Algae Fats Market Analysis

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. 

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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.