Selbyville, Delaware, May 21, 2023 (GLOBE NEWSWIRE) --
The algae fats market valuation is projected to be worth over USD 460 million by 2032, according to a new report published by Global Market Insights Inc.
The report suggests that the rising demand for plant-based products and an increased cognizance of the benefits of omega-3 fatty acids may favor market demand between 2023 and 2032. Algae fats are extracted from microalgae through sustainable production methods and have gained significant popularity in recent years due to their potential health benefits.
These fats are rich in omega-3 fatty acids and are also a source of protein, fiber, and antioxidants. The demand for algae fats is expected to rise as consumers become more health-conscious and aware of the environmental impact of traditional animal-based fats. Factors such as the high cost of production and the limited availability of raw materials are likely to drive down market growth. However, the rapid consumer inclination toward sustainable and ethical sourcing methods will influence industry demand over the next ten years.
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The algae fats market from the feed-based segment is anticipated to expand at a decent CAGR from 2023 to 2032, claims the report. Feed-based algae fats have been gaining traction owing to a number of factors, including their positive impact on human health and lost production costs compared to animal-based feed, which requires significant resources and investment. This apart, government regulations are increasingly encouraging the use of sustainable and environmentally-friendly alternatives in food production. This support has helped to drive the adoption of algae-based feed in the industry.
The algae fats market from the biofuel application segment could garner lucrative gains through 2032. Algae fats have been identified as a promising source of feedstock for biofuels due to their high lipid content. Biodiesel derived from algae fats has a lower carbon footprint and emits fewer pollutants than conventional diesel, making it a preferred alternative over fossil fuels. Besides, the extensive usage of algae fuel for producing biogas and jet fuels and the consistent development of cutting-edge technologies will streamline segment growth.
Asia-Pacific algae fats market could amass a decent market share by 2032, driven by a large population and increasing disposable income. Several regional economies have been witnessing a noticeable surge in demand for plant-based products and transitioning toward vegan and vegetarian diets. That being said, the evolving technological landscape and rapid adoption of a sustainable approach will propel regional gains.
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Some of the leading companies operating in the algae fats market are Algenol Biofuels Inc., Batory Foods, ADM, AGT Food and Ingredients, Cargill, Inc., PLT Health Solutions, Earthrise Nutritional, Cambridge Commodities Ltd, Cyanotech Corporation, and Ingredion Inc.
Algae Fats Market News:
- Developing cultured fat for plant-based substitutes, Cubiq Foods, a Spanish firm, raised $6 million from investors, including Cargill Inc., in May 2022. By 2023, Cubiq plans to introduce its first cultivated fat ingredient to the market.
The latest round of funding for the biotech firm Cubiq, based in Catalonia, would enable it to increase its production and sales activities in Europe and North America. The investment from Cargill takes the shape of a strategic partnership that includes a roadmap for the creation of new Cubiq products as well as a contract for marketing and distribution.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Algae Fats market 3600 synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Application trends
2.1.4 Regional trends
Chapter 3 Global Algae Fats Industry Insights
3.1 Industry segmentation
3.2 Industry Ecosystem
3.2.1 Manufacturers
3.2.2 Vendor matrix
3.2.3 Profit margin analysis
3.2.4 Value addition at each stage
3.2.5 COVID-19 impact on industry value chain
3.3 Type landscape
3.3.1 Patent Analysis
3.4 Regulatory landscape
3.4.1 U.S.
3.4.2 Europe
3.4.3 China
3.5 Pricing analysis, by region
3.5.1 North America
3.5.2 Europe
3.5.3 APAC
3.5.4 LATAM
3.5.5 MEA
3.5.6 Cost structure analysis, 2022
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing Demand for Plant-Based Products
3.6.1.2 Increased availability of algae-based products in both retail and foodservice channels
3.6.2 Pitfall and Challenges
3.6.2.1 Limited Consumer Awareness
3.7 Innovation and sustainability
3.8 Growth potential analysis, 2022
3.9 Porter’s analysis
3.10 PESTEL analysis
3.11 Impact of the COVID-19 on Algae Fats market
3.12 Impact of Russia-Ukraine war on Algae Fats industry
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
