Algae Oil Market size will witness high growth owing to its increasing application scope as a natural source for proteins, antioxidants, fatty acids and omega-3. Expansion of food & beverage industry will support industry growth. Factors such as low trans & saturated fat content property will propel product demand over the projected timeframe.
Algae oil is harvested, extracted and refined directly from marine algae that is rich in omega 3 fatty acids and DHA, offering several health benefits. The DHA present in the product accounts for over 97% of omega 3 fatty acids in cerebral cortex, human brain and retina. It is added in beverages, food items and supplements.
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Increasing awareness regarding naturally obtained supplements is anticipated to fuel algae oil market growth. High nutritional value coupled with various medical benefits including, improved memory & eyesight and cholesterol reduction will foster product application scope during forecast time frame. Increasing preference towards nutritional vegetable sources and rising health awareness are other aspects favouring industry growth.
Potential outlook in energy sector and increasing product application in biofuel production will drive algae oil market. Reduced carbon foot print and less greenhouse gas emissions are the major factors propelling the product demand. However, specific parameters required for growth of algae including, specific temperature & humidity conditions coupled with various other parameters for the product cultivation & harvesting may hamper the product demand. Further, higher product price and considerable area required for its production may restrain algae oil market growth.
Fuel, feed and food are the major types algae oil available in the market. The feed segment will witness substantial growth owing the product’s usage as an essential food source in rearing of marine bivalve molluscs (scallops, clams and oysters) at all stages, some marine gastropods at larval stages, larvae of numerous marine fish species & penaeid shrimp and zooplankton. It is also being used as an essential live supplements and feeds in aquaculture of larval & juvenile animals including spat, juvenile abalone, oyster, finfish larvae and rotifer.
On the basis of end-use industries including, pharmaceuticals, nutraceuticals, infant & clinical nutrition, aquaculture and functional food. pharmaceutical is anticipated to be the fastest growing segment due to various medicinal properties of the product including, anti-inflammatory and excellent source of vitamin E. Increasing application scope as animal feed, food & beverage, personal care, dietary supplement and biofuel will drive industry size. Animal feed is likely to be the fastest growing segment owing to presence of several proteins and micronutrients. Food & beverage application will witness substantial growth as the product is used in production of several types of edible oils.
Algae oil is available through various distribution channels including, direct sales, superstores, speciality stores, departmental stores and online stores. Direct sales distribution channel segment is expected to lead global industry owing to tough call to choose between the products in superstores and specialty stores that have similar growth statistics.
North America, dominated by the U.S. algae oil market will foresee substantial growth due to rising application scope in biofuel segment. Rising application in cultivation and upgradation of harvesting technology for delivering quality product as per the fuel industry requirements is projected to have positive impact on the industry growth.
Asia Pacific algae oil market growth is attributed to increasing application scope development including animal feed, food & beverage and dietary supplements. Increasing demand from China due to government mandates for controlling pollution is estimated to result in higher production capacity.
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Global algae oil market share is fragmented with presence of various industry players both at regional and international level. The key industry participants are TerraVia Holdings, DIC, Royal DSM, Cyanotech, Cargill, Algix, Diversified Energy, Seaweed Energy Solutions, Alltech, and Lonza Group.
Companies are adopting numerous strategies including, new product launch and joint ventures to capture algae oil market. In October 2014, Algix was assigned to clean pond scum of 10,000 acres by the government to use it for the conversion to biodegradable plastics. The company has capitalized this as an opportunity for setting up of algae treatment plant that yields over 200 million pounds of bio-plastic resins. Further, the intense competition among manufacturers has resulted in increased focus on integrated supply chain, affordable pricing structure and product quality differentiation.