According to the report titled ‘Global Algae Oil Market Size study, by Grade (Fuel, Food and Feed), by Application (Biofuel, Dietary Supplement, F&B and Animal Feed) and Regional Forecasts 2021-2027’, available with Market Study Report, global algae oil market was worth USD 1.72 billion in 2020 and is expected to register an annual growth rate of 4.22% during 2021-2027, thereby accumulating USD 2.30 billion by the end of analysis timeline.
 

As per the report findings, global algae oil market is largely fueled by increasing demand of algae in biodiesel production as it is an excellent bio-fixer, along with growing adoption as dietary supplement in food & beverage products.
 

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Surging awareness about the effectiveness of algae oil in controlling blood pressure, heart related diseases, and other health benefits is boosting the industry expansion. As per the data released by WHO, cardiovascular diseases accounted for nearly 18.6 million deaths worldwide in 2019.
 

For the unversed, algae oils are made from marine algae and are natural source of EPA, DHA, and omega-3 fatty acids.  They are also used in animal feeds and act as the most sustainable & perfect substitution for fish oils. Insufficiency of fish oils to cater to the global needs, and environmental concerns related to the production of fish oils are further augmenting industry outlook.
 

Regions like North America, Asia Pacific, Latin America, and Europe define the geographical landscape of global algae oil market. Among these, North America market has been growing significantly, owing to rising usage of algae oils in food, and increasing demand for bio diesels in the region.
 

Meanwhile, Asia Pacific market is anticipated to record notable gains through 2027, due to governmental initiatives to minimize the dependency on fossil fuels for energy needs, and surging awareness with regards to health benefits of the product.
 

Major players like TerraVia Holdings, Inc., Pond technologies, Inc., LiveFuels, Inc., Diversified Energy Corporation, Cellana, Inc., Aquatic Energy LLC, Algix LLC, Algae Tec Ltd., Algae Production Systems, Inc., and Algae Floating Systems, Inc. are profiled in global algae oil market report.