Sarasota, FL -- (SBWIRE) -- 06/14/2018 -- Global Algae Oil Market: Overview
Algae oil is extracted directly from algae and is a major source of omega-3 fatty acids. Mostly algae grow utilizing photosynthesis while some algae grow in dark utilizing sugar starch. A nonrenewable fuel like petroleum has been used for centuries and its usage has kept on increasing gradually. In addition, it contributes to increased production of greenhouse gases too.
Algae oil can be processed into biodiesel, jet fuel, & biocrude. New technologies are coming online that have potential to drive down the cost significantly to produce algae oil so that it is competitive with the market.
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Global Algae Oil Market: Growth Factors
The global algae oil market is growing at a rapid pace and is expected to observe robust growth over the forecasting years. Rising potential of algae oil due to its potential as a vegetarian source of omega-3 fatty acids and DHA is suspected to impel the growth of algae oil market over the forecast period.
The major factors driving the growth of the global oil market is rising demand of various companies in food &beverages and dietary supplement. Algae oil is used in the economic sector for production of biofuel. Higher pricing of algae oil is a leg puller that challenges the growth of the global algae oil market.
Global Algae Oil Market: Segmentation
On the basis of applications, it is segmented into biofuel, dietary supplement, food & beverage, and animal feed. Furthermore, on the based on grade, it is categorized into fuel, food & feed.
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Global Algae Oil Market: Regional Analysis
At present North America holds the maximum share by revenue perspective in algae oil market. High market attractiveness is observed in this region. Furthermore, it is expected to grow at a high CAGR during the period of forecast thereby dominating the global market by region followed by Europe. The Asia Pacific excluding Japan region is predicted to show the highest growth rate among other regions during the forecast period.
Global Algae Oil Market: Competitive Players
Cargill Alking Bio Engineering , Ranke Biological Company, Royal DSM, Luna Group LTD, Rishom International Group, Hubei Fuxing Biotechnology and others.
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Global Algae Oil Market: Regional Segment Analysis
The Asia Pacific
The Middle East and Africa