Algae Oil Market Size will Record a CAGR of 4.8% during the Foreseeable Period

Algae oil is directly derived from algae, which is considered as a rich source of DHA and Omega 3. Algae oil has several applications in different industries. The global algae oil market is influenced by several aspects that may have a direct or indirect impact on the revenue growth of the market.

Algae oil possesses several health benefits and is widely used in the food and beverages industry as a specialty oil as it has very low saturated fat content. Apart from Omega 3, algae oil also includes antioxidants, proteins, and phycocyanin.

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Algae oil finds application in the energy sector, where it is widely used in the production of biofuel, which comes with a low carbon footprint. A major aspect contributing to the progress of the algae market is the rising awareness among people regarding general health issues, improper diet patterns, and cholesterol related disorders. Used in cooking, algae oil is beneficial against problems such as bad cholesterol and inflammation, aids pregnancy health, and improves eyesight and memory. As algae oil is obtained from natural vegetable sources, it does not contain harmful toxins. Algae oil is considered to be a better substitute to fish oil with respect to nutritional value. All these factors go in favor of algae oil and support the growth of the global algae oil market. A challenge faced by this market is the high pricing of algae oil as compared to fish oil. Manufacturers are trying to reduce the pricing of algae oil by considering alternative production techniques and cost-efficient methods to overcome this challenge.

Global Algae oil market is influenced by several parameters. The major factors driving the growth of the global algae oil market are its increasing use in the food and beverage industry owing to health benefits associated with the healthy composition of algae oil which involves high phycocyanin, proteins and antioxidants apart from DHA and Omega 3. Algae oil is also used as specialty oil due to its low saturated fat content. Algae oil provides high nutrition and health benefits such as it helps in cholesterol reduction, improves eyesight and memory. Rising health awareness and increasing preference to nutritional vegetable sources is another aspect favoring the growth of the global algae oil market. Algae oil is also used in energy sector, where it is used to produce biofuel. Biofuel is widely used today for its low carbon footprint, and hence consumption of algae oil is increasing considerably in the respect which contributes to the growth of the global algae oil market. However, higher pricing of algae oil is a leg puller which challenges the growth of the global algae oil market.

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Fuel Grade Segment to Gain High Momentum

By grade type, the fuel grade segment is expected to reflect high growth rate during the forecast period 2017-2022. This segment also reflects high market share as of 2017, and according to Persistence Market Research, it is expected to continue with this trend to surpass other segments. It is also estimated to gain a higher BPS by 2022 end.

Pharmaceuticals Show Strength, Aquaculture Shows Speed

By end user, the pharmaceutical segment is expected to dominate the global market, based on the fact that the segment reflected high market share in 2016, and by the end of 2012, it is expected to continue witness growth with a significant market share. On the other hand, the aquaculture segment is projected to grow at a high CAGR of 5.3% during the period of forecast 2017-2022. This segment shows high potential and presents manufacturers with several growth opportunities in the coming years.

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