Algae Oil Market is Booming and Predicted to Reach US$ 2.5 Billion by 2028

IMARC Group, a leading market research company, has recently released a report titled "Algae Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028."the study provides a detailed analysis of the industry, including the global market share size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Algae Oil Market?

The global algae oil market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.25% during 2023-2028.

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What is Algae Oil?

It is rich in animal-free omega-3 fatty acids, including eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). It offers several health benefits, such as lowering cholesterol levels, regulating blood pressure, minimizing the risk of stroke or heart attack, reducing inflammation, promoting low triglyceride levels, and improving vision among individuals with retinitis pigmentosa. It is widely utilized as a stabilizing agent in preparing ice creams, pet food, and other food supplements. Moreover, since algae oil is an excellent source of minerals and vitamins, it is used along with other fatty acids for fortifying foods and baby and infant formulas.

What are the Growth Prospects and Trends in the Algae Oil Industry?

The rising health consciousness among consumers and the surging awareness regarding the health benefits of algae oil represent the primary factors driving the market growth. In addition, since omega-3 fatty acids are generally obtained from animal sources, the shifting consumer inclination toward a vegetarian diet is another major growth-inducing factor. Besides this, the widespread availability of cooking oils, nutrition bars, juices, milk, yogurts, salad dressings, marinades, and other foods fortified with algae oil has catalyzed market growth.

Furthermore, with the growing environmental concerns and depleting fossil fuels, algae oil is gaining traction as a renewable biofuel due to its low carbon footprint and sustainability. In line with this, the introduction of stringent government regulations to control greenhouse gas (GHG) emissions and promote energy conservation has accelerated the product adoption rate. Moreover, the emerging applications of algae oil in manufacturing DHA-based capsules to relieve intraocular pressure in individuals suffering from macular degeneration, an age-related vision loss disorder, are positively influencing the market growth. Other factors, including the escalating demand for functional foods and nutraceuticals, rising product adoption in animal feed, changing consumer lifestyle preferences, and extensive research and development (R&D) activities, are also creating a positive market outlook. 

Who are the Key Players Operating in the Algae Oil Market?

The report has also provided a comprehensive analysis of the competitive landscape in the global kids' scooter market. Some of the companies covered include.

• Algae Floating Systems Inc.
• Algae Production Systems
• Alltech
• Cargill Incorporated
• Cellana Inc.
• Corbion N.V
• Cyanotech Corporation
• Koninklijke DSM N.V.
• Lonza Group AG, Pond Technologies Inc.
• Renewable Algal Energy LLC (RAE).

What is Included in Market Segmentation?

The report has categorized the market based on grade, distribution channel and application.

Breakup by Grade:

• Fuel Grade
• Food Grade
• Feed Grade

Breakup by Distribution Channel:

• Direct Sales
• Supermarkets and Hypermarkets
• Specialty Stores
• Pharmacy
• Online

Breakup by Application:

• Biofuel
• Food and Beverage
• Animal Feed
• Others

Regional Insights:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

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This release was published on openPR.