The global algae oil market size is expected to reach USD 2.98 billion by 2030, according to a new study by Polaris Market Research. The report “Algae Oil Market Share, Size, Trends, Industry Analysis Report, By End-Use (Pharmaceuticals, Nutraceuticals, Functional foods, Aquaculture, Infant & Clinical Nutrition); By Application; By Sales Channel; By Grade Type; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
One of the main factors accelerating product demand is an increase in the demand for dietary supplements due to an increase in working professionals’ consciousness of weight control. Both these factors include an increase in the consumption of biofuel production due to their lower environmental impact globally, a keep increasing in consumers’ taste for plant-based health products, and a boost in the nutrition, beverage, and dietary supplement industries as a result of their growing use as omega-3 fatty acids, phycocyanin, antioxidants, and protein.
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Present benefits in algae oil that aid in reducing the symptoms of retinitis pigmentosa, inflammatory conditions, blood sugar stability, and the danger of cardiac arrhythmias. Additionally, it has been demonstrated to be quite beneficial for enhancing mental abilities like thinking abilities. Algae oil, a powerful source of energy, ensures the proper operation of crucial organs like the heart, lungs, kidneys, and liver.
Thus, with the prevalence of numerous diseases with a high risk of death, the market future for algae oil is rather intriguing. Additionally, factors that are expected to fuel the growth of the industry include the expansion of energy requirements, a rise in consumer health consciousness, increased purchasing power, an increase in demand for nutritional supplements, and the improvement of retail chain networks in baltic states.
The oil’s wide range of uses is facilitated by its high nutritional value and some health advantages, such as an enhancement in memory and eyesight and a decrease in cholesterol. Other factors that encourage industry expansion include an increase in consumer desire for nutrient-dense vegetable sources as well as a rise in health consciousness.
Algae Oil Market Report Highlights
- The pharmaceutical form segment is anticipated to grow at a significant CAGR rate over the forecast period owing to the rising use of pharmaceutical form end-user.
- The food and beverage segment holds a significant share in the global market. With the rising demand for healthy food products, our food service industry is predicted to rise rapidly in the upcoming years. Algae oil is being used as an additive in cattle feed to boost the nutritional content, and the market for it is growing significantly.
- Asia Pacific is growing at a lucrative CAGR rate during the forecast period. The main factors influencing the expansion of the industry are reportedly the rising number of vegans, the skyrocketing prevalence of acute and chronic illnesses, the high rates of malnutrition in Africa and Asia, and the expanding need for a nutritious diet.
- The global market is highly competitive owing to the existence of large market players with a global presence including Alltech Inc., Bioprocess Algae Corporation, Cellana LLC, Cargill Incorporation., Diversified Energy Corp., and Seaweed Energy Solutions A/S
Polaris Market Research has segmented the algae oil market report based on sales channel, grade type, application, end-use, and region:
Algae Oil, Sales Channel Outlook (Revenue – USD Billion, 2018 – 2030)
- Direct Sales
- Specialty Stores
- Other retail formats
Algae Oil, Grade Outlook (Revenue – USD Billion, 2018 – 2030)
- Fuel Grade
- Feed Grade
- Food Grade
Algae Oil, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Dietary Supplements
- Food & Beverages
- Animal Feed
- Personal care
Algae Oil, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Functional foods
- Infant & Clinical Nutrition
Algae Oil, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa