Future Market Insights research indicates that the Algae Omega market is expected to grow at a CAGR of 3.7% over the forecast period. The market value is projected to rise from USD 1,038.5 million in 2022 to USD 1,493.4 million by 2032. At the end of 2021, the Algae Omega market was valued at USD 986.2 million and is anticipated to show a year-over-year growth of 5.3% in 2022.
Algae omega-3 fatty acids are derived from plant-based sources such as single-celled microscopic organisms, including kelp and seaweed. While many consumers associate omega-3s primarily with fish oil and other fish-based products, algae supplements provide a rich, plant-based alternative. These supplements are recognized as suitable for vegan and vegetarian diets by various food associations.
Algae omega-3s play a crucial role in medications, nutritional supplements, clinical nutrition, and infant nutrition, enhancing human diet and wellness. Consequently, algae omega-3s are commonly used to fortify foods and beverages and contribute to animal nutrition. Their widespread application as a nutritional supplement significantly drives the growing demand for algae omega-3 products.
Algae omega supplements are favored by vegans and those following a plant-based diet due to their plant-based origins. The growth of the algae omega market is expected to be driven by increasing dietary awareness among millennials and Gen Z. Additionally, manufacturers are transitioning from traditional algae cultivation methods to closed photobioreactor technology to enhance production rates.
Competitive Landscape
Consumers who follow vegan or vegetarian diets are increasingly turning to algae oil as a source of long-chain omega-3 unsaturated fats. Efforts to extract omega-3 fatty acids from diverse algae sources are expected to heighten competition among market players, driving the global algae omega market’s growth.
Moreover, the expansion of major market players into local regions and the frequent introduction of products with enhanced formulas will strengthen their commercial presence and boost market growth in developed countries.
Key Companies Profiled
- Nordic Naturals
- AlgiSys
- Archer Daniels Midland Company
- Cellana, Inc.
- Solarvest BioEnergy
- Polaris Industries
- BASF SE
- Neptune Wellness Solutions Inc.
- TerraVia Holdings, Inc.
- Algaecytes
- Qualitas Health.Source Omega LLC
- Novotech Nutraceuticals Inc.
- Corbin N.V.
- Koninklijke DSM N.V.
- BioProcess Algae, LLC
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Segmentation of Algae Omega market
Segmentation by Type:
- EPA (Eicosapentaenoic acid)
- ALA (Alpha-linolenic acid)
- DHA (Docosahexaenoic acid)
Segmentation by Form:
- Capsule
- Powder
- Liquid
Segmentation by Concentration:
- Concentrated
- High-Concentrated
- Low-Concentrated
Segmentation by Application:
- Dietary Supplement
- Pharmaceuticals
- Food & Beverages
- Animal Nutrition
- Others
Segmentation by Packaging:
- Tetra Pack
- Bulk
- Bottle
Segmentation by Sales Channel:
- Online
- Offline
Segmentation by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
- RoW
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