The Algae Oil market is experiencing significant growth due to the rising demand for sustainable and renewable energy sources. Algae oil, derived from algae biomass, offers various benefits, including high oil content, minimal land requirement, and reduced carbon footprint. Moreover, the growing applications of algae oil in biofuels, food and beverages, cosmetics, and pharmaceuticals are driving market expansion. Technological advancements and favorable government policies further contribute to the flourishing Algae Oil market.
According to Future Market Insights (FMI), the sales of algae oil are expected to surpass a value of US$ 3.1 Billion in 2032, rising at a CAGR of around 4.7% by the end of 2032.
One of the primary drivers driving the algae oil market growth is growing awareness of omega-3 fatty acid advantages, such as lowering the risk of cardiovascular disease (CVD) and encouraging low triglyceride levels.
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Furthermore, omega-3 fatty acids are often derived from animal sources, the growing trend of veganism is fueling the demand in the market. Besides this, numerous food companies are offering algae oil-fortified juices, cooking oils, milk, nutrition bars, yogurts, marinades, salad dressings, and other goods.
Further, increased demand for dietary supplements due to surging awareness of weight management is also a major factor driving algae oil market. As per FMI, the demand for biofuels due to their lower carbon footprint will also facilitate the growth in algae oil market over 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
“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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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, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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