Number of pages: 100 | Report Format: PDF | Published date: May 30, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 20.37 billion |
Revenue Forecast in 2031 |
US$ 35.30 billion |
CAGR |
6.3% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Product, Application, Form, Distribution Channel, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Afr |
According to the deep-dive market assessment study by Growth Plus Reports, the marine nutraceuticals market was valued at US$ 20.37 billion in 2022 and is expected to register a revenue CAGR of 6.3% to reach US$ 35.30 billion by 2031.
Marine Nutraceuticals Market Fundamentals
Marine nutraceuticals refer to bioactive compounds derived from marine organisms that offer potential health benefits when consumed as dietary supplements or functional food ingredients. Marine-derived substances, such as omega-3 fatty acids, vitamins, minerals, antioxidants, peptides, and polysaccharides, have gained considerable attention in recent years due to their various therapeutic properties. One of the most well-known marine nutraceuticals is omega-3 fatty acids, particularly eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). These essential fatty acids are found abundantly in fatty fish like salmon, mackerel, and sardines. They have been extensively studied for their beneficial effects on cardiovascular health, brain function, and inflammation reduction. Another example of marine nutraceuticals is astaxanthin, a potent antioxidant pigment found in microalgae, krill, and certain fish species. Astaxanthin has been associated with various health benefits, including its potential to protect against oxidative stress, improve skin health, support eye health, and enhance exercise performance. The marine nutraceuticals market demand for natural and functional food products that promote health and well-being.
Marine Nutraceuticals Market Dynamics
The global marine nutraceuticals market is experiencing significant growth due to several key drivers. These factors contribute to the increasing demand for marine-derived compounds and the market's growth. Consumers are increasingly aware of the potential health benefits of marine nutraceuticals. Omega-3 fatty acids, for instance, are recognized for their positive effects on cardiovascular health, brain function, and inflammation reduction. As consumers become more health-conscious, they are actively seeking out natural and functional food products that contain marine-derived compounds. The global aging population and the prevalence of chronic diseases are driving the demand for natural health solutions. According to WHO, the number of people aged 60 years and older is expected to more than double by 2050, reaching approximately 2.1 billion. Marine nutraceuticals are considered a promising alternative to synthetic supplements, as they offer a range of bioactive compounds that may provide synergistic health effects. The elderly population, in particular, is a key demographic driving the market growth. Marine nutraceuticals are often associated with sustainability and eco-friendliness. The industry prioritizes responsible sourcing and sustainable harvesting practices to protect marine ecosystems and ensure the long-term availability of marine resources. Environmentally conscious consumers are increasingly drawn to products that are sourced and produced with sustainability in mind. The regulatory environment plays a crucial role in the growth of the marine nutraceuticals market. Governments and regulatory bodies have implemented standards and regulations to ensure the safety and quality of marine-derived products. This provides consumers with confidence in the efficacy and safety of these products and encourages market growth. The marine nutraceuticals market is characterized by a wide range of products and applications. Apart from traditional dietary supplements, marine-derived compounds are finding their way into functional foods, beverages, pharmaceuticals, and cosmetics. This diversification of products and applications creates new market opportunities and attracts a broader consumer base.
However, developing and manufacturing marine nutraceuticals can be expensive due to the complex extraction and purification processes involved. Additionally, the costs associated with sourcing marine ingredients, conducting research and development, and ensuring quality control can be substantial. These high costs may result in elevated product prices, which could impact consumer affordability and limit market penetration. The marine nutraceuticals industry heavily relies on marine resources such as fish, algae, and other marine organisms. Overexploitation and unsustainable harvesting practices can deplete these resources, leading to ecological imbalances and declining populations. Increasing awareness about sustainability issues may result in stricter regulations and restrictions on the collection and use of marine ingredients, which could restrain market growth.
Marine Nutraceuticals Market Ecosystem
The global marine nutraceuticals market is analyzed from the following perspectives: product, application, form, distribution channel, and region.
Marine Nutraceuticals Market by Product
Based on the product, the marine nutraceuticals market is segmented into omega-3 fatty acids, fucoidan, seaweeds, marine collagen, and others.
The omega-3 fatty acids segment accounts for the largest revenue share in the global marine nutraceuticals market. Due to rising knowledge of the health advantages of omega-3 fatty acids and the inclusion of these nutrients in a variety of consumer items, there has been a steady rise in the demand for these nutrients in recent years. Currently, fish, algae, krill, seal, and most recently, squid are used to generate the oils. Sales of fish oil containing the omega-3 fatty acids eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) increased.
