Algae Oil Market
Industry Outlook and Trend Analysis
The Algae Oil Market was worth USD 1.28 billion in 2014 and is anticipated to reach approximately USD 1.87 billion by 2023, while registering itself at a compound annual growth rate CAGR of 4.35% during the forecast period. The algae oil would be a lucrative investment option as it provides a solution for depleting fossil fuels. The market demand has been increasing in dietary supplement and food and beverage industry by virtue of its expanding use as phycocyanin, proteins, omega-3 fatty acids, antioxidants, and others. The rising requirement of natural products in dietary supplement industry has driven the requirement for plant-based health supplements and is foreseen to push development of the market throughout the following years. It is useful as specialty oil in the food industry attributable to low content of saturated and Trans fats, making it a healthy option.
Grade Outlook and Trend Analysis
The fuel grade segment was esteemed at USD 779.2 million of every 2015 and is expected to grow significantly amid the following years. The fuel grade was the biggest portion by volume representing over 57% of the worldwide market in 2015. It is used in the manufacturing of biofuel which incorporates jet fuel, gasoline, biodiesel, and others. Different natural advantages of the product incorporate lower less greenhouse gas emissions, lower carbon footprint, and consume carbon dioxide. Consequently, unique evaluations of algae oil are anticipated to witness critical development over the conjecture time frame.
Application Outlook and Trend Analysis
Animal feed was evaluated as the second biggest application portion representing more than 27% of the worldwide volume in 2015. The existence of micronutrients and proteins as essential elements of animal feed acquired from algae oil is anticipated to boost its demand throughout the following years. Food and beverage application was evaluated at over USD 150 million out of 2015. It can be used as a part of the generation of different kinds of edible oil items.
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Regional Outlook and Trend Analysis
The U.S. represented the more than 80% of the North America market volume in 2015 by virtue of rising need from the biofuel application section. The innovative usage of harvesting and cultivation technology to give quality algae oil according to the fuel industry requirement is anticipated to positively affect the business over the following years. Request in Asia Pacific was esteemed at over USD 300 million in 2015.
Competitive Insights
The major players in the market are Diversified Energy Corporation, Cellana, TerraVia and Algix. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Algae Oil Market is segmented as follows-
By Grade:
Food Grade
Fuel Grade
Feed Grade
By Application:
Animal Feed
Biofuel
Food and Beverage
Dietary Supplement
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific
South America
Brazil
Argentina
Columbia
South Africa
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA
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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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