The new report by Expert Market Research titled, ‘Global Algae Oil Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global algae oil market, assessing the market based on its segments like grade types, applications, distribution channels, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028): –
- Forecast CAGR (2023-2028): – 4.10%
- Forecast Market Size (2028): – USD 2.24 Billion
Due to its growing dietary need for omega-3 fatty acids, phycocyanin, antioxidants, proteins, and others, consumer demand has increased in the food and beverage and dietary supplement industry. In the dietary supplement industry, the growing popularity of natural products has led to a robust demand for plant-based health supplements and is expected to propel the algae oil demand growth over the next nine years. In the food industry, algae oil can also be used as a specialty oil due to its low saturated and trans-fat content, which makes it a safe option. The growth of the application segments is expected to have a positive impact on the industry, especially in North America and Europe.
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Industry Definition and Major Segments
Algae oil is rich in the fatty acids, Omega 3 and DHAA (docosahexaenoic acid). It is synthesised directly from algae. To obtain this product, marine algae are harvested, from which the oil is extracted and then processed for use. The DHA found in algae oil accounts for 97 percent of Omega 3. Thus, it is a rich source of DHA and omega 3. It is added to dietary ingredients, vitamins, and drinks.
By grade type, the industry is divided into:
- Food Grade
- Fuel Grade
- Feed Grade
On the basis of application, the industry is segmented into:
- Food and Beverage
- Animal Feed
- Personal Care
- Dietary Supplements
Based on distribution channel, the industry is categorised into:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
On the basis of region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The algae oil market growth is expected to be fuelled by the increased awareness of naturally obtained supplements. High nutritional value coupled with different medical advantages, including enhanced memory and eyesight and reduction of cholesterol, would encourage the scope of the product application during the forecast period. Other factors favouring the industry growth are increasing preference for nutritious vegetable sources and growing health awareness. The U.S. accounted for more than 80 percent of the market volume in North America due to the growing need for the biofuel application segment.
In the coming years, the creative use of cultivation and harvesting technology to provide quality algae oil according to the requirements of the fuel industry is expected to have a positive effect on the industry. This development is due to the growth of different application industries, including biofuel, food and beverage, dietary supplements, and animal feed. In the coming years, the presence of micronutrients and proteins as the primary ingredients of animal feed derived from algae oil is expected to increase demand.
Key Market Players
The major players in the market are Koninklijke DSM N.V., Cellana Inc., Henry Lamotte Oils GmbH, and Alltech Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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