According to Future Market Insights research, during the projected forecast period, the Algae Omega market is expected to grow at a CAGR of 3.7%. The market value projected to increase is from USD 1,038.5 Million in 2022 to USD 1,493.4 Million by 2032. The Algae Omega market was valued at USD 986.2 Million at the end of 2021 and is anticipated to demonstrate Y-o-Y growth of 5.3% in 2022.
Attributes
Details
Market Size Value in 2022
USD 1,038.5 Million
Market Forecast Value in 2032
USD 1,493.4 Million
Global Growth Rate (2022 to 2032)
3.7% CAGR
Forecast Period
2022 to 2032
USA market share of Algae Omega
30.7%
Omega-3 fatty acids known as algae omega are obtained from a plant-based source of single-celled microscopic organisms, such as kelp and seaweed. The sole sources of omega-3s, in the eyes of consumers, are fish oil and other fish-based goods. Omega-3s can be found in abundance in algae supplements, which are approved for vegan and vegetarian diets by a number of food associations.
Algae Omega has important uses in medications, nutritional supplements, clinical nutrition, and baby nutrition, which contribute to the human diet and nutrition. Algae Omega is therefore a common choice for food and beverage fortifications and also contributes to the nutrition of animals. Algae Omega is widely used as a nutritional supplement, which has a significant impact on the expanding demand for it.
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Historical Outlook vs. Future Projections of Algae Omega Market
In the Historical outlook of the Algae Omega market, the value increased from USD 802.1 Million in 2017 to USD 986.2 Million in 2021. The CAGR (2017 to 2021) is observed to be 5.3%.
Algae omega supplements are popular among vegans and anyone who follow a plant-based diet because of their plant-based origins. Algae omega market growth is anticipated to be boosted by rising diet consciousness among millennials and Gen Z, and manufacturers are also switching from conventional algae cultivation to closed photo-bio reactor technology to increase output rates.
During the anticipated timeframe, the demand for algae omega is anticipated to rise in South Asia's developing nations.
For the Future projection of the Algae Omega market, the value increased from USD 1,038.5 Million in 2022 to USD 1,493.4 Million in 2032. The CAGR (2022 to 2032) is estimated to be 3.7%.
Country-wise Insights
How North America Algae Omega market is shaping?
The growth of the algae omega market in North America can be attributed to the growing awareness about the health benefits of omega-3 fatty acids and the increasing demand for healthy and sustainable products. Moreover, the rising disposable incomes and the changing lifestyle preferences of consumers are also fuelling the growth of this market.
The USA contributes 30.7% of the total revenue for the Algae Omega Market.
How Europe Algae Omega market is shaping?
The major factors driving the growth of the algae omega market are an increase in demand for dietary supplements and functional foods and a rise in awareness about the health benefits of omega-3 fatty acids. Moreover, an increase in disposable income and the growth of the e-commerce industry are some of the factors expected to fuel the growth of the algae omega market.
However, stringent regulations regarding food supplements and a lack of awareness about the benefits of algae omega are expected to hamper the growth of the algae omega market.
Germany contributes 29.7% to the Algae Omega market and United Kingdom CAGR for the forecast period is 5.4%.
How Asia Pacific is growing in the Algae Omega market?
The rising awareness about the health benefits of algae omega and the growing preference for plant-based food are the major factors driving the growth of this market. Algae Omega is a type of polyunsaturated fatty acid (PUFA) that is derived from algae. It is rich in EPA and DHA, which are essential for maintaining heart health and preventing chronic diseases such as obesity, diabetes, and cancer. Algae Omega is also known to boost cognitive function and improve joint health.
The Asia Pacific region is a major market for algae omega due to the growing awareness about the health benefits of this PUFA.
Japan's contribution to the Algae Omega market is 11.7% of the total market share, India and China are market drivers in Asia Pacific and their latest CAGR in the Algae Omega market are 3.8% and 4.6% respectively.
What is the Algae Omega market situation in the Latin America region?
Omega-3 fatty acids are widely known for their health benefits, and algae are a rich source of these nutrients. The global algae omega-3 market is expected to grow significantly in the coming years, driven by the growing demand for healthy food products in Latin America.
Latin America is also home to some of the world’s largest producers of algae, making it a key market for this product. The region’s warm climate and ample sunlight are ideal for algae cultivation, and there is a strong tradition of using algae in traditional medicine.
How the RoW is responding to Algae Omega market?
From the Oceania region, Australia is contributing 2.7% of the total revenue of the Algae Omega market.
The Australian Algae Omega market has seen significant growth in recent years, due to the increasing health benefits associated with consuming omega-3 fatty acids. With more Australians looking to improve their health and well-being, it is no surprise that the algae omega market is booming.
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Category Wise Analysis
What are the different types of Algae that are used to produce Omega-3 fatty acids?
There are many types of algae, but only a few produce omega-3 fatty acids. The most common type of algae that produces omega-3 fatty acids is marine algae. Marine algae are tiny aquatic plants that live in salt water. They are the primary food source for marine life and play a vital role in the global carbon cycle. Some types of marine algae, such as diatoms, are rich in omega-3 fatty acids. Diatoms are a type of phytoplankton, which are microscopic plants that float in the ocean. Phytoplankton is the base of the marine food web and contributes to about 50% of the world's oxygen production.
What are the uses of Algae Omega?
Algae oil is an excellent source of omega-3 fatty acids. It can be used in a variety of ways, including cooking, supplements, and skincare products.
Because it has a high concentration of omega-3 fatty acids, algae oil is a healthier alternative to conventional oils. These necessary nutrients help to promote brain health, keep the heart healthy, and reduce inflammation.
Algae oil can be incorporated into your everyday routine in a variety of ways. It can be used in cooking, as a dietary supplement, or in cosmetics products in place of other oils. Algae oil is a fantastic method to acquire the advantages of omega-3 fatty acids, regardless of how you decide to utilize it.
What are the benefits of using Algae Omega?
There are many benefits to taking an algae omega supplement. Algae are a plant-based source of omega-3 fatty acids, which are important for maintaining heart health and preventing chronic diseases. Taking algae omega supplements can also help to improve cognitive function and reduce inflammation.
Industrial Distributers Are Propelling the Growth in Algae Omega Market
Two separate forms of omega-3 fatty acids produced by microalgae are EPA and DHA, which are widely mixed in various infant formulas and food fortification. Together, these fatty acids promote the health of the respiratory, cardiovascular, and brain systems.
The growing need for plant-based omega-3 fatty acids like EPA and DHA has led to an increase in the popularity of Algae oil among consumers who follow a vegan or plant-based diet. Since they are pure and safe, meaning there is no danger of contamination with toxins like polychlorinated biphenyls; EPA and DHA are the categories with the quickest growth rates.
These properties of Algae Omega are the factors for propelling the growth of the Algae Omega market in the forecast period.
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Competitive Landscape
Consumers who identify as vegan or vegetarian are becoming more interested in Algae oil as a source of long-chain omega-3 unsaturated fats. Growing efforts to extract omega-3 fatty acids from various forms of algae are likely to intensify competition among market participants, fueling the expansion of the worldwide algae omega market.
Additionally, local expansion of major market participants and regular product launches with improved formulas will forge a solid commercial footprint and stimulate market growth in developed nations.
Algae Omega Market Report Scope
Attribute
Details
Forecast Period
2022 to 2032
Historical Data Available for
2017 to 2022
Market Analysis
USD Million for Value and Units for Volume
Key Regions Covered
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
RoW
Key Countries Covered
USA
Canada
Mexico
Germany
United Kingdom
France
Italy
Russia
Brazil
Argentina
Japan
Australia
China
India
Key Segments Covered
Type
Form
Concentration
Application
Packaging
Sales Channel
Region
Key Companies Profiled
Nordic Naturals
AlgiSys
Archer Daniels Midland Company
Cellana, Inc.
Solarvest BioEnergy
Polaris Industries
BASF SE
Neptune Wellness Solutions Inc.
TerraVia Holdings, Inc.
Algaecytes
Qualitas Health.Source Omega LLC
Novotech Nutraceuticals Inc.
Corbin N.V.
Koninklijke DSM N.V.
BioProcess Algae, LLC
Report Coverage
Drivers, Restraints, Opportunities and Threats Analysis, Market Forecast, Company Share Analysis, Market Dynamics and Challenges, Competitive Landscape, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Segmentation of Algae Omega market
Segmentation by Type:
EPA (Eicosapentaenoic acid)
ALA (Alpha-linolenic acid)
DHA (Docosahexaenoic acid)
Segmentation by Form:
Capsule
Powder
Liquid
Segmentation by Concentration:
Concentrated
High-Concentrated
Low-Concentrated
Segmentation by Application:
Dietary Supplement
Pharmaceuticals
Food & Beverages
Animal Nutrition
Others
Segmentation by Packaging:
Tetra Pack
Bulk
Bottle
Segmentation by Sales Channel:
Online
Offline
Segmentation by Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa (MEA)
RoW
Frequently Asked Questions
What is the market size of Algae Omega?
The global Algae Omega market will reach a valuation of USD 1,038.5 Million by the end of 2022.
What is the USA, Algae Omega Market Outlook?
The USA Algae Omega Market is contributing 30.7% of the total market share which is valued at around USD 318.8 Million.
Which are the major countries driving demand for Algae Omega Market?
USA, Canada, Germany, United Kingdom, France, Italy, Brazil, Argentina, China, Japan, India, and Australia are the major countries driving demand for Algae Omega Market.
What is the Germany, Algae Omega Market Outlook?
The Germany Algae Omega Market is contributing 29.7% of the total market share which values at USD 308.4 Million.
Who are the top 5 players operating in the market?
• Nordic Naturals
• AlgiSys
• Archer Daniels Midland Company
• Cellana, Inc.
• Solarvest BioEnergy
Above are the top 5 market players in the Algae Omega industry.
What is the contribution of Japan in Algae Omega market?
The Japan Algae Omega market contribution is 11.7% of the total market share.
At What Rate Will Algae Omega market grow in India?
The India Algae Omega market will grow at 3.8% CAGR between 2022 and 2032.
What is the demand outlook forecast for the Algae Omega market?
The global Algae Omega market is forecasted to surpass USD 1,493.4 Million by the end of 2032.
