Algae Oil Market Size Worth $3.55 Billion By 2032 | CAGR: 4.4%

The global algae oil market size is expected to reach USD 3.55 billion by 2032, according to a new study by Polaris Market Research. The report “Algae Oil Market Share, Size, Trends, Industry Analysis Report, By Grade (Feed Grade, Food Grade, Fuel Grade); By Application; By Sales Channel; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Increasing investments in the innovative algae products is one of the leading factors likely to strengthen the market’s value. With potential as a sustainable, nutritional, versatile, and innovative source of oil and other valuable compounds, many businesses are investing in the algae oil products.

For example, March 2023, through the first fresh investment made by its recently revealed UAV Sustainable Flight FundSM since its launched algae biofuel business Viridos, United seeks to convert microalgae into SAF. This USD 5 million investment help produce sustainable aviation fuel (SAF) from algae, a plentiful and expandable resource that can be cultivated and collected without having an adverse effect on the food supply chain.  Such investments by various market players have led to improve the market’s value.

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Advances in technology have made it easier and more efficient to grow algae and extract oil from it. This has led to a decrease in production costs and an increase in the availability of algae oil products. Increasing production of algae across many countries is improving the demand for algae oil. For example, the top 3 countries for microalgae production units are Germany, Spain, and Italy, whereas France, Ireland, and Spain are the top 3 for macroalgae production units.

Additionally, in 2019 there were 35.82 million tonnes of algae produced worldwide (including from cultivation and natural collecting). Escalating algae production across various countries is apparently propelling the demand for algae oil and hence is bolstering the market growth.

Algae Oil Market Report Highlights

• Feed grade segment is expected to grow at fastest CAGR during the rate assessment yeas due to its lower production costs compared to higher quality, food-grade oils and high nutritional value and sustainability
• Pharmaceuticals segment is dominating the global market with largest share in 2022. This is due to enhancing investing among pharmaceutical companies in algae oil due to its potential health benefits
• Supermarkets/Hypermarkets are the leading segment in the global market with largest revenue share in the 2022. The popularity of algae oil in the food industry has also led to the development of new products, which supermarkets are often quick to stock
• North America held the largest share of the global market by the end of 2022 due to presence of leading businesses in the market and increasing awareness regarding renewable source
• The global players include Royal DSM, TerraVia Holdings, DIC Corporation, Cyanotech, Seaweed Energy, Lonza, Cargill, Diversified Energy, Alltech, and Algix

Polaris Market Research has segmented the Algae Oil Market report based on grade, application, sales channel, and region:

Algae Oil, Grade Outlook (Revenue - USD Billion, 2019-2032)

• Feed Grade
• Food Grade
• Fuel Grade

Algae Oil, Application Outlook (Revenue - USD Billion, 2019-2032)

• Food and Beverages
• Animal Feed
• Dietary Supplement
• Pharmaceuticals
• Personal Care
• Biofuel
• Others

Algae Oil, Sales Channel Outlook (Revenue - USD Billion, 2019-2032)

• Direct Sales
• Supermarkets/Hypermarkets
• Specialty Stores
• Independent Retailers
• Online Sales
• Others

Algae Oil, End-Use Outlook (Revenue - USD Billion, 2019-2032)

• Pharmaceuticals
• Nutraceuticals
• Functional foods
• Aquaculture
• Infant & Clinical Nutrition

Algae Oil, Regional Outlook (Revenue - USD Billion, 2019-2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa