Rockville, MD, Aug. 22, 2024 (GLOBE NEWSWIRE) -- According to a new industry report compiled by skilled analysts at Fact.MR, revenue from the global algal oil market is projected to reach US$ 2.35 billion in 2024 and thereafter increase at a CAGR of 4.7% to 2034.
As more people worldwide shift to vegan and vegetarian diets, there has been increasing demand for plant-based omega-3 fatty acids. These omega-3 fatty acids are vital ingredients needed in the human body; however, they are primarily found in animal sources such as fish, making them unsuitable for vegans and vegetarians. Algal oil has become a popular alternative to fish oil, providing a plant-based source of these essential elements for consumers who want to avoid animal products. This is consistent with the dietary preferences of those who reject animal-derived products, making algal oil a popular alternative for achieving nutritional demands while retaining other lifestyle choices.
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Sales of algal oil are continuously rising in the North American region, particularly in the United States and Canada. The presence of well-established dietary supplement and functional food companies, as well as the growing adoption of veganism, are key factors driving market growth.
Key Takeaways from the Algal Oil Market Study:
The global market for algal oil is projected to reach US$ 3.72 billion by 2034-end. The market in South Korea is projected to expand at a CAGR of 5.4% through 2034.
North America projects to hold 24.1% of the global market share by 2034. The market in the United States is expected to generate revenue worth US$ 247 million in 2024.
The market in China is forecasted to reach a size of US$ 403.3 million by the end of 2034. Based on nature, organic algal oil is forecasted to account for 61.7% of the global market share in 2024.
Demand for fuel-grade algal oil is projected to touch a market value of US$ 2.56 billion by the end of 2034.
“Leading companies are diversifying into new domains by introducing algal oil-based products such as food additives, dietary supplements, and biofuels,” claims a Fact.MR analyst.
Key Companies Profiled in Algal Oil Market Analysis:
AlgiSys LLC; Progress Biotech; Polaris; Inlife Care; Archer Daniels Midland Company (ADM); Algalr NutraPharms Pvt. Ltd.; Royal DSM; Bioriginal Food & Science Corp.; Vegan Vitality; Mara Corporation.
Recent Algal Oil Industry News & Observations:
To boost the efficiency of oil production, major participants in the algal oil sector are employing a variety of strategies, with a primary focus on improving culture techniques and choosing high-yield algae strains. Businesses are diversifying into new markets by introducing algal oil-based goods such as food additives, dietary supplements, and biofuels.
In February 2024, GC Rieber VivoMega announced the launch of their premium VivoMega EPA+DHA Algae 2050 TGP Oils for the North American market at the Natural Products Expo West event in Anaheim, California.
Progress Biotech unveiled its newest product, high-DHA algal oil with EU Organic Certification, at the Vitafoods Expo-2022 in Geneva in May 2022. The company produces a whole range of DHA algal oil products intending to compete with current omega-3 supplements in terms of stability and sensory appeal.
Leading supplier of omega-3 supplements, Nordic Naturals, launched its new vegetarian Algal Omega brand in October 2023 in response to consumer demand for fish-free products that provide long-chain omega-3 fatty acids, EPA and DHA.
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In this new market analysis, Fact.MR offers comprehensive details about the pricing points of major algal oil manufacturers positioned globally, sales growth, manufacturing capacity, and speculative technical expansion.
Growing Demand for Organic Algal Oil Compared to Conventional Variants:
Organic algal oil is in high demand compared to conventional algal oil, because consumers increasingly choose natural and sustainably produced products. Organic algal oil is made without synthetic pesticides, fertilizers, or genetically modified organisms, in line with the growing trend of organic and environmentally friendly usage. Consumers are prepared to pay more for products that meet organic standards because they believe they are healthier. This choice is driven by worries about food safety, environmental effects, and a desire for openness in production techniques, all of which are contributing to increasing demand for organic algae oil.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the algal oil market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on grade (food, feed, fuel), nature (organic, conventional), and application (food & beverages, personal care & cosmetics, pharmaceuticals, animal feed, nutraceuticals, biofuel), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Discover Additional Market Insights from Fact.MR Research:
Sales for marine algae polysaccharides project to grow from US$ 1,205.7 million in 2023 to US$ 2,860.2 million by 2033. Global sales are predicted to increase at a 9.0% CAGR By 2033
Global fish oil market is estimated at US$ 2.26 billion in 2024 and is expected to increase to US$ 3.99 billion by the end of 2034. The East Asia region is projected to lead with 23.8% of the global market share in 2024 & increase further during the forecast.
Global marine oil market is estimated at USD 1,933.9 Million in 2022 and is forecast to surpass USD 2,802.3 Million by 2032, growing at a CAGR of 3.8% from 2022 to 2032.
Global marine algae market size is estimated to secure a valuation from US$ 3,612.2 million in 2023 to US$ 5,798.9 million by 2033. Over the next ten years (2023 to 2033), global sales are likely to soar at 4.8% CAGR.
Algae extract market is expected to reach a value of US$ 6,034.3 Million and grow at a CAGR of 3.9%. The U.S. Algae Extract market would be valued roughly at US$ 1,780.03 million. As a result, it will command a sizable market share of 24.5% in the North American market
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