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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Additionally, because omega-3 fatty acids are frequently obtained from animal sources, the industry is seeing an increase in demand due to the vegetarianism movement. In addition, a lot of food businesses are selling products including milk, nutrition bars, yoghurt, marinades, salad dressings, and juices that have been supplemented with algae oil.
A major element driving the market for algae oil is also the rise in demand for dietary supplements brought on by rising awareness of weight management. According to FMI, the market for algae oil would expand throughout the projected period due to the desire for biofuels, which have a smaller carbon footprint.
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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