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The shifting focus of the world on the production of energy from renewable sources has led to numerous natural sources being explored. Algae oil is one such renewable source that is used as a fuel due to its low carbon footprint and fast regeneration property of algae, but the high cost of algaculture limits its commercial adaptation. Several companies and government agencies are targeting a reduction in the capital as well as operating expenses for making the production of algal oil commercially viable. Several stakeholders have opted for alga-culture, which uses land and water unsuitable for other uses.
Algae oil is considered to be a superfood, and hence it is used as a food ingredient. It is an excellent source of monounsaturated fatty acids (MUFA) and Omega-3 fatty acids. Additionally, algae oil is used as a feed ingredient in the farming of fish and seafood. Several novel applications of algae oil are under research, which includes usage in the manufacture of synthetic polymers, soaps & surfactants, and nutraceuticals.
Key Market Driver -
Rising demand for functional foods and nutraceuticals
Key Market Restraint -
Lack of awareness among people in the developing countries
The key market driver for algae oil market is the rising demand for functional foods and nutraceuticals, globally. Concerns over health and fitness are the preliminary factors influencing the consumers to consume food and food supplements that provide high nutritional profile and support dietary restrictions. Algae oil is rich in nutrients that are necessary for a healthy heart profile but also complies with dietary regulations such as vegan and gluten-free. These factors have provided a thrust to the demand for algae oil as a functional food and a nutraceutical.
The key market restraint for algae oil market is the lack of awareness among people in developing countries. Even though the companies are actively advertising the benefits of algae oil, people in the developing economies of Asia Pacific and Latin America are not fully aware of the benefits of algae oil, which results in the slow growth of the market.
By grade, the market is segmented into food grade, feed grade, and fuel grade. Based on application, the market is segmented into food, nutraceuticals, feedstock, biofuels, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The major companies in the global algae oil market are 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., Algisys, Veramaris V.O.F., among others.
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The global market for algae oil is led by North America, which accounts for a major revenue share. This region is expected to maintain its lead during the forecast period owing to the considerable demand for biofuel. Major companies in the market are located in North America, and these companies carry out awareness programs related to algae oil as a superfood. Similarly, increasing government support for the development of renewable sources of energy in China has made Asia Pacific the second-largest market for algae oil. On the other hand, the European Union has allowed the application of micro-algae oil as a novel food in 2018, which shall open newer avenues for algae oil in Europe. As companies in Latin America and Middle East & Africa invest a large amount of their budget on product development and awareness creation, the algae oil market in these regions is expected to grow steadily during the forecast period.
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