Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 2256.55 Million | USD 3441.1 Million | 4.8% | 2023 |
According to a report from Zion Market Research, the global Algae Oil Market was valued at USD 2256.55 Million in 2023 and is projected to hit USD 3441.1 Million by 2032, with a compound annual growth rate (CAGR) of 4.8% during the forecast period 2024-2032.
This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Algae Oil industry over the next decade.
Algae oil is gathered, derived, and refined from marine algae rich in omega 3 fatty acids like DHA. Moreover, the product provides myriad health benefits to the human beings. Reportedly, algae present in water bodies like seas, oceans, and ponds are harvested and refined. Furthermore, DHA is added to food products, beverages, and dietary supplements.
In addition to this, escalating awareness about naturally derived food supplements is projected to propel the expansion of algae oil market during 2024-2032. High nutritive value along with myriad medical advantages as a result of algae oil intake like enhanced memory & eyesight as well as reduction in the proportion of cholesterol will bolster market scope in the foreseeable future.
Escalating utilization of algae oil in food & beverage sector due to its health benefits offered by it will prompt the business landscape. Apart from this, the product offers numerous health benefits like cholesterol reduction, improving eyesight, and enhancing memory power. Growing health consciousness and surging preference for nutritive vegetable sources are predicted to favor the market expansion during the forecast timespan. Apparently, algae oil is utilized in power & energy sector and hence is used for producing biofuel. In addition to this, growing cultivation activities and upgrading of harvesting technique for high quality product delivery will prompt the market expansion over the ensuing years.
Report Attributes | Report Details |
---|---|
Report Name | Algae Oil Market |
Market Size in 2023 | USD 2256.55 Million |
Market Forecast in 2032 | USD 3441.1 Million |
Growth Rate | CAGR of 4.8% |
Number of Pages | 110 |
Key Companies Covered | Cargill Alking Bioengineering; Lonza Group Ltd.; Cellana Inc.; Royal DSM; Rishon International Group; Runke Biological Company; and Hubei Fuxing Biotechnology |
Segments Covered | By Grade, By Application And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The expansion of the market in the region over the estimated timespan is due to lucrative demand for biofuel in the countries like the U.S. In addition to this, key firms are located in the region and this will further contribute towards the regional market expansion. Growing aid by the government for developing the renewable energy sources will prop up the business scope over the estimated timespan.
The global algae oil market is dominated by players like
By Grade
By Application
By Region
FrequentlyAsked Questions
The expansion of the market in the region over the estimated timespan is due to lucrative demand for biofuel in the countries like the U.S. In addition to this, key firms are located in the region and this will further contribute towards the regional market expansion. Growing aid by the government for developing the renewable energy sources will prop up the business scope over the estimated timespan.
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