The Algae Oil Market size is estimated to reach $2.8 billion by 2028, growing at a CAGR of 4.9% during the forecast period 2023-2028. The growth of this market is greatly fueled by the growing application of algal oil as an alternative to fish and fish oil and its increasing use in nutritious feed additives. Nearly all people acquire omega-3 fatty acids like eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) from fish and fish oil. These sources are not perfect for vegetarians, vegans and those with fish allergies. Algal Oil offers a good substitute for fish and fish oil. Omega-3-rich algae oil or whole algae including omega-3 fatty acids may be utilized as effective and nutritious feed additives. The enduring biomass from Algae Oil processing can also be utilized as a substitute high-grade protein source for aquaculture and livestock feed.

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Algae Oil Market Growth Drivers:

Surging Applications of Algal Oil :

Certain algae species possess high oil content (up to 60% oil by weight) and can generate up to 15,000 gallons of oil per acre, annually, under optimum conditions. Similar to fish oil, algal oil is utilized as a source of omega-3 fatty acids. The most vital omega-3 fatty acids found in algal oil include docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA). Algal oil is utilized in foods and as a medicine. Algal oil is most typically utilized together with another fatty acid to fortify infant formula. It is also utilized for enhancing reasoning skills in children and most senior people, lowering cholesterol levels, enhancing vision in people with a certain eye condition (retinitis pigmentosa) and numerous additional conditions. The surging applications of Algal Oil are therefore driving the growth of the Algae Oil Industry, thereby contributing to the Algae Oil Industry Outlook.

Soaring Innovations Involving Plant-based Eicosapentaenoic Acid (EPA) and Docosahexaenoic Acid (DHA):

Polaris concluded its Omegavie Algae series with the introduction of two long-awaited products - highly concentrated EPA&DHA algae oil and its EPA&DHA 750 algae oil (the most potent product on the Omega-3 vegan market). This is a genuine substitute for Eicosapentaenoic Acid and Docosahexaenoic Acid fish oils. The oils are ultra-pure, greatly potent and make the intake of omega-3 acceptable, attributed to their unique organoleptic characteristics like taste and smell. These oils are innovative in terms of the rare concentrations (> 600 mg/g) of the plant-based omega-3 EPA-DHA. The soaring innovations involving plant-based eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) are therefore propelling the growth of the Algae Oil Market.

Acquisition:

In May 2021, Oceanium declared the closure of a Seed II Round worth ~ £2m ($2.7M, €2.3M), headed by Green Angel Syndicate and World Wildlife Fund (WWF). Oceanium would utilize the cash reserves to scale up its proprietary biorefinery and processing model.

Algae Oil Market: Competitive Landscape

Key companies holding major shares in the Algae Oil Market are Alltech Inc., Seaweed Energy Solutions A/S, TerraVia Holdings Inc., Royal DSM NV, TerraVia Holdings Inc., Cellana LLC, DIC Corporation, Diversified Energy Corporation, Cargill Inc. and Bioprocess Algae LLC.

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