09-Oct-2020 | Zion Market Research
According to analysts at Zion Market Research, the global algae oil market is predicted to grow around USD 2.1 billion during the forecast period 2020–2026. Algae oil is obtained from algae and is a chief source of omega 3 fatty acids. Mostly algae grow by utilizing photosynthesis whilst few algae grow in dark by using sugar starch. Algae oil is one of the vital segments in omega-3 polyunsaturated fatty acid elements. Algae oil is extremely expensive in comparison with fish oil. The global algae oil market is developing at a rapid rate and is projected to witness strong growth over the coming few years. The rising potential of algae oil owing to its potential as a vegetarian source for omega 3 fatty acids and DHA (docosahexaenoic acid) is likely to propel the growth of the algae oil market over the forecasted period.
Some of the key players in the market are Lonza Group Ltd.; Royal DSM; Runke Biological Company; Cargill Alking Bioengineering; Rishon International Group; Cellana Inc.; and Hubei Fuxing Biotechnology.
Rising Health Awareness & Surging Inclination Toward Nutritional Vegetable Sources To Boost The Global Market
The global market is controlled by major factors such as its increasing usage in the food & beverage industry due to health benefits linked with the healthy composition of algae oil that includes high phycocyanin, antioxidants, and proteins apart from omega 3 fatty acids and DHA. The algae oil is also utilized as specialty oil as it has low saturated fat content. The oil provides high nutrition and health benefits like it aids in reducing cholesterol, enhances eyesight & memory. The augmenting health awareness and surging preference to nutritional vegetable sources is another factor that is favoring the expansion of the global algae oil market. The algae oil is also utilized in the energy segment for the production of biofuel. Nowadays, biofuel is extensively used for its low carbon footprint.
The global algae oil market is bifurcated on the basis of grade, application, and regional analysis. Based on the grade, the market is divided into fuel grade, food grade, and feed grade. Based on the application, the market is divided into food & beverage, biofuel, dietary supplements, and animal feed.
The North America Region Predicted To Witness Major Share In The Global Algae Oil Market
Based on geographical analysis, the global algae oil market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The market across North America is likely to account for major revenue share and is projected to maintain its supremacy during the forecasted period. The rising requirement for algae oil in food & beverage and biofuel industry across the region is projected to drive the growth of the algae oil market in North America. There is a rising demand for dietary supplements due to increasing health awareness and increasing the purchasing power of customers, these aspects are expected to support revenue development of the algae oil market across the region.
Browse the full “Algae Oil Market - By Grade (Fuel Grade, Food Grade, and Feed Grade), By Application (Food & Beverage, Biofuel, Dietary Supplements, and Animal Feed), And By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/algae-oil-market
The global algae oil market is segmented as follows:
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