Algae Oil Market Analysis

Algae Oil Market Analysis

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Based on source, the market is segmented as red algae, green algae, brown algae, others. Green algae held a majority market value of USD 1.4 billion in 2022. Some green algae species, such as chlorella and butyraceous baruni, have relatively high oil content, making them attractive sources for oil extraction. The potential to produce biofuels, including biodiesel and bio jet fuels, from green algae is a significant demand driver. Green algae are considered promising feedstock for renewable energy due to their high lipid content and fast growth rates.
 

Based on application, the algae oil market is segmented as dietary supplements, food & beverages {bakery & confectionery, protein drinks, breakfast cereals, snacks, others}, animal feed {poultry [broiler, layer, turkey, others], swine [starter, grower, sow], cattle [dairy, calf], aquaculture [salmon, trout, shrimp, carp], petfood [dogs, cats, birds, fish]}, biofuel, others. Dietary supplements held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace till 2032. Consumers are increasingly focused on health and wellness, seeking natural and nutrient-rich sources for dietary supplements and functional foods.
 

U.S. dominated the North American region with majority market share and a revenue of USD 1.1 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. North America places a strong emphasis on reducing greenhouse gas emissions and promoting renewable energy sources. As a result, there is growing demand for algae-based biofuels, including biodiesel and biojet fuels, which are considered more sustainable alternatives to fossil fuels.