USD 2.02 billion
Report ID: SQSG30H2020 | Region: Global | Published Date: February, 2024 | Pages: 221 | Tables: 65 | Figures: 75
Global DHA Algae Oil Market size was valued at USD 2.02 billion in 2021 and is poised to grow from USD 2.11 billion in 2022 to USD 3.17 billion by 2030, growing at a CAGR of 4.6% in the forecast period (2023-2030).
It contains Omega-3 unsaturated fat, which is an important auxiliary component of the human brain. It is also essential for proper cell function and has numerous health benefits for the body and brain. Its consumption aids in cognitive development as well as heart and eye development. The growing use of this oil in the food and beverage industries is the primary driver of the global market. It has gained popularity in the medical field due to its high concentration of phycocyanin, proteins, and cell reinforcements derived from DHA and Omega-3.
Growing consumer awareness about the importance of having a strong immune system to fight COVID-19 is expected to drive demand for nutritional food products containing high levels of protein, such as protein bars and healthy snacks, among other things. The expansion of health products during and after the pandemic, as well as the increasing shift from meat products to plant-based products due to the fear of virus transmission through meat products, are expected to boost the DHA algae oil market revenue. Since algae oil is regarded as a superfood, it is used as a food ingredient. It is high in monounsaturated fatty acids (MUFA) and Omega-3 fatty acids. Algae oil is also used as a feed ingredient in fish and seafood farming. Several novel applications of algae oil are being investigated, including its use in the production of synthetic polymers, soaps and surfactants, and nutraceuticals.
US DHA Algae Oil Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.02 billion
Food & Beverage
Food & Beverage
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The global DHA algae oil market is segmented based on the type, application, and region. Based on the type, DHA Algae Oil Market is segmented into standard 30%-40% content, 40%-50% content, and others. Based on application, DHA Algae Oil Market is segmented into food & beverage, dietary supplements, infant formula, animal feed, and others. Based on region DHA Algae Oil Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
DHA Algae Oil Market Analysis by Application
The global DHA Algae Oil market is segmented based on application into food & beverage, dietary supplements, infant formula, animal feed, and others. The infant formula segment is anticipated to hold the largest share in the market. The infant formula market plays a significant role in the consumption of DHA, as DHA is one of the two significant nutrients included in essentially ever commercially viable infant formula marketed due to its immense benefits. Demand for DHA-based algae omega-3 in infant formulations is increasing, which is driving up demand for DHA algal oil. In various regulations and WHO recommendations, DHA has well-established legal strains for incorporation into infant formula products. Increased demand for dietary supplements due to increased weight management awareness among working professionals is a major factor driving the market.
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The global DHA Algae Oil market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America region is expected to account for the largest market. A significant increase in female labour force participation, a lack of awareness about the benefits of breastfeeding, and a growing perception that infant formula and breast milk provide similar health benefits should drive market growth in North America. Breastfeeding is widely perceived as a threat to the mother's lifestyle habits, freedom, and independence. Growing awareness among young parents about the nutritional needs of infants, as well as their willingness to pay more for premium products, is expected to drive the DHA algae oil market forward.
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DHA Algae Oil Market Driver
High Demand in the Food and Beverage Sector to Drive the market
DHA algae oil's various health benefits have been increased to drive market growth
DHA Algae Oil Market Restraints
According to the Global Seafood Alliance, the cost price per kilogram of algae is too high because of the demand for labor, water, and energy. The higher price will cause the major hindrance in growth of the market.
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Major players in the global DHA algae oil industry include JC Biotech, DSM, Lonza, and Roquette. Companies collaborate or partner for technology development and product launches, which allows them to establish and supply guarantees and royalties for product supply. Participants in the DHA algae oil market is deploying business strategies such as new product launches, partnerships and collaborations, mergers and acquisitions, and capacity expansions. For Instance, Polaris, introduced its novel Omega vie DHA 650 Qualitysilver5 product in April 2018. The product is entirely made in France from sustainable microalgae sources, making it suitable for vegetarians and vegans.
DHA Algae Oil Market Top Company Profiles
DHA Algae Oil Market Recent Developments
The recent trends of using vegan products are fuelling the market. The rising desire for naturally sourced health supplements is another factor influencing the market to grow.
The oil is anticipated to experience significant growth due to demand for environmentally friendly and sustainable products. It has a lower carbon footprint, emits fewer greenhouse gases, and consumes carbon dioxide, among other environmental benefits.
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According to our global market analysis, Omega-3 unsaturated fat, found in this oil, is an important auxiliary component of the human brain. It is also required for proper cell function and provides numerous health benefits to the body and brain. Consumption of this oil promotes cognitive development as well as heart and eye development. The rising demand for it in the food and beverage industries is driving the global market. Because of its high concentration of phycocyanin, proteins, and cell reinforcements derived from DHA and Omega-3, DHA algae oil has gained popularity in the medical field.
|Market size value in 2021
|USD 2.02 billion
|Market size value in 2030
|USD 3.17 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global DHA Algae Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global DHA Algae Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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