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