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Research analysis on the global algae oil market identifies the increasing support from the governments of various countries towards the production and application of algae oil as one of the major factors for the market's growth. With the growing demand for cleaner fuels that emit lesser levels of greenhouse gases, the governments are increasingly supporting the production of biofuels. The has already introduced the US Energy Policy Act in 2005 that offers various incentives such as grants, income tax credits, subsidies, and loans to support R&D activities on biofuel. Similarly, the government's Energy Independence and Security Act of 2007 also included different economic incentives. The governments of countries such as the US, Brazil, China, India, Canada, and the European Union are already funding algae R&D collaboratives at universities, public-private partnerships, and pilot and prototype-stage endeavors. With government R&D and the support for deployment and commercialization expanding to the other countries across the globe, the demand for algae oil will subsequently increase in the coming years. Technavio's market research analysts predict that this market will generate a revenue of more than USD 1.7 billion by 2021.
The growing demand for naturally obtained health supplements will be one of the latest trends that will gain traction in the algae oil market during the next four years. The rising demand for naturally obtained supplements greatly impacts the demand for plant-based health supplements. This will induce manufacturers to prefer algae oil to manufacture supplements, in turn, driving the market's growth prospects.
Owing to the presence of several large and small-scale vendors, this market appears to be highly fragmented. With the rising competition, the players are focusing on maintaining an affordable pricing structure, integrated supply chain, and product quality differentiation. Moreover, algae oil manufacturers are also focusing on launching new products and entering strategic alliances such as M&A.
The leading vendors in the market are -
The other prominent vendors in the market are Algaecytes, Archer Daniels Midland Company, Goerlich Pharma, Polaris, and Renewable Algal Energy (RAE).
During 2016, the biofuels segment accounted for the major shares of this market. The demand for biofuel is increasing due to the rising crude oil prices, environmental and sustainability issues, and national energy security. This will demand the need for algae oil since it can be easily converted into biodiesel using transesterification reaction.
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the market till 2021. The increasing demand for algae oil in the biofuel and food and beverage industries will be the major factors augmenting the market's growth prospects in this region.
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This market research report on the global algae oil market is a crucial part of Technavio's food and beverage industry and offers insights into the market space for the food sector. Technavio's market research reports present insights on the market share and size, forecast, major trends, and industry analysis to help clients build robust strategies.
Technavio's analysts follow an in-depth market research approach of quantitative and qualitative data collection methods and assess the shifting paradigm of the demand-supply landscape for the food sector. This market research report on the global algae oil market offers major insights into the influencing market trends, drivers, and imperative challenges that will affect the growth of this market in focus.
This market research report on the global algae oil market also takes into account the growth of related markets like avocado oil, which is expected to show a hike of an impressive CAGR of more than 13% by 2021. The upcoming industry report on the global algae oil market also offers insights into rapidly evolving segments of food and beverage industry, including sectors like food service. Additionally, the report also presents insights into the changing competitive landscape and gives clients an accurate picture of the future direction of the food and beverage industry.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Geographical segmentation
PART 08: Key leading countries
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Competitor analysis
PART 13: Appendix
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