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Single Cell Oil Market Share, Trends, Growth Rate, Industry Report And Forecast To 2033
Single Cell Oil Market Share
According to The Business Research Company's, The single cell oil market size has grown exponentially in recent years. It will grow from $96.71 billion in 2023 to $123.93 billion in 2024 at a compound annual growth rate (CAGR) of 28.1%. The growth in the historic period can be attributed to demand for nutritional supplements, search for sustainable oil sources, focus on functional foods, alternative to fish oil, diverse applications in food industry.
The single cell oil market size is expected to see exponential growth in the next few years. It will grow to $336 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%. The growth in the forecast period can be attributed to continued growth in nutraceuticals, biofuel production, expanding plant-based protein market, rising demand for vegan products, application in personal care products. Major trends in the forecast period include strategic partnerships and collaborations, customized lipid profilesg, advancements in fermentation processes, biotechnological advancements, commercialization of algal oils.
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Market Drivers and Trends:
The increasing demand for biofuels is expected to propel the growth of the single-cell oil market going forward. Biofuel refers to a type of fuel that is derived from renewable biological sources, such as plants or animal waste. The increasing demand for biofuels is mostly driven by the depletion of fossil fuel reserves, climate change, rapid urbanization, and increasing concerns over energy security, where biofuels are considered to be a more sustainable and cost-effective alternative to traditional fossil fuels. Due to their similar fatty acid composition and structure to plant oil, single-cell oil be used in the manufacturing of biodiesel. For instance, in 2021, International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the worldwide demand for biofuels will increase by approximately 41 billion liters, or 28%, between 2021 and 2026. Therefore, increasing demand for biofuels will fuel the single-cell oil market growth.
Product innovation has emerged as a key trend gaining popularity in the single-cell oil market. Major players operating in single-cell oil market are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in October 2022, Grøntvedt Pelagic AS, a Norway-based producer of marinated herring, launched Norwegian herring fish oil. The launch of this new brand of Norwegian herring fish oil is significant as it provides consumers with a high-quality, sustainable source of cetoleic acid. The unique feature of Norwegian herring fish oil is that it is taste and smell-free, which makes it suitable for a wide range of applications, including use in food supplements, pet food, and pharmaceuticals.
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Major Key Players of the Market:
Royal DSM N.V.; Goerlich Pharma GmbH; DIC Corporation; Cellana Inc.; Cargill Incorporated; Alltech Inc.; Xiamen Huison Biotech Co. Ltd.; Qingdao Seawit Life Science Co. Ltd.; Bioriginal Food & Science Corp.; Novosana BV; Hubei Xinhe Biotechnology Co. Ltd.; The Lubrizol Corporation; Corbion NV; Aurora Algae Inc.; TerraVia Holdings Inc.; Solazyme Inc.; Algix LLC; Sapphire Energy Inc.; Heliae Development LLC; Algenol Biofuels Inc.; Blue Marble Biomaterials LLC; Elevance Renewable Sciences Inc.; Solix Biofuels Inc.; OriginOil Inc.; Joule Unlimited Technologies Inc.; Synthetic Genomics Inc.; Genomatica Inc.; LS9 Inc.; Amyris Inc.; Evolva SA; Solvay SA
Single Cell Oil Market 2024 Key Insights:
• The single cell oil market will grow to $336 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%.
• Rising Biofuel Demand Drives Growth In The Single-Cell Oil Market A Sustainable Solution For The Future Energy Landscape
• Innovative Product Launches Transform The Single-Cell Oil Market A Closer Look At Grøntvedt Pelagic As's Pioneering Norwegian Herring Fish Oil
• Asia-Pacific was the largest region in the single-cell oil market in 2023
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