New York, US, 31.01.2023 – The global algae oil market is anticipated to grow at a moderate 4.8% CAGR throughout the period of assessment of 2017-2022. Algae oil is directly derived from algae, which is considered as a rich source of DHA and Omega 3. Algae oil has several applications in different industries. The global algae oil market is influenced by several aspects that may have a direct or indirect impact on the revenue growth of the market. Algae oil possesses several health benefits and is widely used in the food and beverages industry as a speciality oil as it has a very low saturated fat content. Apart from Omega 3, algae oil also includes antioxidants, proteins, and phycocyanin.
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Algae oil finds application in the energy sector, where it is widely used in the production of biofuel, which comes with a low carbon footprint. A major aspect contributing to the progress of the algae market is the rising awareness among people regarding general health issues, improper diet patterns, and cholesterol related disorders. Used in cooking, algae oil is beneficial against problems such as bad cholesterol and inflammation, aids pregnancy health, and improves eyesight and memory. As algae oil is obtained from natural vegetable sources, it does not contain harmful toxins. Algae oil is considered to be a better substitute to fish oil with respect to nutritional value. All these factors go in favor of algae oil and support the growth of the global algae oil market. A challenge faced by this market is the high pricing of algae oil as compared to fish oil. Manufacturers are trying to reduce the price of algae oil by considering alternative production techniques and cost-efficient methods to overcome this challenge.
The global algae oil market is segmented by grade type (fuel grade, feed grade and food grade), end user (pharmaceuticals, nutraceuticals, functional foods, aquaculture, infant and clinical nutrition), application (dietary supplements, food and beverages, animal feed, personal care, pharmaceuticals, biofuels and others), sales channel (direct sales, specialty stores, hyper/super markets, online and other retail formats) and region (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan and Middle East and Africa).
- North America region to grow at a moderate CAGR throughout the period of assessment and is anticipated to dominate the global market in terms of high market share by the end of 2022. The Asia-pacific excluding Japan (APEJ) region is projected to show a high growth rate during the assessment period 2017 to 2022
- The biofuel segment by application is poised to demonstrate a high 5.5% CAGR and is anticipated to lead the market in terms of market share throughout the assessment period. The pharmaceutical segment also shows good potential with respect to growth and market share.
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- The fuel grade type category is the largest segment as of 2017, and it is projected to register a 5.0% CAGR during the period of assessment along with a high BPS. This segment is anticipated to account for a significant market share in the global market.
- Direct sales channels are anticipated to show a high market share in the forecast period. The hyper/super market segment and specialty stores segment show same pace, however, hyper/super markets hold comparatively higher share than the specialty stores during the assessment period
- Aquaculture segment by end user is projected to grow at a robust CAGR during the period of assessment, 2017-2022. This segment has a vast potential in the coming years. The pharmaceutical segment by end user, is growing at a moderate rate and likely to dominate the global market during the 2017-2022 period
The report has also profiled key leading players in the global algae oil market, which would remain active through 2022. These include players like Lonza Group AG, Alltech Inc., Seaweed Energy Solutions A/S, Diversified Energy Corporation, Bioprocess Algae Llc, Cargill Inc., Cellana Llc, Cyanotech Corporation, Royal DSM NV, DIC Corporation and TerraVia Holdings Inc.
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