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Algae Fats Market Size
Algae Fats Market size valued at USD 280 million in 2022 and is projected to depict more than 5% CAGR from 2023 to 2032.
Growing nutritional requirements and a rapid shift from animal-derived to plant-based supplements will propel the industry growth. In the recent past, consumer inclination toward novel algae-based Omega 3 fatty acid supplements has increased notably. Algal oil is a rich source of omega-3 and is consumed to improve overall health and even to treat patients with cardiovascular diseases. They have an array of health benefits including anti-inflammatory, which helps prevent the risk of age-related macular degeneration, rheumatoid arthritis, and depression. It can also help improve the health of young babies and mothers.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Algae Fats Market Size in 2022: | USD 280 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.2 |
| 2023 Value Projection: | USD 464.8 Million |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 230 |
| Tables, Charts & Figures: | 206 |
| Segments Covered: | Type, Application |
| Growth Drivers: |
|
| Pitfalls Challenges: |
Algae Fats Market Analysis
Veganism is a popular trend in EU countries with a large number of people adopting a plant-based diet. The growing popularity of plant-based dairy products, vegan snacks, and flexitarian lifestyles will boost the demand for plant-based fats in Europe. This rise is likely to boost the consumption of algae as part of vegan diets, thereby supporting overall the algae fats market growth.
Food-grade algae fats market will grow at a 5.5% CAGR between 2023 and 2032. Growing consumer awareness and inclination toward holistic wellness and nutrition are driving the demand for dietary supplements. Additionally, naturally sourced Omega-3 such as DHA needs to be externally consumed via dietary sources, such as dairy items, grass-fed meat, cold-water fish, or pasture-raised eggs. The lack of dietary intake, nutritional deficiencies, and the increasing preference for plant-based nutraceuticals are accelerating the demand for food-grade algal oil.
Algae fats market size from dietary supplement segment accounted for USD 126 million revenue in 2022. The consumption of dietary supplements to improve gut health and boost overall immunity has increased due to the onset of pandemics, infectious disease outbreaks, and the rising prevalence of chronic illnesses. The growing geriatric population worldwide will spur the demand for dietary supplements over the forecast period.
Europe algae fats market size dominated over USD 61.5 million in 2022. Europe is set to emerge as a hotpot for algae-based food products, dietary supplements, and nutraceuticals. Rapid penetration of trends such as vegan diets is fueling the demand for novel plant-based formulations. Moreover, the growing focus on biofuels to eliminate the environmental impact of conventional power systems and the carbon footprint associated with fossil fuels will boost the adoption of algal oils in the region.
Algae Fats Market Share
Some of the key companies include :
- Batory Foods
- ADM
- PLT Health Solutions
- AGT Food
- and Ingredients
- Cyanotech Corporation
- Cargill, Inc.
- Earthrise Nutritional
- Cambridge Commodities Ltd
- Algenol Biofuels Inc.
- Ingredion Inc.
Algae Fats Industry News
- In March 2023, Cargill entered an agreement with food tech startup Cubiq Foods to develop and commercialize novel plant-based fat technologies.
- In July 2022, Batory Foods, and DouxMatok, a food tech company, announced a commercial distribution agreement for the expansion of the product portfolio comprising cakes, protein bars, snacks, candy, cookies, chocolate, and spreads.
This algae fats market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2032 for the following segments:
Market, By Type
- Food Grade
- Feed Grade
- Industrial Grade
Market, By Application
- Biofuel
- Dietary Supplement
- Animal Feed
- Poultry
- Swine
- Cattle
- Aquaculture
- Pet food
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- Indonesia
- South Korea
- Malaysia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
What factors are augmenting the Europe algae fats industry growth?
Europe market valued at USD 61.5 million in 2022, due to the growing preference for vegan diets and plant-based alternatives.
Who are the major algae fats producers?
Batory Foods, ADM, PLT Health Solutions, AGT Food, and Ingredients, Cyanotech Corporation, Cargill, Inc., Earthrise Nutritional, and Ingredion Inc. are some of the major manufacturers of algae fats.
Why is the demand for food-grade algae fats growing?
Food-grade algae fats market size will depict a 5.5% CAGR between 2023 and 2032, driven by the increasing demand for plant-based Omega-3 supplements.
How big is the algae fats market?
The market size of algae fats was worth USD 280 million in 2022 and will expand more than 5% CAGR from 2023 to 2032.