Algae Oil Market Size, Share & Industry Analysis by top key companies as Strategies Inventure Renewables, Inc., TomAlgae, A4F-Algae for Future, AlgaBloom International, Chevron, etc
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 and 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.
Drivers and Restraints:
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.
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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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Regional Analysis:
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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Competitive Landscape:
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:
Industrial Development:
List of Companies Operating in the Market:
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Algae Oil Market 2020 to Benefit from Consumption of Healthy Food: Industry Overview By Size, Share, Trends, Growth Factors and Leading Players Analysis to 2026