Algal Oil Market Outlook and Future Prospects, Growth during the Forecast Period 2019-2028

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Algal Oil Market: Introduction

• Algal oil is an oil made from certain marine algae. Akin to fish oil, algal oil is used as a source of omega-3 fatty acids.
• Two of the most important omega-3 fatty acids contained in algal oil are docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA). Algal oil is used in foods and as a medicine.
• Algal oil is commonly used along with other fatty acids to fortify infant formula. It is also used for improving thinking skills in children and older people, lowering cholesterol, improving vision in people with a certain eye condition (retinitis pigmentosa), and many other conditions. However, there is no strong scientific evidence to support these uses.

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Key Drivers and Restraints of Algal Oil Market

Increase in demand for EPA/DHA-based algae omega-3 in infant formulations is boosting the demand for algal oil. DHA and EPA are essential for infant brain development and immunity strength. DHA has well-established legal strains for incorporation into infant formula products in different regulations and WHO recommendations. Increase in demand for dietary supplements due to the rise in awareness among working professionals about weight management is a major factor driving the market. However, high price of algae oil and parameters required for the growth of algae such as humidity and temperature are some of the key restraints of the algal oil market.

Algal Oil Market: Application Segment

• Based on of application, the algae oil market can be segmented into biofuel, dietary supplements, food & beverages, and animal feed
• Biofuel is the major application segment and is projected to account for significant share of the global market due to its rise in usage as a sustainable fuel. Biofuel is also being used increasingly as an alternative renewable fuel in blending biodiesel, gasoline, and jet fuel. It is an attractive investment option for non-oil producing nations, since it is environmentally-friendly and low sulfur-emitting fuel production method.

Algal Oil Market: Grade Segment

• Based on of grade, the algae oil market can be divided into fuel, food, and feed
• The animal feed industry offers lucrative opportunities for the global algal oil market. Key players such as DSM, Evonik, Alltech, and ADM are making significant investments in the market. With increase in focus on proteins and lipids segment, Fermentalg invested around US$ 76.5 Mn in 2020 for building its technology and industrial platforms. Similarly, DSM and Evonik collaborated to form Veramaris in order to boost algae production in the animal feed space. Thus, rise in investments is likely to strengthen the consumption share of the feed segment of the algal oil market.

COVID-19 Impact on Global Algal Oil Market

• On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
• Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
• The impact of COVID-19 resulted in generation of opportunities for manufacturers of health-oriented products, especially dietary supplements. Increase in consumer perception of these products in boosting immunity is driving the market.

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North America to Hold Leading Share of Algal Oil Market

• In terms of region, the algal oil market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• North America is expected to hold major share of the global algal oil market, followed by Asia Pacific and Europe, during the forecast period
• North America dominates the algae oil market due to rise in demand for algae oil in biofuel and food & beverages industries and increase in demand for dietary supplements in the region due to the growth in health consciousness and purchasing power of consumers
• The market in Europe is estimated to expand substantially due to the rise in preference for plant-based health supplements and growth of food & beverages and dietary supplement industries in the region

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