Algae Oil market is projected to grow at a CAGR of 3.85% to reach US$2.034 billion by 2023, from US$1.621 billion in 2017. Growing usage of algae oil in food and beverage industry is one of the major driving factors for the growth of global algae oil market. Algae oil constitutes high antioxidants, proteins, and phycocyanin apart from DHA and Omega 3, making it more beneficial for health as compared to fish oil. Rising health awareness and shift towards nutritional vegan diet is also fuelling the demand for algae oil. Rising use of biofuels to reduce carbon footprint is further boosting the demand for algae oil across the energy sector. However, high price of algae oil is currently hindering its market growth. Geographically, North America will witness a significant market growth on account of high disposable incomes and awareness regarding the benefits of consuming algae oil.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the Algae Oil value chain. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the Algae Oil market.
Major industry players profiled as part of the report are Cellana Inc., Corbion Biotech, Inc., Goerlich Pharma GmbH, Polaris, and Algaecytes among others.
Algae Oil market has been analyzed through following segments:
Food and Beverage
Middle East and Africa