Algae Oil Market is Likely to Upsurge US$ 3.55 Billion by 2032 at a CAGR of 4.4% Globally by 2032

The global Algae Oil Market was valued at USD 2.42 billion in 2023. According to our estimates, the market is projected to grow to USD 3.55 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period of 2024 to 2032. The rising number of technological advancements in the realm of algae oil is helping the market expand at a rapid pace.

𝗚𝗲𝘁 𝗘𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 𝗣𝗮𝗴𝗲𝘀 𝗼𝗳 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.polarismarketresearch.com/industry-analysis/algae-oil-market/request-for-sample

Algae is commonly perceived as a green film that develops over lakes and ponds. But it's a lesser-known fact that the marine organism is also cultivated in labs for its unique oil. Made from certain types of microalgae, algae oil acts as a substitute for fish and fish oil.

𝗞𝗲𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀

• Royal DSM
• TerraVia Holdings
• DIC Corporation
• Cyanotech
• Seaweed Energy
• Lonza, Cargill
• Diversified Energy
• Alltech, and Algix.

Algae oil consists of docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA), which are the two highly important omega-3 fatty acids. Also, it consists of other important fatty acids known as omega-3 fatty acids. These acids reduce the risk of cardiovascular disease and improve the working of blood vessels. Besides, omega-3 fatty acids in algae oil ease inflammation and may help with depression.

𝗣𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝘁𝗵𝗲 𝗟𝗮𝘁𝗲𝘀𝘁 𝗥𝗲𝗽𝗼𝗿𝘁 𝗩𝗲𝗿𝘀𝗶𝗼𝗻 𝗡𝗼𝘄: https://www.polarismarketresearch.com/buy/1373/2

𝗚𝗿𝗼𝘄𝘁𝗵 𝗔𝘀𝗽𝗲𝗰𝘁𝘀 𝗮𝗻𝗱 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀

Algae finds applications in food & beverages, animal feed, pharmaceuticals, personal care, and biofuel. With its wide range of applications, algae are widely produced across various nations. High algae production is one of the major factors contributing to the market growth worldwide. Besides, the rising prevalence of cardiovascular diseases is another factor propelling the market forward.

𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝗹 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄

• The algae oil market segmentation is primarily based on grade, application, sales channel, and region.

• By grade analysis, the feed grade segment is projected to grow at the fastest rate as algae oil is a popular alternative to traditional animal feed sources.

• By application insights, the pharmaceutical segment accounted for the largest market share owing to increased demand for sustainable and vegan omega-3 sources.

𝗔𝗹𝗴𝗮𝗲 𝗢𝗶𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝗽𝗼𝗿𝘁 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀

• Feed grade segment is expected to grow at fastest CAGR during the rate assessment yeas due to its lower production costs compared to higher quality, food-grade oils and high nutritional value and sustainability

• Pharmaceuticals segment is dominating the global market with largest share in 2022. This is due to enhancing investing among pharmaceutical companies in algae oil due to its potential health benefits

• Supermarkets/Hypermarkets are the leading segment in the global market with largest revenue share in the 2022. The popularity of algae oil in the food industry has also led to the development of new products, which supermarkets are often quick to stock

• North America held the largest share of the global market by the end of 2022 due to presence of leading businesses in the market and increasing awareness regarding renewable source

• The global players include Royal DSM, TerraVia Holdings, DIC Corporation, Cyanotech, Seaweed Energy, Lonza, Cargill, Diversified Energy, Alltech, and Algix

𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝘁𝗵𝗲 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗖𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 𝗛𝗲𝗿𝗲: https://www.polarismarketresearch.com/industry-analysis/algae-oil-market

𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗮𝗻𝗱 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀

• Cost Competitiveness: While production costs have declined, algae oil still struggles to compete with conventional vegetable oils on price. Achieving economies of scale and optimizing production processes are crucial for enhancing cost competitiveness.

• Scaling Up Production: Commercial-scale algae cultivation presents logistical and technical challenges, including infrastructure requirements, cultivation scalability, and biomass harvesting. Overcoming these hurdles will be essential for meeting growing demand and achieving market penetration.

• Research and Development: Continued investment in R&D is essential for unlocking the full potential of algae as a renewable resource. Exploration of novel strains, cultivation methods, and downstream processing techniques can drive innovation and product diversification.

• Partnerships and Alliances: Collaboration among industry players, research institutions, and government agencies can accelerate technology development, market access, and knowledge sharing. Strategic partnerships and alliances can leverage complementary expertise and resources to overcome barriers and foster industry growth.

𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝗢𝘂𝗿 𝗧𝗼𝗽 𝗥𝗲𝗽𝗼𝗿𝘁

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𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗜𝗻𝗳𝗼:
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This release was published on openPR.