MAYWOOD, N.J.—Approximately 82 percent consumers are aware of omega-3s, and close to one-third take omega-3 supplements, according to a July 2014 Stepan Lipid Nutrition survey of more than 1,000 consumers.
According to the survey, those who use an omega-3 product indicated that their buying decisions are guided by very specific purchase criteria, including price, potency/purity levels and safety issues—being low in contaminants and heavy metals, for example—as well as taste factors, and several others.
As omega-3 use continues to rise, so does the amount of information consumers need about this supplement before making a purchase decision. During SupplySide West in Las Vegas, October 8 and 9, Stepan Lipid Nutrition, the manufacturer of Marinol® Omega-3 Triglycerides, will discuss these survey results and what they indicate about consumers’ reasons for purchasing, as well as how manufacturers can compete in this sizable market.
“Due to the high costs of prescription medications, time spent at doctors’ offices and ready availability of nutritional supplements, more consumers are seeking alternative methods rather than traditional medicine to prevent and treat conditions," said Robert Bailey, global commercial development manager at Stepan Lipid Nutrition.
Bailey noted that during the first decade of the 21st century, the global omega-3 market grew at a skyrocketing rate. During this period, all manufacturers experienced healthy growth due to ample new customers entering the market. However, recent reports show a slowed growth in markets such as the United States, Canada, Australia and New Zealand.
“We see that products which address consumer need eventually outperform baseline growth; and in tandem, manufacturers providing true consumer value thrive," Bailey said, citing recent market growth of omega-3 forms, such as krill and algal based omega-3s, as good examples. “Consumer purchase decisions seem to be based more on value than they are on price."
In June, 2014, Stepan Lipid Nutrition launched MARINOL into the U.S. market. European manufacturers credit MARINOL’s success to its gentle, proprietary natural concentration and purification process.
According to Bailey, today’s market is dominated by fish-based omega-3s for good reason. The majority of the supporting science has been performed using this source. MARINOL is a fish based omega-3 ingredient with a highly unique, purifying and concentrating process providing an optimized combination of sensory (clean-tasting with no “after burp"), science and safety benefits for the essential omega-3 fatty acids eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), which are key attributes when it comes to consumer purchase.
Show attendees are invited to visit booth 33115 to meet the Stepan Lipid Nutrition experts, discuss the survey results and learn how MARINOL can be leveraged to boost their omega-3 products sales.