Analysis of Algal Oil market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to the latest research by Fact.MR, the algal oil market is set to witness significant growth during 2021-2031. Demand for algal oil has increased in the pandemic situation, with the growing awareness among the consumers about the nutritional benefits. The fuel segment of algal covers the largest share in the global market, with the advancement in technology the pharmaceutical segment is expected to show remarkable growth over the next decade.
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Algal Oils are a rich source of DHA including omega-3 fatty acids, and eicosapentaenoic. There is a high demand for oil with DHA as these acids are very valuable and help in maintaining healthy eyesight. It is a vegan alternative to fish oil that also provides health benefits and cognitive functions such as a strong cardiovascular system, it is also widely used in dietary supplements.
It is processed as a nutritious ingredient in various food products as spreadable fat, including salad dressings, baked goods, breakfast cereals, dairy products, cereal bars, as well as beverages. The increasing demand for healthy food products is helping the algal oil market to grow in the food & beverage industry.
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The COVID-19 outbreak has increased the demand for healthy and natural food products with awareness among the consumers. The way consumers are seeing natural food ingredients can be seen in their purchasing pattern that changes with the preferences. The suitability of the natural products and health benefits associated is the most affecting factor for the expansion of the natural products and consequently natural ingredients market. The increasing consumer demand for healthier and more natural ingredients with larger efficacy is encouraging the manufacturers to look for natural ingredients.
Customer preferences have been influenced by natural ingredients reason being the growing rate of the population suffering from various diseases and being allergic to synthetic ingredients. This has proved to be beneficial for the growth of algal oil products as a natural ingredient enhancing health and wellness in different food products.
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There is a presence of a lot of developing countries in the region that are looking for sustainable options for energy generations. Algal oil is one such product used for producing energy in an environment-friendly way. The Asian governments have plans to develop, produce and promote the use of biofuels for domestic consumption as well as exports. Algal oil has become the prominent source of biofuels in the region with the advancement in technology.
The food & beverage industry is expected to show high growth in the coming years with the increasing demand for healthy food products. The use of algal oil in the animal feed market is showing significant growth with it used as an additive in the livestock feed to increase the nutritional contents.
Solazyme expanded its business in the Asian market by investing in the Japanese conglomerate Mitsui & Company. This helped the company to develop new algal oils for oleochemicals for applications in cosmetics and other industrial products.
Europe Market is expected to account for the largest share in the consumption of algal oil owing to increasing demand for plant-based products in the region. There is a large demand for functional food products with high nutritional value in the region, the growing geriatric population, food innovations, changing lifestyle, and medical discoveries have benefitted the manufacturers offering products in the region.
The European countries are aiming to develop sustainably and a scalable process for making biofuels by using algal. Some of the major algae-producing countries are Norway, Russia, France, and Ireland that account for the major share of the algal oil. With the COVID-19 outbreak, the target market has suffered a slow growth with the production affected in many regions of Europe.
The companies operating in the European region harvest, cultivate and develop various products derived from algae to offer a wide range of products. It is used in food supplements for making functional food products, it having high nutritional value. It is also used in the cosmetics industry owing to the unique nutritional composition properties.
Some of the leading manufacturers in the market are Henry Lamotte Oils GmbH
Manufacturers in the market are harboring relations with the various end-use industry players to ensure a constant supply of algal oil. One of the leading players in the market, Solazyme has made a commercial supply agreement with Unilever for making different products. The manufacturers are offering their products for application in the food & beverage industry, animal feed industry, cosmetics industry, and pharmaceutical industry.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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The algal oil market is likely to be worth US$ 2.1 Billion in 2022.
The algal oil market has high growth potential due to the rising preference of natural food products amongst consumers.
The manufacturers in the algal oil market are likely to find the most opportunities in the United States.
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