Algae Oil Market Segmented by Grade, Application, and Geography (2018 to 2023)

The report published by Knowledge Sourcing Intelligence titled “Algae Oil Market- Forecast From 2018 to 2023” studies the various factors affecting the demand for algae oil across the globe. The report has been segmented by grade (food grade, feed grade, and fuel grade), by application (food and beverage, animal feed, biofuels, and dietary supplements), and by geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions.

Rising demand for algae oil across the food and beverage industry on account of its low content is one of the major drivers of the algae oil market. Increasing demand for nutritious animal feed and growing aquaculture industry are further boosting the growth of the algae oil market. Increasing awareness about dietary supplements and health benefits of algae oil will continue to bolster the growth of the algae oil market in the coming years. Rising investments in R&D to develop innovative applications of algae oil across the renewable energy sector will further fuel the growth of algae oil market during the projected period. However, the high price of algae oil is challenging the growth of algae oil market.

Dietary Supplements witnessing significant CAGR during the forecast period
By application, Algae Oil market is segmented into food and beverage, animal feed, biofuels, and dietary supplements. Dietary Supplements segment is projected to witness a significant CAGR during the forecast period on account of rising demand for alternatives to fish oil to cater to the needs of the vegetarian market. Emerging shift towards a vegan diet is further boosting the demand for algae oil-containing dietary supplements, thus positively impacting the overall market growth. The growing popularity of algae oil is encouraging manufacturers to diversify their portfolio by launching algae oil-containing dietary supplements. For example, in 2018, an algae nutrition company, Qualitas Health, launched a new product line of omega-3 dietary supplements based on the company’s patented Almega PL algae oil.

North America holds a major market share
Geographically, Algae Oil market is segmented into North America, South America, Europe, Middle East and Africa, and the Asia Pacific. North America accounted for the major market share in 2017 owing to the presence of major market players in the region and increasing investments in R&D to develop novel applications of algae oil. According to a 2011 study by the Pacific Northwest National Laboratory, approximately 17% of the oil imported into the U.S. for automobiles could be replaced by algal fuel by 2020. IN March 2018, ExxonMobil and Synthetic Genomics announced a new phase in their joint algae biofuels research program with an aim to produce 10,000 barrels of algae biofuels per day by 2025.

This report also includes a study of strategies and product portfolios of some of the leading companies in the Algae Oil market. It consists of company profiles of the leading companies- Cellana Inc., Corbion Biotech, Inc., Goerlich Pharma GmbH, Polaris, Algaecytes, Lonza, Archer Daniels Midland Company, NovoSana, Martek BioSciences, and Ocean Nutrition Canada.

Request a sample or purchase the report: https://www.knowledge-sourcing.com/algae-oil-market

Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.

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This release was published on openPR.