Algae Omega market growth is predicted to occur at a CAGR of 3.7% over the anticipated forecast period, according to data from Future Market Insights. From USD 1,038.5 Mn in 2022 to USD 1,493.4 Mn in 2032, that is the predicted growth in market value. At the end of 2021, the Algae Omega market had a value of USD 986.2 Mn. It is predicted that in 2022, this market would rise by 5.3% year over year.
Algae omega are omega-3 fatty acids derived from a plant-based source of single-celled microscopic organisms, micro-algae, kelp, and seaweed. Consumers have a misconception that fish oil and other fish products are the only source of omega-3s. Algae omega supplements happen to be an ideal source of omega-3s, certified by several food associations for vegan and vegetarian consumption.
Algae omega plays a significant role in human diet and nutrition by offering end-use application in pharmaceuticals, dietary supplements, clinical nutrition, and infant nutrition. Hence algae omega is a popular choice for food and beverage fortifications and also plays its part in animal nutrition. The rising demand for algae omega is mainly influenced by its major use of dietary supplements.
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Owing to its plant-based origins, algae omega supplements are gaining traction in the vegan and plant-based community. Increasing diet consciousness among the millennials and Gen Z generation is expected to uplift the growth of algae omega market and in addition to this, manufacturers are shifting from traditional algae farming to closed photo-bio reactor technology for obtaining a faster production rate.
The demand for algae omega is expected to increase in the emerging countries of South Asia during the projected period.
Robust Growth of EPA and DHA Segments to Create Lucrative Opportunity for Global Algae Omega Market
EPA and DHA are types of omega-3 fatty acids produced by micro algae and are commonly used together in various infant formulas and food fortification. The combination of these fatty acids aid vision health, support brain health, and promote cardiovascular and respiratory function.
Out of the different forms of algae omega supplements, algal oil is gaining recognition among the vegan and plant-based consumers, mostly due to the growing need of plant-based omega-3 fatty acids such as EPA and DHA. The main reason for EPA and DHA to be the fastest growing segments is that it is pure and safe, i.e., it does not pose a risk of contamination with pollutants such as polychlorinated biphenyls.
Thus, robust growth of EPA and DHA segments is expected to create a lucrative opportunity for global algae omega market.
Global Algae Omega: Key Players
Some of the key players manufacturing Algae omega are as follows –
- Archer Daniels Midland Company
- Cellana, Inc.
- Nordic Naturals
- Solarvest BioEnergy
- Novotech Nutraceuticals Inc.
- Koninklijke DSM N.V.
- Corbin N.V.
- Polaris Industries
- BASF SE
- Source Omega LLC
- Neptune Wellness Solutions Inc.
- BioProcess Algae, LLC
- TerraVia Holdings, Inc.
- Qualitas Health.
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Opportunities for Global Algae Omega Market Participants:
Vegan and vegetarian consumers are picking up that need a wellspring of long-chain omega-3 unsaturated fats are showing interests toward algal oil. Growing research and development to extract omega-3 fatty acids from various types of algae is expected to create a competitive environment among the market players, further driving the growth of global algae omega market.
The algae omega supplements play an important role in infant formulas and other baby food products deeming it as an essential item. Also, its use in clinical nutrition further bolsters the point that algae omega is essential for promoting healthy immune function, metabolism, and controlled blood sugar levels amidst the corona virus crisis. Owing to the product’s vast nutraceutical and pharmaceutical applications, the COVID-19 pandemic is expected to have a negligible impact on the global algae omega market.
The algae omega market report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
The Report Covers Exhaustive Analysis on:
- Algae omega market segment
- Algae omega market dynamics
- Algae omega market size
- Algae omega supply and demand
- Current trends/issues/challenges pertaining to algae omega market
- Competition landscape and emerging market participants in algae omega market
- Technology related to production/processing of algae omega
- Value chain analysis of the algae omega market
Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, U.K., France, Italy, Spain, BENELUX, Poland, Russia, Nordic, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
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- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the algae omega market
- Recommendations to companies for strengthening their foothold in the algae omega market
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 9-years.
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