Algae oil market sales are expected to grow at a 4.7% CAGR and surpass $3.1 billion by 2032. Increased knowledge of the advantages of omega-3 fatty acids, particularly their ability to lower cardiovascular risk and maintain low triglyceride levels, is driving this spike.
Future Market Insights (FMI) projects that by the end of 2032, sales of algal oil would have surpassed US$ 3.1 billion, growing at a compound annual growth rate (CAGR) of about 4.7%.
Growing knowledge of the benefits of omega-3 fatty acids, such as their ability to reduce the risk of cardiovascular disease (CVD) and promote low triglyceride levels, is one of the main factors propelling the expansion of the algal oil industry.
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Key Points:
- Market Growth: The Algae Oil Market is anticipated to achieve a 4.7% CAGR, reaching over $3.1 billion by 2032.
- Omega-3 Benefits: Increased awareness of omega-3 fatty acids’ advantages, such as reducing cardiovascular risk and maintaining low triglyceride levels, is a driving force.
- Vegetarian Demand: The vegetarian movement contributes to rising demand as omega-3 fatty acids, commonly sourced from animals, are present in various vegetarian food products.
- Dietary Supplements: Growing awareness of weight management fuels the demand for algae oil in dietary supplements.
- Biofuel Impact: Anticipated growth is also attributed to the need for biofuels with a lower carbon impact.
- Market Segmentation:
- Grade Dominance: Feed grade is expected to dominate the market.
- Sales Channels: The online segment is projected to lead sales channels.
- Application Mix: Biofuel and dietary supplement segments accounted for nearly 60% of global sales in 2021.
- Regional Growth: China is expected to lead in East Asia due to the expanding food & beverage industry.
- Strategic Initiatives: Key players focus on R&D, collaborations, acquisitions, and partnerships to expand their customer base and increase revenues.
- Prominent Companies: Leading companies include Algae Floating Systems, Cargill, Algae Production Systems, Lonza Group, Algatech Ltd., and others.
- Insights Offered: Future Market Insights (FMI) provides unbiased analysis, historical data, and forecast statistics for 2022-2032.
Furthermore, the vegetarian movement is driving up demand for the business because omega-3 fatty acids are often derived from animal sources. Furthermore, a large number of food companies sell items including milk, yoghurt, nutrition bars, marinades, salad dressings, and juices enhanced with algae oil.
An important factor propelling the algae oil market is the growing need for dietary supplements due to increased awareness of managing weight. FMI predicted that the need for biofuels, which have a lower carbon impact, will drive the growth of the algal oil industry over the course of the forecast period.
Key Takeaways from the Algae Oil Market Study
- In terms of grade, the feed grade segment is expected to dominate the global algae oil market over the forecast period.
- Based on sales channel, online segment is projected to lead the algae oil market during the assessment period.
- In 2021, the biofuel and dietary supplement application segments combined accounted for almost 60% of the share of global sales.
- China is expected to lead the growth in East Asia algae oil market on the back of expansion of food & beverage industry.
- In application category, the biofuel section is predicted to exhibit strong growth at a CAGR of 5.8% between 2022 and 2032
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“Key players are investing extensively in research and development (R&D) in order to introduce new products and gain a competitive advantage. Companies are also pursuing strategies such as collaboration, acquisitions, mergers, and partnerships in order to extend their client base and increase revenues.” said a lead analyst at FMI.
Who is winning?
Key players operating in the global algae oil market are focusing on reaching a large consumer base by implementing various strategies such as product innovations, marketing & promotional activity, strengthening distribution channels, and adopting sustainable production.
Some of the leading companies offering algae oil are Algae Floating Systems, Inc., Cargill, Algae Production Systems, Lonza Group, Algatech Ltd., Seaweed Energy Solutions, Royal DSM, Algix LLC, Cyanotech, Pond Technologies Inc., and others.
Get Valuable Insights into Algae Oil Market
FMI, in its new offering, provides an unbiased analysis of algae oil presenting historical demand data (2017-2022) and forecast statistics for the period from (2022-2032). The study divulges compelling insights on the demand for algae oil based on the by grade (feed grade, food grade, and fuel grade), by application (food & beverages, animal feed, dietary supplements, pharmaceuticals, personal care, biofuels, and others), and sales channel (direct sales, hyper/supermarket, specialty stores, online, and other retail formats) across five major regions.
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About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Algae Oil Market by Category
By Grade:
- Feed Grade
- Food Grade
- Fuel Grade
By Application:
- Food & Beverages
- Animal Feed
- Dietary Supplements
- Pharmaceuticals
- Personal care
- Biofuels
- Others
By Sales Channel:
- Direct Sales
- Hyper/SuperMarket
- Specialty Stores
- Online
- Other retail formats
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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