by Market Overview:
The global DHA Supplements Market is estimated to be valued at US$1,385.8 million in 2021 and is expected to reach a market size of US$ (incorporate given market value for 2022) million by 2022, exhibiting a CAGR of (incorporate given CAGR) % over the forecast period (incorporate given forecast period), according to a new report by Coherent Market Insights. DHA (Docosahexaenoic Acid) supplements are gaining traction in the wellness industry due to their numerous health benefits. These supplements are known for their cognitive and cardiovascular benefits, making them popular among consumers looking to support brain health and maintain heart health. The rising awareness about the advantages of DHA supplements is a key driving factor for market growth.
Market Key Trends:
DHA supplements have witnessed significant growth in recent years, and this trend is expected to continue over the forecast period. One key trend in the market is the increasing demand for plant-based DHA supplements. With the growing focus on sustainability and ethical consumption, consumers are seeking alternatives to traditional fish-based DHA supplements. Plant-based sources, such as algae, are being explored as a sustainable and environmentally-friendly alternative. For instance, companies like Cellana Inc. and DSM are investing in the production of DHA from algae sources.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the DHA supplements market is relatively low due to high entry barriers, including the need for substantial investments in research and development, regulatory compliance, and established distribution networks.
Bargaining power of buyers: The bargaining power of buyers is moderate, as there are several DHA supplement options available in the market. However, brand reputation, product quality, and pricing play significant roles in the purchasing decisions of buyers.
Bargaining power of suppliers: The bargaining power of suppliers in the DHA supplements market is moderate. Key suppliers, such as BASF Corporation and Omega Protein Corporation, hold a significant market share and have established supply chains. However, the availability of multiple suppliers and the increasing focus on sustainability can influence supplier bargaining power.
Threat of new substitutes: The threat of new substitutes in the DHA supplements market is relatively low. DHA is a unique compound known for its cognitive and cardiovascular benefits, and there are limited natural substitutes available.
Competitive rivalry: The competitive rivalry in the DHA supplements market is intense, with several key players vying for market share. Companies like DSM, Croda International Plc, and Aker BioMarine are engaged in product development, collaborations, and acquisitions to gain a competitive edge.
Key Takeaways:
1: The global DHA Supplements Market Growth is expected to witness high growth, exhibiting a CAGR of CAGR of 7.0% over the forecast period, due to increasing consumer awareness about the health benefits of DHA supplements. These supplements are in demand for their cognitive and cardiovascular benefits, supporting brain health and maintaining heart health.
2: In terms of regional analysis, North America is the fastest-growing and dominating region in the DHA supplements market. The region’s focus on preventive healthcare, rising disposable income, and increasing health-conscious population are driving market growth. Additionally, Asia Pacific is expected to witness substantial growth due to the growing middle-class population and increasing consumer expenditure on healthcare and wellness.
3: Key players operating in the global DHA supplements market include 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 companies are adopting strategies such as mergers, acquisitions, and collaborations to expand their product offerings and maintain a competitive position in the market.
The DHA supplements market is experiencing strong growth due to the increasing awareness about its health benefits. The demand for plant-based alternatives and the intense competition among key players are shaping the market dynamics. With the market projected to grow at a significant rate, it is crucial for industry players to stay updated with evolving consumer preferences and invest in sustainable and innovative product offerings.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
