Algae omega 3 is also called as ω−3 fatty acids or n−3 fatty acids. Being an essential part of human metabolism, algae omega 3 plays a significant role in the human diet. Omega 3 has a broad range of health benefits including eye, cardiovascular and brain health. Algae omega 3 is widely used for various end-use application such as infant nutrition, dietary supplements, functional food & beverages, clinical nutrition and pharmaceutical. Nowadays, algae oil is gaining traction among people practicing a vegan diet, who want a healthy vegetarian source of fatty acids (DHA and EPA). The rising demand for algae omega 3 is mainly influenced by its major use of dietary supplements. The growing health concerns about processed meat in developed countries is increasing diet-consciousness among the younger generation, which is uplifting the growth of dietary supplement segment of algae omega 3 in the market. To fulfill this enormous demand for algae omega 3, manufacturers are shifting from traditional algae farming to closed photo-bio reactor technology for obtaining a faster production rate. The demand for algae omega 3 is expected to increase in the emerging countries during the forecast period. Increasing R&D to extract omega 3 from various types of algae is likely to create a lucrative opportunity for algae omega 3 market in the near future.
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Manufacturers focus on increasing production capacity to meet the global demand
The global algae omega 3 market is highly fragmented. Leading players such as BASF, DSM and Corbion are using new innovative technology and expending their production capacity. Prominent companies are focused on partnership and joint ventures to increase their production capacity and global presence. In 2017, the global leader DSM acquired Martek Bioscience to increase their strength in algae omega 3 market. Increasing vegetarian population worldwide is boosting the algae omega 3 market at a greater extent. However, high cost related to R&D activities is likely to hamper market growth.
Global algae omega 3 market is likely to register a higher-digit CAGR over forecast period
The global market of algae omega 3 is likely to increase in the upcoming forecast period because of its three primary end-use industries including food, pharmaceuticals and nutrition industry. According to Fact.MR, its market is likely to grow at a higher-digit CAGR (compound annual growth rate) in the forecast period. Europe dominated the global market for algae omega 3 in 2018. North America and APEJ region are expected to witness a sizable rise in the overall sales of algae omega 3. Countries including Japan, Australia, China and Brazil, among others are expected to witness a significant market share of algae omega 3. Prominent companies are significantly contributing to the production of algae, thereby boosting the growth of algae omega 3 market globally.
Global algae omega 3 market segmentation
The algae omega 3 market can be segmented into type, form, concentration type and packaging type. By type, the global algae omega 3 market can be categorized into ALA (Alpha-linolenic acid), EPA (Eicosapentaenoic acid) and DHA (Docosahexaenoic acid). The algae omega 3 market can be segmented by its form such as powder, capsule and liquid. By concentration, the algae omega 3 can be segmented into high-concentrated, concentrated and low concentrated. In application type segment, algae omega 3 market can be segmented into food and beverages, dietary supplements, pharmaceuticals, animal nutrition and others. Algae omega 3 market can be segmented by packaging type including bottle, bulk and tetra packaging. The global algae omega 3 market can be segmented on the basis of the geographical region such as North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa (MEA) and Emerging Countries.
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Global Algae omega 3 key market players
The global market for algae omega 3 comprises several developers, who are primarily converging on developing advance version of algae omega 3 mainly for food and beverage products. The companies engaged in the manufacturing and distribution of algae omega 3 are focused on expanding their business footprint by enhancing their product portfolio related to algae omega 3. Some key market participants are Archer Daniels Midland Company, Cellana, Inc. Nordic Naturals, AlgiSys, Solarvest BioEnergy, Novotech Nutraceuticals Inc., Koninklijke DSM N.V., Corbin N.V., Polaris Industries, BASF SE, Source Omega LLC, Neptune Wellness Solutions Inc., Algaecytes, BioProcess Algae, LLC, TerraVia Holdings, Inc., and Qualitas Health, among other prominent players.
The research report presents a comprehensive assessment of the Algae omega 3 market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also includes projections using a suitable set of assumptions and methodologies for Algae omega 3. The research report provides analysis and information according to Algae omega 3 market segmented into type, form, concentration type, and packaging type.
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Algae Omega 3 Market Projected to Experience Major Revenue Boost during the Period between 2019-2029
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