Rising levels of health awareness among consumers, and growing preference for vegan and vegetarian nutritional sources is bolstering the growth of the algal fats market. Environmental concerns and depletion of fossil fuel reserves are likely to benefit the industry.
Applications of algal fats in food and beverage, biofuel, and animal feed sectors are key factors that are likely to positively influence market developments. Algae fat products are widely used in dietary supplements for key nutrients such as omega-3. Niche applications in pharmaceuticals are also likely to aid market players in the long-term.
Key Takeaways from the Algae Fats Market Study Global algae fats market to grow at a healthy CAGR through 2030. East Asia to reflect strong growth rate, Europe to hold lead in market prospects for the assessment period. Algae fats for feed grade variants will witness relatively higher sales, driven by innovations in customized formulations for animal nutritional products. Major players are investing in improvements for supply and distribution chains to consolidate regional presence. Food and beverage applications, pertaining largely to edible oils will gain traction owing to demand for demand for healthier ingredients.
“Algae fats are natural sources of antioxidants, omega-3 fatty acids, and protein, which is a key factor driving adoption as dietary supplement ingredients. As a result, algae fats are gaining significant traction among health-conscious consumers across the globe,” said an FMI analyst.
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Covid-19 Impact Insights
The covid-19 impact is likely to generate lucrative opportunities for growth in the algae fats market. Lockdown restrictions on algae cultivation industries, and supply chains are key short-term concerns during the crisis. Applications in the dietary supplement sector in offerings for home-consumption, is likely to gain ground.
Demand is likely to continue rising through 2030, despite the threat of the virus on the global economy. Also, the market is likely to display steady growth even post pandemic, supported by increasing levels of health awareness among consumers and health care practitioners, positively influencing demand for the foreseeable future.
Participants in the algae fats market are largely focused on investments into research and development to widen the scope of applications for algae fats. Also, strategic collaborations towards product development and capacity expansions are likely to find importance during the forecast period.
IKEA, under its Space10 initiative has revealed efforts towards the development of dishes with unconventional ingredients, including algae fats, insects and meat substitutes among others, in line with the company’s sustainability strategies.
Unilever has partnered with Algenuity, a biotech startup towards investing in research for new food products incorporating microalgae as a key ingredient for sustainable sources of fats and nutrition, aimed for the commercial market.
Yemoja, a start-up based in Israel has unveiled a new cultivation platform for growing and harvesting algae at commercial scales with photobioreactor technologies. The company has announced plans to develop and produce varied products from the harvest.
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More Valuable Insights on the Algae Fats Market
In a new report, Future Market Insights has given a detailed analysis of the global algae fats market with detailed analysis in terms of historical demand between 2015 and 2019. In addition, the report provides forecast data for the period from 2020 to 2030. The study covers projections of growth for the algae fats market on the basis of type (food grade and feed grade), application (biofuel, dietary supplements, and animal feed), and distribution channels (e-commerce, specialty retailers, supermarket/hypermarket, and others), across 6 key regions.
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