Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Algal Oils - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The report projects the global algal oils market to expand at a remarkable CAGR of 14.8% between 2022 and 2030, with the market estimated to reach $2.8 billion by 2030.
The report consists of a comprehensive analysis of the algal oils market, covering its annual sales in US$ thousand for the years 2014 through 2030. It also provides insights into recent past, current, and future trends for algal oils across different geographic regions, including the USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Additionally, the report offers a historical review of the market for the years 2014 through 2021, presenting the percentage compound annual growth rate (% CAGR) during that period.
Furthermore, the report delves into the various applications of algal oils, exploring their use in different industries such as food and beverage, animal feed, personal care, dietary supplements, pharmaceuticals, biofuel, and other sectors. It analyzes the sales trends and growth prospects for each application, providing valuable insights into the market dynamics across different geographic regions over a 16-year perspective from 2014 to 2030.
The COVID-19 pandemic has brought about significant changes in the business landscape, impacting various industries worldwide. In this context, the global algal oils market, valued at US$927 million in 2022, is predicted to witness impressive growth during the forecast period. The Food & Beverage segment is projected to record a CAGR of 17.8% and reach US$775.5 million by 2030, driven by increasing consumer demand for healthier and plant-based food alternatives.
The United States, accounting for an estimated market size of US$252.6 million in 2022, and China, with a forecasted market size of US$896.9 million by 2030 at a CAGR of 24.5%, are poised to be significant players in the global algal oils market. Additionally, Japan and Canada are expected to experience steady growth, with CAGR projections of 6.5% and 11.2% respectively, over the 2022-2030 period. Germany, within Europe, is forecast to grow at approximately 9.1% CAGR.
The report highlights key trends and drivers shaping the market, including the growing demand for plant-based food products and sustainable animal feed solutions. Algal oils' versatility and potential applications in food, dietary supplements, personal care, pharmaceuticals, and biofuel industries contribute to their expanding presence across the globe.
To aid businesses in navigating the evolving market dynamics, the report provides comprehensive insights into the competitive landscape and analyzes key competitors' market shares. In addition, the report offers special coverage on geopolitical factors such as the Russia-Ukraine war, global inflation, and trade tensions, providing valuable context for businesses making strategic decisions.
Company Coverage:
- Alltech, Inc.
- Bioprocess Algae Llc
- Cargill, Inc.
- Cellana Llc
- Cyanotech Corporation
- DIC Corporation
- Diversified Energy Corporation
- Royal DSM NV
- Seaweed Energy Solutions A/S
- TerraVia Holdings, Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 83 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $927 Million |
| Forecasted Market Value (USD) by 2030 | $2800 Million |
| Compound Annual Growth Rate | 14.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/bt98mh
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