Algal oil is the oil which is inferred directly from algae. It incorporates DHA that explicates 97% of the omega-3 fats inside the brain. Algae may be farmed under numerous environments, comprising of those adverse to other plants. One of the significant advantages of algae oil is that the algae fuel’s carbon footprint is lower as compared to that of the fossil fuels plus it is inexhaustible, making it more reusable.
The worldwide market for algae oil is projected to register a market value of about US$1.9 Billion through 2022, increasing at a modest 4.8% CAGR over 2017-2022.
Global Algae Oil Market will Account for US$1.9 Billion During 2017-2022
- On the basis of region, the overall market is assessed across Europe, Latin America, North America, APEJ, Japan and MEA. North America is considered to be the most dominating region, rising at a modest CAGR all through the assessment period. The APEJ region is anticipated to witness a high growth pace throughout the estimation period.
- On the basis of grade type, the worldwide market is divided into food grade, feed grade and fuel grade. The fuel grade division is considered as the biggest category to record a CAGR of 5.0% all through the assessment period. This division is estimated to explicate a noteworthy market share in the worldwide market.
- On the basis of the end user, the worldwide market is categorized into infant and clinical nutrition, aquaculture, functional foods, nutraceuticals and pharmaceuticals. The aquaculture category is anticipated to expand at a healthy CAGR over 2017-2022. This category has huge potential in the next couple of years. The pharmaceutical category is considered increasing at a modest pace and projected to predominate the worldwide market throughout the 2017-2022 time frame.
- On the basis of the application is divided into food & beverages, dietary supplements, personal care, animal feed, biofuels, pharmaceuticals and others. The biofuels division will be accounting for a high CAGR of 5.5% moreover is likely to predominate the market in market share terms all through the projection period. The pharmaceutical category moreover projected to witness huge prospective regarding expansion along with market share.
- On the basis of sales channel, the worldwide market is categorised into hyper/supermarket, direct sales, online, speciality stores and other retail formats. The direct sales category will be witnessing highest market share during the conjecture time frame. The hyper/supermarket and speciality stores category will be witnessing the same pace, still, hyper/supermarkets will be holding moderately more prominent share than the speciality stores in the said period.
Key Market Players
Some of the prominent companies functional in the worldwide market algae oil include
- DIC Corporation
- TerraVia Holdings Inc
- Cyanotech Corporation
- Royal DSM NV
- Bioprocess Algae Llc
- Cargill Inc
- Seaweed Energy Solutions A/S
- Cellana Llc
- Alltech Inc
Diversified Energy Corporation