Algae Oil Market size is projected to grow at a CAGR of 5.7%
algae oil Market Size 2023
The Global algae oil Market is estimated to be worth USD 3.1 Bn by 2023. It is expected that it will grow at a compound annual rate (CAGR) 5.7%
NEW YORK CITY, NEW YORK, UNITED STATES, March 16, 2023 /EINPresswire.com/ -- The Global algae oil Market is estimated to be worth USD 3.1 Bn by 2023. It is expected that it will grow at a compound annual rate (CAGR), of approximately 5.7% between 2023-2033. Algae oils can be used to add flavor and nutrition because they are superfoods. It is rich in Omega-3 fatty acids, as well as monounsaturated fatty acids (MUFA). It can also be used for fish farming.
Algae oil market scope:
The market is divided by type into Feed Grade and Food Grade. By Application, the market is split into Biofuels (Animal Feeds), Food and Beverages, and Others.
The market is divided by geography and is analyzed in North America. It also includes Europe and Asia-Pacific. Latin America. And Africa. Algae Floating Systems is a profile of major players including Cellana and Henry Lamotte OILS. TerraVia Holdings, Algaecytes. Archer Daniels Midland Company. Goerlich Pharma. Polaris. Renewable Algal Energy (RAE).
To get a detailed analysis of other segments, Request For Sample Report: https://foodnbeveragesmarket.com/report/algae-oil-market/#requestForSample
Growing Demand:
Organic food products have seen an increase in demand due to growing interest in organic foods. Natural oils' adaptability and health advantages are two major factors that have driven the growth of natural oil markets.
This is why manufacturers are searching for natural components in order to satisfy this demand. This is driving up the demand for algae oil. This is expected to lead to an increase in sales for vegans. Because of its increasing importance for maintaining health and immunity, Alga Oil will continue to be a very popular dietary supplement.
Key Market Segments
Type
Food Grade
Feed Grade
Application
Biofuels
Animal Feeds
Food and Beverage
Others
Key Market Players included in the report:
Algae Floating Systems
Cellana
Henry Lamotte OILS
TerraVia Holdings
Algaecytes
Archer Daniels Midland Company
Goerlich Pharma
Polaris
Renewable Algal Energy (RAE)
The Algae Oil Market: Key drivers and restraints
The demand for EPA/DHA-based alga omega-3 infant formulations is increasing. DHA/EPA is crucial for infant brain development and immunity strength. DHA is permitted in infant formulas according to different regulations. The rising demand for nutritional supplements and increased weight management awareness among professionals are major factors driving this market. The high cost of algae oil and the growing requirements, such as temperature and humidity, limit the market.
Complete the Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share: https://foodnbeveragesmarket.com/purchase-report/?reportId=133879&licenseType=single_user&action=Purchase+Report
Algae Oil Market Trends:
This market is witnessing significant growth because of increasing awareness about Omega-3 fatty acids benefits, such as lowering the risk of developing cardiovascular disease (CVD) and encouraging low triglyceride levels. A growing preference for vegetarianism drives market growth since omega-3 fatty acids are typically derived from animal sources. Many food producers offer juices and milk as well as cooking oil, nutritional bars, marinades, and other products infused with aloe.
This positive effect on the market and the increased demand for these items due to rising health consciousness is affecting the market. DHA-based capsules can also be made using alga oil. These capsules are required to reduce intraocular tension due to the increasing incidence of macular diseases, an age-related vision impairment condition. Many countries have strict policies in place to promote energy conservation and reduce greenhouse gas emissions. This will likely increase the use of algae oil for transport.
Recent Developments:
Lonza Group announced in November 2021 that Exosomics' service department had been acquired by it. Exosomes is an exosomes biotech company. Lonza's exosomes bioprocessing portfolio will be enhanced by the acquisition. Exosomics, which is well-known in the industry for its extracellular vessels services, will also benefit from this acquisition.
HuvePharma released Huve Nutraceuticals on November 20, 2021. This collaborative venture aims at producing vegan Omega 3 oils both for pets and as an ingredient.
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