The global Algae Oil Market size is expected to rise substantially owing to increasing demand for consumption of healthy food during the forecast period. Fortune Business Insights, in its latest report, titled “Algae Oil Market Size, Share & Industry Analysis, By Grade (Food Grade, Feed Grade, Fuel Grade) By Application (Food, Nutraceuticals, Feedstock, Biofuels Others) Others and Regional Forecast, 2019-2026.”, states that the market will gain momentum during the forecast period.
Increasing Government Support to Augur Growth in Asia-Pacific
Among the regions, North America is likely to gain momentum and be at the forefront during the forecast period. This is ascribable to factors such as increasing demand for biofuel, and presence of major companies in North America during the forecast period. Asia-Pacific, on the other hand, is expected to be the second-most leading region. This is attributable to factors such as increasing government support to develop renewable energy sources in countries such as China.
The market in Europe is anticipated to grow significantly during the projected horizon. For instance, the European Union promoting the algae oil as a novel food in 2018, will boost the demand for the market in Europe in the forthcoming years. Overall, the market in Latin America and the Middle East and Africa will gain momentum owing to several investment to promote the market between 2019 and 2026.
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Product Innovation by Companies to Drive Market
In March 2020, Greenjoy, famous for producing irresistible veggies, is reshaping the salad dressing segment with its introduction of new Algal oil dressings. Algal oil, which is packed with omega-3 fatty acids and high-level monosaturated fats, is an anti-inflammatory agent that helps to improve gut health. The rising awareness about the health benefits of algal oil by the manufacturers will contribute to the gro9wth of the market during the forecast period. Furthermore, technological advancement in the production of algal oil to lower cost of operational activities will bode well for the growth of the market in the forthcoming years.
However, lack of awareness of algal oil in less developed countries may hinder the growth of the market during the forecast period.
Algae oil is sourced from algae found in deep water bodies across the globe. A plant-based oil, algae oil provides essential omega-3 fats necessary for healthy growth of the human body. Furthermore, algae oil provides the same benefits as that of a fish oil. People allergic to the smell of fish or its consumption usually opt for plant-based diet. Algae oil provides them with all the nutrients that helps to improve metabolism. Moreover, the versatility of algae oil makes it a great addition to cooking, and adds flavor to several salad dressings.
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Development of Facilities by Companies to Promote Growth
In September 2018, Exxon Mobil announced that it is extending its algal oil production capabilities. The company reported that it has set a target of producing around 10,000 barrels of algal oil by the year 2025. The companies operating in the market are adopting strategies such as product development, and expansion to maintain market presence during the projected horizon. Moreover, supportive government initiative to promote algal oil and its benefits will contribute to the growth of the market during the forecast period. For instance, back in the year 2018, the U.S. Department of Energy (DE) lent funds to the University of Michigan to develop algae as a biofuel for alternative to diesel engine-run automotive. Below is an industrial development for the market:
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- July 2019: Veramaris, a joint venture between DSM and Evonik, announced its launch of new algal oil facility at Nebraska. The plant has been invested at a cost of $200 million that will allow commercial production of algal oil useful in aquaculture.
List of Companies Operating in the Market:
- Inventure Renewables Inc.
- Tom Algae C.V.B.A.
- A4F Algae for Future
- British Algoil Ltd.
- Algabloom International
- Pond technologies Inc.
- Algenol, Cellana Inc.
- Chevron Corporation
- Culture BioSystems
- TerraVia Holdings Inc.
- Exxon Mobil
- Algae Floating Systems Inc.
- Algix LLC.
- Koninklijke DSM N.V.
- DIC Corporation
- Bioprocess Algae LLC.
- Rishon Group
- Corbion N.V.
- Veramaris V.O.F.
- Among others
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