Category Archives: Algal oils

Certain algae have been found to contain proportionally high levels of lipids which can be used as an alternative source of edible oil, fatty acid supplement, and lubricants.

Demand for plant-based omega-3 set to soar

A recent market research report from P&S Intelligence has stated that one of the biggest trends currently being witnessed in the omega-3 market is the growth of veganism and the resultant consumption of plant-based supplements.

The report states that in 2019, the global omega-3 market size (containing fish oil) generated revenue of $19.7 billion, and is further expected to reach $49.7 billion by 2030. