Algae Oil would be driven by Changing Lifestyles of Consumers across the World
Algae oil is directly derived from algae and it contains omega-3 fatty acids, which is a natural source of DHA (Docosahexaenoic acid), antioxidants, and proteins. The Algae oil is being employed in the food and beverage industry, biofuel applications, and vegetarian alternative to fish oil. Algae oil is also used as a speciality oil in various other supplements.
Growing demand for naturally obtained health supplements; health benefits associated with algae oil; and rising demand from animal feed sector and healthcare products manufacturing companies are the key driving factors witnessing the market growth of the global algae oil market. Furthermore, increasing benefits of DHA such as it reduces heart disease risk, perform a healthy function of the brain, and fights inflammation are influencing consumers towards the consumption of algae oil.
The global algae oil market is expected to register significant CAGR, attributed to health-conscious consumers, advantages of algae oil over fish oil, and high demand for infant formulae will contribute considerably to the market growth. Apart from these, there are three key trends responsible for the market growth, given below:
Resources have become scarcer
Consumer preferences are changing
World population is growing
North America dominated the market in 2015, now accounts for the second largest market
North America accounted for significant development in 2015 owing to the immense demand from the food and beverage industry. However, Asia Pacific is expected to hold the largest market share followed by North America, and Europe. In the Asia Pacific, China is likely to dominate the regional market in the coming years owing to increasing population, rapidly increasing urbanization, and changing lifestyles of consumers across the region are the major key factors driving the growth in this region. Europe accounted for a significant market share in the global algae oil market due to embedded fish oil alternatives in the region.