The seaweed segment is projected to record a high revenue CAGR in the global marine nutraceuticals market. The development of seaweed-based functional foods and nutraceuticals worldwide, most notably in China, Japan, and Korea, has brought seaweed a lot of attention in recent years due to interest in its potential as a nutraceutical. For instance, Marine Bioprocess Co. in Busan, Korea, specializes solely in functional beverages, snacks, and cosmetics made from seaweed. The business makes use of fermentation technologies.
Marine Nutraceuticals Market by Application
Based on the application, the global marine nutraceuticals market is segmented into dietary supplements, pharmaceuticals, functional foods and beverages, and others.
The pharmaceutical segment accounts for the largest revenue share in the global marine nutraceuticals market. These are widely used as management treatment in cardiovascular condition, joints inflammations, eye health, sports injury etc. Marine nutraceuticals, particularly omega-3 fatty acids derived from fish oil or algae, are often used to support cardiovascular health. Certain marine nutraceuticals, such as fish oil or green-lipped mussel extract, are used to support joint health and reduce inflammation associated with conditions like arthritis.
Other segments, including cosmetics is projected to record a fasted revenue CAGR in the global market during the forecast period. Marine nutraceuticals are increasingly being used in the cosmetics industry due to their potential benefits for skin health, anti-aging properties, and natural active ingredients. Seaweed extracts, such as kelp, algae, or seawater-derived ingredients, are rich in minerals, vitamins, and antioxidants. They are incorporated into cosmetics for their hydrating, soothing, and anti-inflammatory properties. Seaweed extracts are also known for their potential to improve skin elasticity and promote a healthy complexion.
Marine Nutraceuticals Market by Form
Based on the form the global Marine Nutraceuticals market is segmented into softgel capsules, powders, liquid, and others.
The softgel capsules segment accounts for the largest revenue share in the global marine nutraceuticals market. Marine nutraceuticals, such as fish oil or algae-based omega-3 supplements, are often encapsulated or packaged in softgel capsules. This form is convenient for consumers, allowing easy ingestion and precise dosage control.
Marine Nutraceuticals Market by Distribution Channel
Based on the distribution channel, the marine nutraceuticals market is segmented into hypermarkets, specialty retail stores, and online retail.
The online retail segment is projected to record a high revenue CAGR during the forecast period. The segment's growth will be aided by advantages such as the availability of a large range of items, convenience, flexibility, discounts, and affordability. The size of the industry will be further pushed by the online distribution channel due to the growing need for a quicker and easier buying experience.
Marine Nutraceuticals Market by Region
Geographically, the global marine nutraceuticals market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America represents a significant market for marine nutraceuticals. The region has a well-established nutraceutical industry and a strong consumer base interested in health and wellness products. The market is expected to grow further due to factors such as the introduction of innovative products, expanding distribution channels, and increasing research and development activities. The aging population in North America is a significant driver for the marine nutraceuticals market. Older adults are more prone to age-related health issues and are actively looking for dietary supplements and functional foods to support their overall health and well-being. Marine nutraceuticals, with their potential anti-inflammatory, antioxidant, and cognitive health benefits, are appealing to this demographic.
Asia Pacific is projected to record a high revenue CAGR during the forecast period. This is due to several factors, including increasing consumer awareness about health and wellness, the popularity of traditional medicine and natural remedies, and the abundant marine resources in the region. Many countries in Asia Pacific, such as China, Japan, and India, have a long-standing tradition of using natural remedies and herbal medicines for health purposes. The integration of marine ingredients into traditional medicine practices has expanded the market for marine nutraceuticals in the region.
Marine Nutraceuticals Market Competitive Landscape
The prominent players operating in the global marine nutraceuticals treatment market are: -
Marine Nutraceuticals Market Strategic Developments
Marine nutraceuticals refer to bioactive compounds derived from marine organisms that offer potential health benefits when consumed as dietary supplements or functional food ingredients.
The revenue CAGR for the marine nutraceuticals market is 6.3% during the forecast period.
Neptune Wellness Solutions, Inc., BioCeuticals International, Amway Enterprises Pvt. Ltd., Pharma Marine, and Algenuity Limited are some of the major key players in the global marine nutraceuticals market.
The Asia Pacific region is the key growth region in the global marine nutraceuticals treatment market.
The high cost and regulatory framework are some of the factors restricting the global marine nutraceuticals market.
*Insights on financial performance are subject to the availability of information in the public domain