Algae Oil Market Size, Share, Trends, Growth 2032

Algae Oil Market

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, 2024 – 2032

Category: Chemical & Materials Report Format : PDF Pages: 110 Report Code: ZMR-3023 Published Date: Sep-2024 Status : Published
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 2256.55 Million USD 3441.1 Million 4.8% 2023

Algae Oil Market Insights

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.

Global Algae Oil Market SizeRequest Free Sample

Algae Oil Market: Overview

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.  

Algae Oil Market: Growth Drivers

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.

Algae Oil Market: Report Scope

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

North American Market To Attain Number One Position During 2024-2032

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.

Algae Oil Market: Competitive Analysis

The global algae oil market is dominated by players like

  • Cargill Alking Bioengineering
  • Lonza Group Ltd
  • Cellana Inc
  • Royal DSM
  • Rishon International Group
  • Runke Biological Company
  • Hubei Fuxing Biotechnology

The global algae oil market is segmented as follows:

By Grade

By Application

  • Biofuel
  • Animal Feed
  • Food & Beverage
  • Dietary Supplements

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

An oil extracted from algae, a diverse group of aquatic organisms, is known as algal oil. It is a supplement that is highly sought after in the health and wellness industry due to its abundance of beneficial fats, including omega-3 fatty acids (such as DHA and EPA). Algae oil is regarded as a sustainable and plant-based alternative to fish oil, as it offers comparable nutritional advantages without the environmental consequences of exploitation..
As consumers increasingly favour plant-based and sustainable products, algae oil is becoming the preferred source of omega-3 fatty acids in comparison to traditional fish oil. Health-conscious and vegan populations are the primary drivers of this trend.
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.
According to a report from Zion Market Research, the global Algae Oil Market a compound annual growth rate (CAGR) of 4.8% during the forecast period 2024-2032.

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.

Key players influencing the market growth and profiled in the report are Cargill Alking Bioengineering; Lonza Group Ltd.; Cellana Inc.; Royal DSM; Rishon International Group; Runke Biological Company; and Hubei Fuxing Biotechnology.

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