Global Algae Oil Market is valued approximately USD 1.72 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 4.22% over the forecast period 2021-2027. Algal oils are the naturally occurring main sources of ?omega-3 fatty acids, eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). The main source of omega-3 are fish oils, but they are insufficient to global needs as well as are not environmentally sustainable. Algae oils are perfect substitutes for fish oils, as they are free from toxic materials which might be present in fish oils. Algae oils are used extensively to produce biodiesel and as an important supplement in diets for omega-3. The demand for oil is increasing in the oil & gas industry as well as the food and beverage industry. The presence of essential dietary supplements makes it useful for animal feed too. Above mentioned advantages, coupled with increasing awareness and understanding of the health benefits of marine omega-3 fatty acids in diet, are driving the Algae Oil market. Omega-3 obtained from algae oil is very useful in controlling the blood pressure and reduces the risk of heart related diseases. According to the Journal of the American College of Cardiology in 2019, approximate one-third of all deaths are caused by cardiovascular diseases. According to WHO, it accounted for 18.6 million deaths globally in 2019. American Heart Association reports that approximately 28.9 % of Americans had high cholesterol levels in the same year 2019. This echoes an urgent need for measures aimed at reducing cardiovascular risk through adaptable behaviors such as diet. This change in diet will help in growth of algae oil market. The lack of awareness of benefits of algae oils in diet may act as a restraint for its growth. However, the usage of algal oils remains a proven and sustainable alternative to fish oils and will form an increasingly huge proportion of the EPA/DHA market because of the limitations on fish oil production. This acts as an opportunity for Algae Oil Market in subsequent decade.
Key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World are analysed to provide a holistic picture of Algae Oil Market. Due to huge demand for biodiesels and increasing usage of algae oil in food, North America has emerged as a significant region across the world in terms of market share. Whereas, Asia-Pacific is expected to exhibit highest growth rate for the forecast period 2021-2027 owing to the growing awareness for health benefits of algae oil in food. The governmental efforts to reduce the dependence on fossil fuels will also boost growth in this region.
Major market player included in this report are:
Algae Floating Systems, Inc
Algae Production Systems
Algae Tec Ltd
Aquatic Energy LLC
Diversified Energy Corporation
Live Fuels, Inc.
Pond Technologies Inc.
TerraVia Holdings, Inc
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Food & Beverage
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global Algae Oil Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers