Algae oil market sales are anticipated to hit $3.1 billion by 2032 and expand at a 4.7% CAGR. This increase is being caused by a greater understanding of the benefits of omega-3 fatty acids, namely their capacity to reduce cardiovascular risk and maintain low triglyceride levels.
Algal oil sales are expected to approach US$ 3.1 billion by the end of 2032, according to Future Market Insights (FMI), with a compound annual growth rate (CAGR) of almost 4.7%.
The algal oil industry is expanding due in large part to growing awareness of the advantages of omega-3 fatty acids, including their potential to lower triglyceride levels and prevent cardiovascular disease (CVD).
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Additionally, since omega-3 fatty acids are frequently obtained from animal sources, the vegetarian movement is increasing demand for the company’s products. In addition, many food firms market products including milk, yoghurt, nutrition bars, marinades, salad dressings, and juices that have been enriched with algae oil.
The market for algae oil is being driven in part by the growing need for dietary supplements as people become more conscious of controlling their weight. According to FMI’s estimate, the algal oil industry is expected to develop due to the demand for biofuels, which have a smaller carbon footprint. This growth will occur throughout the forecast period.
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.
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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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