The report further segments the global flavonoids market by application (biofuels, animal feed, and others) and by geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global algae oil market:
- Health benefits associated with algae oil
- Growing demand for algae oil-based biofuel
- Increasing support from governments regarding the production and application of algae oil
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Health benefits associated with algae oil
Algae oil is essential for the human body as it is the natural source of omega-3 fatty acids. Omega-3 fatty acids are anti-inflammatory agents that help to reduce blood clots in the body. Algae oil contains DHA that accounts for close to 97% of the omega-3 fats in the brain. Algae oil is gaining popularity in the market as it is a sustainable resource and serves as a vegetarian option.
According to Akash Pandey, a lead analyst at Technavio for food research, “The regular use of algae oil helps to improve the cardiovascular health of an individual. The oil aids to regulate heartbeat, decrease blood clot formation, reduce blood pressure, and reduce overall inflammation. The intake of omega-3 oils also reduces the incidence of vascular dementia and Alzheimer's disease. Omega-3 fatty acid supplementation improves cognitive function.”
Growing demand for algae oil-based biofuel
The rising demand for algae oil in the biofuel industry will boost the revenues in this market. The increasing cost of petroleum diesel makes algae biofuel a perfect alternative to liquid fossil fuels. Algae oil is a source of energy-rich oils and can be used for various applications such as biodiesel, aviation fuel, jet fuel, and gasoline. The benefits associated with the use of algae oils are encouraging several companies and government agencies to promote funding efforts to reduce capital, operating costs, and make algae fuel production commercially viable.
“Algae oil releases CO₂ that gets removed from the atmosphere via photosynthesis as the algae or plant grew. Due to its low carbon footprints, there is a high demand for algae oil in the biofuel industry, thereby propelling the global algae oil market. Algae oils help reduce the adverse effects of carbon footprints on the wildlife, environment, and human health,” says Akash.
Increasing support from governments regarding the production and application of algae oil
The government organizations are supporting the production of biofuels to meet the demand for cleaner fuels, which are less pollutant to the atmosphere and produce lower levels of greenhouse gases. The US Energy Policy Act of 2005 was introduced to offer a variety of economic incentives such as income tax credits, grants, subsidies, and loans as a part of the US government's plan to support R&D on biofuel. The governments in the US, the EU, China, Brazil, India, and Canada are funding algae R&D collaborations at universities and laboratories, pre-commercial demonstration stage enterprises, public-private partnerships, and pilot and prototype-stage endeavors.
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