The market for Algae Oil is expected to reach XX Mn in 2023.
Algal oil is extracted directly from algae and is a major source of omega-3 fatty acids. The majority of algae grow through photosynthesis, while some grow in the dark using sugar starch. Algae oil is one of the essential segments within omega-3 polyunsaturated fatty acid ingredients. It is highly expensive as compared to fish oil, which is a significant factor restricting the market's growth.
The global algae oil market is growing at a rapid pace and is expected to observe robust growth over the next seven years until 2023. The rising potential of algae oil due to its potential as a vegetarian source of omega-3 fatty acids and DHA is expected to impel the growth of the algae oil market over the forecast period.
At present, the North American region captured the maximum share in the revenue of the algae oil market and is anticipated to dominate over the forecast period. Rising awareness related to the benefits of consuming algae oil, along with increasing demand by various companies in the food and beverage and dietary supplement segments, is projected to boost the demand for algae oil in the Asia Pacific region over the coming few years and will expand the growth of the market during the forecast period.
The global market for algae oil is mainly concentrated in North America. Major players are adopting different market strategies to enter and enhance their market position and distribution network.
By Production Type
By Application
By Geography
North America
Europe
Asia Pacific
Latin America
Middle-East& Africa
Royal DSM, Lonza Group Ltd., Cargill Alking Bioengineering, Runke Biological Company, Cellana Inc., Rishon International Group, Hubei Fuxing Biotechnology, and others
The market for Algae Oil is expected to reach XX Mn in 2023.
The Algae Oil is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted to 2016-2023.
The base year of this report is 2015.
Royal DSM, Lonza Group Ltd., Cargill Alking Bioengineering, Runke Biological Company, Cellana Inc., Rishon International Group, Hubei Fuxing Biotechnology, and others