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Algae Oil Market Report by Grade (Fuel Grade, Food Grade, Feed Grade), Distribution Channel (Direct Sales, Supermarkets and Hypermarkets, Specialty Stores, Pharmacy, Online), Application (Biofuel, Dietary Supplement, Food and Beverage, Animal Feed, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A4609
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Market Overview:
The global algae oil market size reached US$ 2.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.8 Billion by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032.
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Report Attribute
|
Key Statistics
|
|---|---|
|
Base Year
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2023
|
|
Forecast Years
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2024-2032
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Historical Years
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2018-2023
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| Market Size in 2023 | US$ 2.0 Billion |
| Market Forecast in 2032 | US$ 2.8 Billion |
| Market Growth Rate (2024-2032) | 3.8% |
Algae oil is an animal-free source of omega-3 fatty acids, which includes eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). It aids in lowering cholesterol, reducing inflammation, minimizing the risk of stroke, and promoting vision among people with retinitis pigmentosa. As it contains significant amounts of minerals and vitamins, it is utilized along with other fatty acids for fortifying baby and infant formulas. It is also used as a stabilizing agent in the production of ice creams, pet food, and other food supplements.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Algae Oil Market Trends:
Rising awareness among individuals about the benefits of omega-3 fatty acids, such as reducing the risk of cardiovascular disease (CVD) and promoting low triglyceride levels, represents one of the key factors impelling the market growth. Moreover, as omega-3 fatty acids usually come from animal sources, the increasing inclination of consumers towards a vegetarian-based diet is contributing to market growth. Apart from this, several food manufacturers are offering juices, milk, yogurts, cooking oils, nutrition bars, salad dressings, marinades, and other products fortified with algae oil. This, in confluence with the escalating demand for these food products on account of the growing health consciousness among individuals, is positively influencing the market. Furthermore, algae oil is employed in the pharmaceutical industry to manufacture DHA-based capsules. The growing prevalence of macular degeneration, which is an age-related vision loss disorder, along with the rising geriatric population, is driving the demand for these capsules to relieve intraocular pressure. Apart from this, governing agencies of numerous countries are implementing stringent policies to reduce greenhouse gas (GHG) emissions and achieve energy conservation. This is anticipated to expand the application of algae oil as a sustainable renewable fuel in the transport sector.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global algae oil market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on grade, distribution channel and application.
Breakup by Grade:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Fuel Grade
- Food Grade
- Feed Grade
Breakup by Distribution Channel:
- Direct Sales
- Supermarkets and Hypermarkets
- Specialty Stores
- Pharmacy
- Online
Breakup by Application:
- Biofuel
- Dietary Supplement
- Food and Beverage
- Animal Feed
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Algae Floating Systems Inc., Algae Production Systems, Alltech, Cargill Incorporated, Cellana Inc., Corbion N.V, Cyanotech Corporation, Koninklijke DSM N.V., Lonza Group AG, Pond Technologies Inc. and Renewable Algal Energy LLC (RAE).
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Grade, Distribution Channel, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Algae Floating Systems Inc., Algae Production Systems, Alltech, Cargill Incorporated, Cellana Inc., Corbion N.V, Cyanotech Corporation, Koninklijke DSM N.V., Lonza Group AG, Pond Technologies Inc. and Renewable Algal Energy LLC (RAE) |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global algae oil market was valued at US$ 2.0 Billion in 2023.
We expect the global algae oil market to exhibit a CAGR of 3.8% during 2024-2032.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of algae oil.
The rising consumer inclination towards vegetarian-based diet, along with the increasing demand for algae oil for preparing juices, milk, yogurts, cooking oils, etc., is primarily driving the global algae oil market.
Based on the grade, the global algae oil market can be categorized into fuel grade, food grade, and feed grade. Currently, fuel grade accounts for the majority of the global market share.
Based on the distribution channel, the global algae oil market has been segregated into direct sales, supermarkets and hypermarkets, specialty stores, pharmacy, and online. Among these, direct sales currently hold the largest market share.
Based on the application, the global algae oil market can be bifurcated into biofuel, dietary supplement, food and beverage, animal feed, and others. Currently, biofuel exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global algae oil market include Algae Floating Systems Inc., Algae Production Systems, Alltech, Cargill Incorporated, Cellana Inc., Corbion N.V, Cyanotech Corporation, Koninklijke DSM N.V., Lonza Group AG, Pond Technologies Inc., and Renewable Algal Energy LLC (RAE).
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