As per the latest study by Persistence Market Research, The global algal oil market is set to experience a CAGR of 6.3% and be valued at US$ 230 Mn by 2031. Customers today are more concerned about the food they eat and are considering those that provide multiple health benefits. Algal oil has a variety of health benefits that aid in the recovery of people suffering from disorders of the heart, eyes, and brain. As algal oil is inclusive of EPA and DHA, which are the primary components of omega-3 fatty acids, it is believed to offer great nutritional advantages. Algal oil is produced in a natural setting and is organic, which means that no pesticides or chemicals are used in the process of growing the algae. This reduces adulteration in its derivatives or extracts, resulting in a genuine and natural product.
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Growing environmental concerns is one of the important factors driving demand growth of algae-based products. Consumers are leaning toward sustainable options as awareness of disturbing aquaculture and the environment grows.
Market players are involved in numerous strategies to boost their sales and profits:
- In 2020, Arizona Algae Products, LLC increased its production of sustainable, highest quality, plant-based protein powder by constructing 1.3 acres of greenhouse, which includes an algae production plant.
- In 2020, DSM acquired Erber Group’s Biomin and Romer Labs. Erber Group is known for its biomin, which is specialized in gut health performance and mycotoxin risk management, and Romer lab is known for feed safety diagnostic solutions and foods.
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Key Takeaways from Market Study
- The algal in countries of South Asia and the Middle East & Africa is expected to grow at CAGRs of 8.5% and 7.6%, respectively, through 2031.
- Europe and East Asia dominate the global market with a combined share of over 50%.
- Sales of algal oil for use in nutraceuticals is currently valued at US$ 39.8 Mn, and are anticipated to reach US$ 69.2 Mn by the end of 2031.
- Increased usage of biofuels as an alternative source for renewable fuel is positively impacting market growth. Based on grade, fuel grade algal oil is valued at US$ 72.9 Mn and is expected to reach US$ 132.1 Mn by the end of 2031.
- The U.K. and China hold the highest market shares in Europe and East Asia, respectively. China accounts for 72.2% market share and the U.K. holds over 30% market share.
- The personal care & cosmetics segment is witnessing high growth by application at 6.8% CAGR.
- In terms of market volume, the U.S. market is pegged at 4,150 tons and is expected to reach 6,857 tons by 2031.
- The COVID-19 pandemic has affected the market growth of algal oil due to supply chain disruptions. However, increasing demand from nutraceuticals and other industries will aid market growth over the years ahead.
Competitive Landscape
Algal oil manufacturers are focusing on expansion of production capacities to cater to rising demand. With investments in research & developments and strategic partnerships, global manufacturers are planning to increase their market share.
Manufacturers are also working with multiple certification organizations to stand out among their competitors.
- In 2020, Bioriginal Food & Science Corp completed the installation of a new bottle packing line in Den Bommel, the Netherlands. The new line will help the company pack its nutritional oils as a finished product and enable it to expand its complete product capacities in the European and Asian markets.
- Manufacturers of algal oil, including Algalr NutraPharms Pvt. Ltd., Progress Biotech, Polaris, and others, are acquiring certifications that help them gain customer trust. Progress Biotech has received ISO 22000:2018, FSSC 22000, BRC, IFS, and other certifications.
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