The global Algae Oil Market size is expected to rise substantially owing to increasing demand for consumption of healthy food during the forecast period. The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

Product Innovation by Companies to Drive Market

In March 2020, Greenjoy, famous for producing irresistible veggies, is reshaping the salad dressing segment with its introduction of new Algal oil dressings. Algal oil, which is packed with omega-3 fatty acids and high-level monosaturated fats, is an anti-inflammatory agent that helps to improve gut health. The rising awareness about the health benefits of algal oil by the manufacturers will contribute to the gro9wth of the market during the forecast period. Furthermore, technological advancement in the production of algal oil to lower cost of operational activities will bode well for the growth of the market in the forthcoming years.

However, lack of awareness of algal oil in less developed countries may hinder the growth of the market during the forecast period.

Algae oil is sourced from algae found in deep water bodies across the globe. A plant-based oil, algae oil provides essential omega-3 fats necessary for healthy growth of the human body. Furthermore, algae oil provides the same benefits as that of a fish oil. People allergic to the smell of fish or its consumption usually opt for plant-based diet. Algae oil provides them with all the nutrients that helps to improve metabolism. Moreover, the versatility of algae oil makes it a great addition to cooking, and adds flavor to several salad dressings.

List of Companies Operating in the Market:

• Inventure Renewables Inc.

• Tom Algae C.V.B.A.

• A4F Algae for Future

• British Algoil Ltd.

• Algabloom International

• Pond technologies Inc.

• Algenol, Cellana Inc.

• Chevron Corporation

• Culture BioSystems

• TerraVia Holdings Inc.

• Exxon Mobil

• Corbion N.V.

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Regional Analysis:

Increasing Government Support to Augur Growth in Asia-Pacific

Among the regions, North America is likely to gain momentum and be at the forefront during the forecast period. This is ascribable to factors such as increasing demand for biofuel, and presence of major companies in North America during the forecast period. Asia-Pacific, on the other hand, is expected to be the second-most leading region. This is attributable to factors such as increasing government support to develop renewable energy sources in countries such as China.

The market in Europe is anticipated to grow significantly during the projected horizon. For instance, the European Union promoting the algae oil as a novel food in 2018, will boost the demand for the market in Europe in the forthcoming years. Overall, the market in Latin America and the Middle East and Africa will gain momentum owing to several investment to promote the market between 2019 and 2026.