Algae Oil Market Size, Share, Trends, Growth 2032

Algae Oil Market Insights

According to a report from Zion Market Research, the global Algae Oil Market was valued at USD 2256.55 Million in 2023 and is projected to hit USD 3441.1 Million by 2032, with a compound annual growth rate (CAGR) of 4.8% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Algae Oil industry over the next decade.

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Algae Oil Market: Overview

Algae oil is gathered, derived, and refined from marine algae rich in omega 3 fatty acids like DHA. Moreover, the product provides myriad health benefits to the human beings. Reportedly, algae present in water bodies like seas, oceans, and ponds are harvested and refined. Furthermore, DHA is added to food products, beverages, and dietary supplements.

In addition to this, escalating awareness about naturally derived food supplements is projected to propel the expansion of algae oil market during 2024-2032. High nutritive value along with myriad medical advantages as a result of algae oil intake like enhanced memory & eyesight as well as reduction in the proportion of cholesterol will bolster market scope in the foreseeable future.  

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Algae Oil Market: Growth Drivers

Escalating utilization of algae oil in food & beverage sector due to its health benefits offered by it will prompt the business landscape. Apart from this, the product offers numerous health benefits like cholesterol reduction, improving eyesight, and enhancing memory power. Growing health consciousness and surging preference for nutritive vegetable sources are predicted to favor the market expansion during the forecast timespan. Apparently, algae oil is utilized in power & energy sector and hence is used for producing biofuel. In addition to this, growing cultivation activities and upgrading of harvesting technique for high quality product delivery will prompt the market expansion over the ensuing years.

Algae Oil Market: Report Scope

North American Market To Attain Number One Position During 2024-2032

The expansion of the market in the region over the estimated timespan is due to lucrative demand for biofuel in the countries like the U.S. In addition to this, key firms are located in the region and this will further contribute towards the regional market expansion. Growing aid by the government for developing the renewable energy sources will prop up the business scope over the estimated timespan.

Algae Oil Market: Competitive Analysis

The global algae oil market is dominated by players like

• Cargill Alking Bioengineering
• Lonza Group Ltd
• Cellana Inc
• Royal DSM
• Rishon International Group
• Runke Biological Company
• Hubei Fuxing Biotechnology

The global algae oil market is segmented as follows:

By Grade

• Fuel grade
• Food Grade
• Feed Grade

By Application

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

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa