May 18, 2024
DHA Supplements Market

The Global DHA Supplements Market is Driven by Increasing Health Consciousness

DHA supplements contain the omega-3 fatty acid docosahexaenoic acid (DHA) which plays an important role in brain and eye development, especially during pregnancy and early childhood. DHA supplements are majorly consumed by pregnant and lactating women to ensure adequate DHA levels and optimal development of the fetus. They are also used by adults, athletes and bodybuilders to support cognition, cardiovascular health and optimal body functions. Some key benefits of DHA supplements include improved brain and eye health, modulation of inflammation, cardiovascular support and cognitive development. The global DHA Supplements Market is estimated to be valued at US$ 1827.77 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends witnessed in the global DHA supplements market is the growing demand for vegan and vegetarian DHA supplements. Traditionally, DHA was obtained from fish oil, but rise in vegetarian and vegan population has increased the demand for plant-based supplements. This has led to development of algal DHA supplement derived from microalgae. Algal DHA supplements are a sustainable source and address concerns related to sustainability of fish-based sources. Regulatory approvals to algal DHA from global organizations like EFSA and FDA is further supporting the growth of plant-based DHA supplements. Manufactures are focusing on developing innovative and sustainable sources of vegan DHA to expand their consumer base.

Porter’s Analysis

Threat of new entrants: The threat of new entrants to the DHA supplements industry is moderate as the industry requires substantial R&D investment and expertise to develop new DHA supplement products. However, barriers to entry are relatively low compared to pharmaceuticals.

Bargaining power of buyers: The bargaining power of buyers in the DHA supplements market is moderate. Buyers have several product alternatives for DHA supplements available from different brands.

Bargaining power of suppliers: The bargaining power of suppliers in the DHA supplements industry is moderate to high as key raw materials such as algal DHA oil are concentrated among few suppliers globally.

Threat of new substitutes: The threat of substitutes for DHA supplements is moderate as alternatives such as food products fortified with DHA provide substitutes. However, supplements provide targeted doses of DHA not achievable through regular diet.

Competitive rivalry: The competitive rivalry in the DHA supplements market is high owing to the presence of many global and regional players offering similar products. Players compete on the basis of product innovation, quality, and pricing.

Key Takeaways

The Global DHA Supplements Market Demand is expected to witness high growth over the forecast period.

Regional analysis: Europe dominates the global DHA supplements market currently due to rising consumer awareness about nutritional supplements. The Asia Pacific region is expected to witness the fastest growth in the market over the forecast period owing to rising health consciousness and growing middle-class population in large economies such as China and India.

Key players operating in the DHA supplements market include AtHoc, Inc.€“(BlackBerry Limited), F24 AG, Eaton Corporation plc, xMatters, Inc., Honeywell International, Inc., Omnilert, LLC ̧ IBM Corporation, Mir3, Inc., Siemens AG, Metis Secure Solutions, LLC, and Everbridge, Inc. Key players are focusing on new product launches and innovations to enhance 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