Dublin, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The "Global Algae Oil Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
As the world continues to seek sustainable and healthy alternatives in various sectors, the global algae oil market is experiencing an unprecedented surge. A new comprehensive analysis forecasts a robust growth trajectory for the algae oil industry, with a projected CAGR of 5.11% from US$1.960 billion in 2021 to a remarkable US$2.778 billion by 2028.
The versatility and multifaceted applications of algae oil are key contributors to its market expansion. The oil, which is a rich source of omega-3 fatty acids such as EPA and DHA, not only supports overall human health by reducing cholesterol levels and promoting better vision, but it has also found its way into diverse industries ranging from biofuels to dietary supplements.
In the emerging health supplements sector, algae oil's naturally occurring DHA is vital for child cognitive development and is increasingly being integrated into infant nutrition products. This shift is substantiated by the rising awareness of the benefits of omega-3 fatty acids and the subsequent demand for fortified food products.
Algae Oil in Animal Nutrition and Biofuel Productions
Animal nutrition has also been revolutionized with the inclusion of algae oil. NASA's utilization of algae-based dietary ingredients to nourish animals underlines the substance's high concentration of beneficial long-chained fatty acids. Companies are leveraging this nutritional advantage, unveiling innovative products like Corbion's AlgaPrime DHA P3 to cater to the active nutrition needs within the pet food industry.
A significant driver for algaoil in the biofuels sector stems from the push towards sustainable energy sources. As the United States shows a profound interest in biofuel production, algae oil is poised to become a key player in meeting the increasing demand. This aligns with national efforts towards reducing the import of biofuels and fostering domestic production capabilities.
Key developments in the algae oil market reinforce this growth narrative. Recently, MiAlgae's launch of NaturAlgae — an Omega-3-rich product designed for pet food and aquafeeds — exemplifies the integration of algae oil into various facets of consumer products.
Market Segmentation: A Definitive Scope
The analysis provides a comprehensive segmentation of the algae oil market, shedding light on its diverse applications.
- By Grade: Food Grade, Feed Grade, Fuel Grade
- By Application: Animal Feed, Biofuel, Health Supplements, Food and Beverages, Medicines
- By Sales Channel: Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Others
- Geography: A detailed analysis across key regions including North America, South America, Europe, the Middle East and Africa, and Asia Pacific
The study taps into the growth potential of algae oil in prominent geographical markets such as the USA, highlighting the synergy between the health-conscious populace and escalating biofuel requirements.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 124 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $1.96 Billion |
| Forecasted Market Value (USD) by 2028 | $2.78 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Companies Profiled
- Polaris
- Fermentalg
- Algix LLC
- TerraVia Holdings, Inc
- British Algoil Ltd
- Chevron Corporation
- Algae Floating Systems, Inc.
- Cellana Inc.
- Veramaris (DSM and Evonik joint venture)
- Archer-Daniels-Midland Company
For more information about this report visit https://www.researchandmarkets.com/r/6fxdh1
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