Press release
Algal Oil Market is predicted to expand at a CAGR of 6.2% and reach US$ 243.8 Mn by 2032
Increasing research and clinical evidences have demonstrated that omega-3 indices and plasma and serum docosahexaenoic acid concentrations are increased when algae is added to vegetarian diets. As a result, populations that are vegetarians have omega-3 indices that are up to 60% lower than those that who consume marine items.
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Moreover, the cardio benefits for vegetarians or vegans are as they consume more fiber, less saturated fat, and more plant-based healthy fats (ALA from walnuts, flaxseeds, and others).
Algal oil has numerous health benefits that aid in the recovery of individuals suffering from ailments related to the eyes, heart, and brain. Because of the presence of DHA and EPA, the primary components of omega-3 fatty acids, algal oil is believed to offer great nutritional advantages.
Evonik AG expanded its AvailOm platform of high-load omega-3 powders to help nutraceutical companies develop superior algal or fish-oil-based formulations of their dietary supplements.
Algal oil is grown naturally and is organic, which means that no pesticides or chemicals are used during its growth.
It reduces adulteration in its derivatives or extracts, producing a natural and original product. Reducing pesticides and chemicals improves the health advantages of algal oil, which is an all-natural extract with high nutritional content.
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Key Takeaways from Market Study
The market for algal oil is anticipated to expand at CAGRs of 5.4% and 7.9% in East Asia and South Asia & Pacific, respectively, through 2032.
Market shares of the Middle East and Africa and East Asia are 25.3% and 5.7%, respectively, in 2022.
The Latin America algal oil market is expected to reach 4,368 tons by the end of 2032.
Fuel-grade sales of algal oil are increasing as the biofuel sector grows at a healthy rate. Fuel-grade sales in North America and Europe have a market share of 57.5% and 56.9%, respectively, in 2022.
Growing popularity of café and coffee culture is driving demand for algal oil in coffee shops in the developing markets of South Asian & Pacific countries.
Shifting consumer preferences toward clean-label products are driving market growth in South Asia & Pacific.
The Europe organic algal oil market is expected to expand at a CAGR of 5.7% between 2022 and 2032.
"Algal oil is available in the feed, food, and fuel grade for application in several industries. Fuel-grade algal oil currently holds the highest market share," says a Persistence Market Research analyst.
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Competitive Landscape
Manufacturers of algal oil are focused on increasing their organic product offerings through collaborations and sponsoring partnerships. Companies are providing essential equipment and helping market players produce high quantities of organic algal oil.
In March 2022, Cargill Inc. added algae-derived omega 3 as a part of the oil mix in all fish feed to its portfolio.
In April 2021, Royal DSM expanded its product portfolio of the algal omega-3 range. The company is planning to create an omega-3 alternative fish oil that includes life's DHA and life's OMEGA.
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