Global Algae Oil Market 2017-2021
About Algae Oil
Algae oil is derived from algae, one type of microscopic plant found in various aquatic environments such as freshwater and marine. Algae oil is a vegetarian oil, and it contains omega-3 fatty acids and docosahexaenoic acid (DHA). It is popular as a vegetarian alternative to the fish oil. Because of the nutritional properties, it can be used in various applications like biofuel, animal feed, food and beverage, and others. Cooking oil, milk, sauces, and dressings are also fortified with algae oil.
Technavio’s analysts forecast the global algae oil market to grow at a CAGR of 3.92% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global algae oil market for 2017-2021. To calculate the market size, the report considers the sales of algae oil for various applications such as biofuel, animal feed, and other applications, including food and beverage, cosmetics and personal care products, and dietary supplements across the world.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Algae Oil Market 2017-2021
Technavio recognizes the following companies as the key players in the global algae oil market: Algae Floating Systems, Cellana, Henry Lamotte OILS, and TerraVia Holdings.
Other Prominent Vendors in the market are: Algaecytes, Archer Daniels Midland Company, Goerlich Pharma, Polaris, and Renewable Algal Energy (RAE).
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing demand for naturally obtained health supplements. As algae oil is a natural source of omega-3 fatty acids, antioxidants, and protein, it is being used in the manufacturing of supplements. The rising demand for naturally obtained supplements has impacted the demand for plant-based health supplements is expected to drive the growth of the global algae oil market.”
According to the report, one of the major drivers for this market is Health benefits associated with algae oil. Algae oil is a natural source of omega-3 fatty acids, which is essential for the human body. Omega-3 fatty acids are known as anti-inflammatory agents that help to reduce blood clots in the body. Algae oil contains DHA that accounts around 96.94% of the omega-3 fats in the brain. The oil derived from algae is sustainable and serves as a vegetarian option.
Further, the report states that one of the major factors hindering the growth of this market is Production challenges related to algae oil. The production of algae oil involved certain challenging factors. The manufacturers of the global algae oil market are facing challenges to produce algae oil efficiently and economically. New production technologies are required to optimally culture new algae species and existing species in existing and new environments. To improve the production systems, innovative biological and engineering approaches are required. Optimal production efficiency is required for maximizing the profitability. The selection of the most cost-effective and feasible cultivation method is very crucial for algae oil manufacturers.
Algae Floating Systems, Cellana, Henry Lamotte OILS, TerraVia Holdings, Algaecytes, Archer Daniels Midland Company, Goerlich Pharma, Polaris, and Renewable Algal Energy (RAE).
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