According to Dr. John Troup, Chief Science and Education Officer at Vital Nutrients, the product was developed in response to a need in the market for a vegan SPM solution, as well as smaller omega-3 capsules for improved adherence among patients.
Starting a business in the vegan DHA market can be a rewarding opportunity for entrepreneurs with a passion for plant based food ingredients. Considering this, a lot of startups are coming up with innovative product launches. One of the notable startups is Good Catch, a US-based startup, which offers plant-based alternatives to seafood that mimic the flavors and textures of their traditional counterparts. The company's products are made from a blend of legumes and algal oil, which gives them the taste of seafood and provides a source of omega-3 fatty acids. Good Catch's product line encompasses a variety of seafood alternatives, including fish-free tuna, burgers, and crab-free cakes.
DHA and other omega-3 ingredients are extensively extracted from marine and plant sources. Marine sources comprise algal, fungus oil, fish oil and krill oil. Those DHA which are obtained from other sources than fish are considered as vegan DHA which includes chia seed oil, flax seed oil, soybean oil, among others.
The increasing demand for healthy food ingredients in the food and beverage industry has led to rising demand for healthy food products and fall in need of unhealthy fatty acids. The vegan DHA in animal nutrition, introduced either by grazing or as diet supplement are important as they influence the improvement of their production, reproduction and other health performances
Various researchers show that feeding animals with essential fatty acids such as DHA support coat and skin health. It also aids healthy brain cells, as well as nutritionally support the natural healing process. Future growth will be driven by innovations in vegan DHA formulations with increased consumer awareness for the health and overall well-being.
The government of various countries such as Canada, USA, Sweden, Japan and others are taking initiatives and promoting the adequate intake of DHA due to potential health benefits. This is expected to create new opportunities for players operating in the vegan DHA market.
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The growing pollution in the sea and ocean has contaminated the fish derived products. The fish derived DHA oil in the market are rancid i.e. oxidized. The rancid oil or fats are expected to damage cells and contribute to atherosclerosis. Large numbers of free radicals are produced in the rancid oils and have potential to damage DNA cells. The free radicals can also act as carcinogens and cause cancers to humans.
The fat-soluble pollutants such as polychlorinated biphenyls, magnify in marine food chains and are expected to end up in concentrated amounts in the fish oil supplements.
The fish remains the major source of omega-3 ingredients such as DHA. These fishes obtain omega-3 ingredients from algae. Therefore algae are emerging as a new alternative source for production of DHA to fish and anticipated to grow rapidly over the forecasted period.
The DHA supplements derived from algae are considered as vegan DHA and have the same benefits and nutritional content as fish derived supplements. The vegan diet lacks DHA and EPA which can be fulfilled from the supplements manufactured using algal oil.
The manufacturers of the vegan DHA are expected to incorporate new technologies for the production of vegan omega-3 ingredients. The producers are expected to invest more in research and development to develop innovative methodologies for producing vegan DHA from algae or plant based sources to cater the demand from vegan and vegetarian consumers.
Microencapsulation technology is used to incorporate plant based oils (rich in omega-3 ingredients) into food and stabilized fish oil enriched foods. This technology improves palatability and stability of fish oils. Microencapsulated oil powders or products with enhanced stability products find applications majorly in infant formula, dietary supplements, and food and beverages.
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The key players in the global Vegan DHA market are:
The research report presents a comprehensive assessment of the Vegan DHA market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as source and application.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The Vegan DHA market can be segmented based on source and application.
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