The latest report by IMARC Group, titled “Algae Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global algae oil market size reached US$ 1.9 Billion in 2022. Algae oil is an oil extracted from certain marine algae. It is rich in animal-free omega-3 fatty acids, including eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). It offers several health benefits, such as lowering cholesterol levels, regulating blood pressure, minimizing the risk of stroke or heart attack, reducing inflammation, promoting low triglyceride levels, and improving vision among individuals with retinitis pigmentosa. It is widely utilized as a stabilizing agent in preparing ice creams, pet food, and other food supplements. Moreover, since algae oil is an excellent source of minerals and vitamins, it is used along with other fatty acids for fortifying foods and baby and infant formulas.
Global Algae Oil Market Trends:
The rising health consciousness among consumers and the surging awareness regarding the health benefits of algae oil represent the primary factors driving the market growth. In addition, since omega-3 fatty acids are generally obtained from animal sources, the shifting consumer inclination toward a vegetarian diet is another major growth-inducing factor. Besides this, the widespread availability of cooking oils, nutrition bars, juices, milk, yogurts, salad dressings, marinades, and other foods fortified with algae oil has catalyzed market growth. Furthermore, with the growing environmental concerns and depleting fossil fuels, algae oil is gaining traction as a renewable biofuel due to its low carbon footprint and sustainability. In line with this, the introduction of stringent government regulations to control greenhouse gas (GHG) emissions and promote energy conservation has accelerated the product adoption rate. Moreover, the emerging applications of algae oil in manufacturing DHA-based capsules to relieve intraocular pressure in individuals suffering from macular degeneration, an age-related vision loss disorder, are positively influencing the market growth. Other factors, including the escalating demand for functional foods and nutraceuticals, rising product adoption in animal feed, changing consumer lifestyle preferences, and extensive research and development (R&D) activities, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 2.5 Billion by 2028, growing at a CAGR of 4.25% during the forecast period (2023-2028).
- Based on the grade, the market has been categorized into fuel, food, and feed grades.
- On the basis of the distribution channel, the market has been divided into direct sales, supermarkets and hypermarkets, specialty stores, pharmacy, and online.
- Based on the application, the market has been classified into biofuel, dietary supplement, food and beverage, animal feed, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Algae Floating Systems Inc., Algae Production Systems, Alltech, Inc., 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).
|Base Year of the Analysis
||Grade, Distribution Channel, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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