Algae Oil Market Set to Surge Significantly by 2024

The algae oil market can segmented on the basis of grade and application of algae oil. On the basis of production type, the market is segmented into food grade, feed grade, and type III algae oil. Similarly on the basis of application, the global algae oil market is divided into infant formula, dietary supplements, food and beverage fortification, and animal feed. Dietary supplements segments holds maximum market share in market and expected to remain dominant over the forecast period.

Geographically, the algae oil market can be divided into major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and Africa. North America is expected to be the largest regional market for the Algae Oil market. North America is closely followed by the Asia-Pacific algae oil market. U.S. and China are expected to dominate the global algae oil market in terms of revenue share and consumption. The developing economies are expected to depict increasing demand for algae oil with the rise in consumer awareness and health consciousness.

The global algae oil market is expected to be driven by factors such as rising health awareness among people in both developed as well as developing economies. Another factor driving the algae oil market is rising algae research industries developed in the North American and European regions. Gradual lowering of consumer prices of algae oil is also expected to fuel the growth of the market across the globe. Algae oil is gaining market potential as it is considered as vegetarian source for omega 3- fatty acids and DHA. Increasing focus on child brain development, manufacture are focused on product launch for specific category.

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Some of the major players identified across the value chain of global algae oil market include Lonza Group Ltd, Cellana, Inc., Royal DSM, Hubei Fuxing Biotechnology, Rishon International Group, Cargill Alking Bioengineering, Runke Biological Engineering Company etc. The companies are emphasizing on research & development and product development in order to gain market share in the competitive market. Manufacturers are launching product friendly products, suitable for powder and beverage applications. For instance, Royal DSM offers algae oil in oil, powders, emulsion and supplement forms suitable for various food and beverage applications.

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