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Algae Oil Market Trends

Report ID: GMI2222
Published Date: Oct 2023
Report Format: PDF

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Algae Oil Market Trends

There is a growing consumer and industry demand for sustainable and eco-friendly ingredients. Algae oil is considered a sustainable source of oils and fats, making it increasingly attractive to industries such as food, cosmetics, and biofuels. Algae oil, rich in omega-3 fatty acids and other nutrients, is being used in an increasing number of food and nutraceutical products. It's incorporated into dietary supplements, functional foods, and beverages due to its potential health benefits. Algae oil continues to be a significant feedstock for the production of biofuels, including biodiesel and bio jet fuel.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Market size for algae oil value was around USD 4.9 billion in 2022 and is estimated to reach USD 8.6 billion by the end of 2032.

Dietary supplements held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace through 2032 as consumers are increasingly focused on health and wellness, seeking natural and nutrient-rich sources for dietary supplements and functional foods.

U.S. market size for algae oil share was worth USD 1.1 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032 as the country places a strong emphasis on reducing greenhouse gas emissions and promoting renewable energy sources.

Algaetech International Sdn Bhd, Corbion, Cellana, DIC Corporation, Sapphire Energy, TerraVia Holdings (formerly Solazyme), Algix, Heliae Development LLC, Pond Technologies Inc., Algenuity, Qualitas Health, Alltech, Algama, Enerkem, Triton Algae Innovations among others.