This year, the omega-3 industry is expected to see a shift in consumer demands, which will lead to the emergence of new trends. But how do trends actually start? In most cases, they begin with the consumers and their wants and needs. So what are the needs of omega-3 consumers in 2023, and how should omega-3 brands respond to them?
Consumer demands in the omega-3 industry
Consumers are less willing to pay higher prices unless the product is seen as premium.
According to Deloitte’s 2023 consumer products industry outlook, consumers are becoming less willing to pay higher prices in general, unless the product is considered premium. This means that omega-3 brands will need to focus on offering more value to their customers in order to remain competitive.
Increased focus on sustainability and ethical sourcing practices
The omega-3 industry is expected to see a greater focus on sustainability and ethical sourcing practices. Consumers are becoming increasingly aware of the environmental impact of the products they use, and they are demanding more transparency and accountability from the brands they buy from. Brands that prioritize sustainability and ethical sourcing and succeed to prove it, are likely to have an advantage in the market.
Growing readiness to pay more for a product from a brand that acts transparently
A consumer market study conducted by Pure Branding revealed that 73% of respondents are willing to pay more for a product from a brand that acts transparently. This indicates that brands that prioritize transparency in their sourcing and manufacturing processes are likely to have a competitive advantage.
Increased awareness about the health benefits of omega-3
As consumers become more health-conscious, they are also becoming more aware of the benefits of omega-3. This increased awareness is leading to more widespread use and acceptance of omega-3 supplements as a way to prevent health issues.
Awareness of the health benefits of omega-3 increases the demand for quality and transparency”
As consumers become more aware of the health benefits of omega-3 and learn more about it, they are also becoming more careful about the products they purchase – making sure the products are of high quality. This requires omega-3 brands to communicate transparently.
This requires omega-3 brands to communicate transparently.
Increased demand for plant-based sources of omega-3
Another trend that is expected to emerge in the omega-3 industry this year is an increased demand for plant-based sources of omega-3, such as algae-based supplements and foods enriched with omega-3. Many environmentally conscious consumers are turning to plant-based lifestyles and seeking out sustainable and vegetarian options. Among others, algae oil is seen as a natural and sustainable alternative to fish oil, making it an attractive option for those concerned about their own health as well as the health of the planet. Moreover, consumers who follow vegan, vegetarian, or plant-based diets do not want to compromise their nutritional intake and are looking for plant-based sources of omega-3 that can provide the same benefits as fish oil.
In conclusion, the omega-3 industry is expected to see a number of trends emerge, driven by consumer demands for sustainability, transparency, and value. Omega-3 brands that are able to respond to these demands will have a competitive advantage in the market. At the same time, it is easy for dishonest companies to provide false label claims on omega-3 products. That is one of the many reasons why involving a third party verification provider will be even more important than ever before.