Global Algae Oil Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

Global Algae Oil Market Report Overview:

“The global algae oil market size is expected to be worth around US$ 234.5 million by 2021 from US$ 141.2 million in 2031, growing at a CAGR of 5.19% during the forecast period 2021 to 2031.”

The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global algae oil market report has been segmented on the basis of grade, application, and region.

Algae are microscopic plants found in all aquatic environments such as marine, freshwater, and brackish water. Algae oil is produced from marine algae, which is extracted and then refined. Algae oil is rich in Omega 3 fatty acids and docosahexaenoic acid.

Growing demand for biofuels due to their lower carbon footprint across the globe is expected to drive revenue growth of the global algae oil market over the forecast period.

Moreover, the growing demand for dietary supplements owing to growing awareness among working professionals towards weight management is expected to drive revenue growth of target market.

However, parameters required for the growth of algae such as humidity and temperature are major factor expected to restrain the revenue growth of the algae oil market over the forecast period.

On the basis of grade, the fuel grade segment is expected to grow at a higher rate over the forecast period. Environmental advantages of algae oil such as fewer greenhouse emissions and lower carbon footprint are expected to support the revenue growth of this segment.

Algae oil is used in the processing of biofuels such as gasoline, biodiesel, jet fuel, etc.

Among application, the food & beverage segment is expected to account major revenue share in the global market and is expected to maintain its dominance over the forecast period.

Increase in health conciseness among consumers in developed and developing economies is expected to support revenue growth of this segment over the forecast period. Moreover, growing food & beverage industry is expected to support revenue growth of this segment.

North America market is expected to account major revenue share in the global algae oil market and is expected to maintain its dominance over the forecast period. Growing demand for algae oil in biofuel and food & beverage industry in the region is expected drive revenue growth of North America algae oil market over the forecast period.

Moreover, rising demand for dietary supplements in the region owing to growing health consciousness and increasing purchase power of consumers is expected to support revenue growth of algae oil market in the region.

North America accounts for the major revenue share of the global algae oil market, followed by markets in the Asia Pacific, Europe, Latin America, and the Middle East & Africa respectively. Europe algae oil market is expected to grow at a moderate rate over the forecast period, owing to the growing demand for biofuels in the region.

Market Segmentation and Key Players Operating in the Global Algae Oil Market:

By Grade:

• Food Grade
• Fuel grade
• Feed Grade

By Application:

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

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa