Algal Oil Market Surges: $2.35 Billion Growth Driven by Vegan and Vegetarian Demand

Algal Oil Surging in Popularity among Growing Population of Vegans and Vegetarians, Fact.MR Report

According to a new industry report compiled by skilled analysts at Fact.MR, revenue from the global algal oil market is projected to reach US$ 2.35 billion in 2024 and thereafter increase at a CAGR of 4.7% from 2024 to 2034.

As more people worldwide shift to vegan and vegetarian diets, there has been increasing demand for plant-based omega-3 fatty acids. These omega-3 fatty acids are vital ingredients needed in the human body; however, they are primarily found in animal sources such as fish, making them unsuitable for vegans and vegetarians. Algal oil has become a popular alternative to fish oil, providing a plant-based source of these essential elements for consumers who want to avoid animal products. This is consistent with the dietary preferences of those who reject animal-derived products, making algal oil a popular alternative for achieving nutritional demands while retaining other lifestyle choices.

Sales of algal oil are continuously rising in the North American region, particularly in the United States and Canada. The presence of well-established dietary supplement and functional food companies, as well as the growing adoption of veganism, are key factors driving market growth.

Key Takeaways from Market Study

• The global market for algal oil is projected to reach US$ 3.72 billion by 2034-end.The market in South Korea is projected to expand at a CAGR of 5.4% through 2034.
• North America is projected to hold 24.1% of the global market share by 2034. The market in the United States is expected to generate revenue worth US$ 247 million in 2024.
• The market in China is forecasted to reach a size of US$ 403.3 million by the end of 2034. Based on nature, organic algal oil is forecasted to account for 61.7% of the global market share in 2024.
• Demand for fuel grade algal oil is projected to touch a market value of US$ 2.56 billion by the end of 2034.

“Leading companies are diversifying into new domains by introducing algal oil-based products such as food additives, dietary supplements, and biofuels,” says a Fact.MR analyst

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Growing Demand for Organic Algal Oil Compared to Conventional Variants

Organic algal oil is in high demand compared to conventional algal oil, because consumers are increasingly choosing natural and sustainably produced products. Organic algal oil is made without synthetic pesticides, fertilizers, or genetically modified organisms, in line with the growing trend of organic and environmentally friendly usage. Consumers are prepared to pay more for products that meet organic standards because they believe they are healthier. This choice is driven by worries about food safety, environmental effects, and a desire for openness in production techniques, all of which are contributing to increasing demand for organic algae oil.

Algal Oil Gaining Popularity for Its Moisturizing and Anti-Inflammatory Benefits

The use of algal oil in personal care and cosmetic products is on the rise due to its rich composition of omega-3 fatty acids, which provide excellent moisturizing and anti-inflammatory benefits. These properties make it a highly sought-after ingredient, particularly in skincare formulations. Additionally, algal oil is renowned for its high antioxidant content, which helps protect the skin from environmental damage and signs of premature aging.

Another key advantage of algal oil is its non-comedogenic nature, meaning it does not clog pores, making it suitable for various skin types, including oily and acne-prone skin. With these benefits, personal care and cosmetics manufacturers are increasingly incorporating algal oil into their product lines, contributing to the ongoing expansion of the global algal oil market.

High Cost Compared to Most Fish Oils

In comparison with fish oils, algal oil is usually higher in price, which is becoming a key challenge for algal oil manufacturers and suppliers. Modern machinery is needed to extract oil from algae, and a research and development team oversees every step of the process from cultivating the algae to extracting the oil to ensure optimal results.

To produce algal oil, companies also need to search the entire globe for standardized, high-quality strains of algae. This cumulative process of producing algal oil requires a substantial financial outlay and experts with in-depth knowledge of premium algae, which drives up production costs and limits market expansion.

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Key Market Players:

1. AlgiSys LLC
2. Progress Biotech
3. Polaris
4. Inlife Care
5. Archer Daniels Midland Company (ADM)
6. Algalr NutraPharms
7. Royal DSM
8. Bioriginal Food & Science Corp
9. Vegan Vitality
10. Mara Corporation

More Valuable Insightson Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the algal oil market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on grade (food, feed, fuel), nature (organic, conventional), and application (food & beverages, personal care & cosmetics, pharmaceuticals, animal feed, nutraceuticals, biofuel), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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