The global dietary supplements market was valued at a staggering US$140.3 billion in 2020. The market is expected to grow at a CAGR of 8.6 percent to reach a market value of US$272.4 billion by 2028. Dietary supplements include tablets, capsules, soft gels, gelcaps, gummies, powder,s and liquids with ingredients such as vitamins, minerals, herbs, amino acids and enzymes, according to the FDA.
The growth of dietary supplements has been ascribed to increased spending on healthcare products, the rising geriatric population and growing interest in preventative healthcare and attaining wellness through diet. The Covid-19 pandemic has also been a driving factor in increased consumer interest and consumption of dietary supplements for the purposes of enhancing immune function.
The most valuable dietary supplement
Among all dietary supplements, omega-3 fatty acid supplements are the world’s most important nutraceutical. Omega-3 fatty acids are considered to be crucial to human health with a multitude of health benefits.
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Some potential benefits of omega-3 fatty acids include reducing the risk of cardiovascular disease by lowering bad cholesterol, strengthening bones, improving memory and mood, lowering the risks of depression and dementia, improving brain growth and development during pregnancy and early life, reducing inflammation in the body and reducing the risk of cancer.
Given the key role that omega-3 fatty acids play in human health, it comes as no surprise that the global market for omega-3 products was valued at US$44 billion in 2020 alone. The omega-3 fatty acid market is expected to grow at a significant 14 percent and is anticipated to reach around US$9 billion by 2029.
According to the 2012 National Health Interview Survey, 18.8 million or 7.8 percent of adults in the USA and 664,000 or 1.1 percent of children aged 4 to 17 had taken a fish oil supplement in the previous 30 days.
The increasing need for plant-based dietary supplements
The growth in the omega-3 fatty acid market could also be influenced by another growing trend –– veganism. From 2014 to 2017, the number of US consumers that identified as vegan grew by 600 percent, increasing from 1 percent to 6 percent. In the UK, vegan diets have been markedly on the rise with an estimated increase to around 600,000 vegans in 2018 from only 150,000 in 2006.
The vegan diet is purely plant-based, meaning that vegans do not consume any animals or animal by-products such as fish, meat, dairy and eggs. What’s more? Other data has found a growing interest in plant-based foods and alternatives by non-vegans and non-vegetarians. The shift towards a more plant-based lifestyle has been attributed to the desire to improve one’s health and weight, animal welfare and environmental concerns.
As more people become vegan and seek plant-based alternatives, those seeking a well-rounded diet will likely look towards sources of omega-3. However, common vegan sources of omega-3 fatty acids such as nuts and seeds are inefficient and do not provide nearly enough for human health.
Omega-3 fatty acids come in three primary forms ALA, DHA and EPA. According to a dietician, the best vegan omega-3 supplements are algae-based because they are rich in EPA and DHA. Nuts and seeds only provide ALA and not DHA and EPA which have stronger links to reduced inflammation and better mental health. Studies have also shown that algae supplements substantially increase EPA and DHA levels.
Key players in the dietary supplements market
The Archer-Daniels-Midland (ADM) (NYSE:ADM) Company is an American multinational food processing and commodities company that produces a wide range of products including dietary supplements. ADM offers phospholipids, vitamin E, plant sterols, soy isoflavones and omega-3 fatty acid products. The company’s omega-3 fatty acid products are derived from algae making it completely vegan and plant-based. ADM’s omega-3 products are produced in collaboration with Qualitas Health which is a food and nutrition company.
Jamieson Wellness (TSX:JWEL) is a leading manufacturer, distributor and marketer of health and wellness products in Canada. The company’s catalog contains notable brands, including Jamieson vitamins, IronVegan, Progressive, Precision and Smart Solutions — providing direct access to several verticals within the health and wellness industry. Additionally, the company owns a 120,000 square foot facility that specializes in tablet and capsule production, as well as a 70,000 square foot softgel production site, 100,000 square foot foot powder manufacturing facility in Scarborough and a 100,000 square foot warehouse that houses the raw materials needed for production. Jamieson Wellness’s complete ownership of the supply chain allows investors to benefit from full vertical integration of manufacturing, distribution and marketing within the rapidly growing natural supplements market without the downside risks associated with brick and mortar retail.
Solarvest BioEnergy (TSXV:SVS) is an innovative Canadian technology development company that produces a patented algae-derived omega-3 supplement through its Eversea brand. The company’s omega-3 product is unique as it is the first and only FDA-approved DHA/EPA omega-3 supplement that is certified organic, vegan, non-toxic, highly bioavailable, sustainable and non-GMO. The algae-derived omega-3 product is also completely free of solvents, chemicals, heavy metals, PCBs, dioxins and fish –– unlike other organic options on the market.
Solarvest BioEnergy is positioned for growth with its proprietary clean energy agal production platform that is capable of replicable, consistent and high-yield mass production. Its platform can expedite product development and is versatile to produce complex products for human and animal nutrition, prescription and non-prescription medication and derivatives. The platform has already achieved a global breakthrough in the medical field. Solarvest Bioenergy also plans to expand its product line to include multiple omega-3 supplement forms and CBD and THC products.
Takeaway
As the dietary supplements market grows over the coming years, the omega-3 product market is expected to grow at the same, if not greater rate. Consumer preferences have already shifted towards more plant-based options creating new market opportunities for companies in the dietary supplement space. As a result, dietary supplement companies with health-focused and plant-based ingredients, including omega-3 fatty acids, will likely present an exciting opportunity for investors seeking to capitalize on the market’s growth.
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