Innovation to Drive Algae Oil Market 2024
Algae oil is derived from marine algae and is a major source of omega-3 fatty acids. Marine algae is harvested and its oils are extracted and refined. Mostly Algae generally grow using photosynthesis while some algae grow in the dark using sugar starch. Algae oil is one of the most important segments within the omega-3 polyunsaturated fatty acid (PUFA) ingredients market. It consists of a range of components such as proteins, carbohydrates, fats, and nucleic acids in different proportions. Algae oil is a substitute source for omega-3 PUFAs, whereas the traditional source for omega-3 PUFAs is fish oil. Algae oil is more expensive as compared to fish oil which is a major factor restraining the growth of the market. Hence various algae oil manufacturers are expected to reduce the prices of algae oil products during the forecast period.
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.
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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.
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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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