Algae oil is directly extracted from algae, and is a major source of omega-3 fatty acids. Algae oil is harvested, extracted, and refined directly from marine algae rich in omega-3 fatty acids and DHA, offering several health benefits. The DHA present in the product represents more than 97% of omega-3 fatty acids in the cerebral cortex, human brain, and retina. Algae oil is primarily used as cooking oil in dietary supplements and animal feed. In addition, it is used in the energy sector, where it is used for biofuel production. Biofuel is widely used for its low carbon footprint, which means that algae oil consumption is growing considerably, contributing toward the growth of the market for algae oil.
COVID-19 scenario analysis
The COVID-19 pandemic has not impacted the demand for algae oil, as it is rich in omega-3 fatty acid and exhibits several health benefits, which fuel its demand among a large consumer base. Moreover, it is widely used in the food &beverage industry, biofuel industry, infant formula, and dietary supplement. However, manufacturing activities have been halted, which is anticipated to affect the availability of algae oil for supply. In addition, the current trade disruption is anticipated to negatively impact the growth of the algae oil market.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Surge in demand for biofuels is expected to drive revenue growth of the global algae oil market during the forecast period, due to its lower carbon footprint.
Moreover, increase in demand for algae oil in food & beverage industry is expanding the growth of algae oil market. In addition, increase in demand for dietary supplements, due to rise in health awareness and increased in consumer purchasing power is expected to support growth in the market for algae oil.
Humidity and temperature in algae growth are expected to be major factors in curtailing the algae oil market growth. High algae oil price acts as a key restraint that challenges the global oil market growth.
Health benefits related to algae oil
Increase in consumption of healthy food & beverage products has led to rise in demand for algae oil. Algae oil is used in foodstuffs as cooking oil. The low saturated fat content has led to the use of algae oil as specialty oil. Owing to high nutrition, it is beneficial not only to humans but also to animals. Thus, algae oil is used to provide nutrition in animal feed. Moreover, this oil contains a high DHA and omega-3 content, which is normally present in fish oil. Owing to a large population turning vegan, alga has proven to be a better alternative for getting the nutrition needed.
High nutritional value coupled with various medical benefits, including improvement in memory & eyesight and reduction of cholesterol foster the scope of application of the product. Increase in preference for nutritional vegetable sources and rise in awareness of health are other aspects that promote growth in the industry
Key benefits of the report
- This study presents the analytical depiction of the algae oil industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the algae oil market share.
- The current market is quantitatively analyzed to highlight the global algae oil growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global algae oil market research report:
- Which are the leading players active in the global algae oil market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
Alage Oil Market Report Highlights
By Distribution Channel
Key Market Players
Luna Group LTD, Ranke Biological Company, Royal DSM, Cargill Alking Bio Engineering, Hubei Fuxing Biotechnology, Rishom International Group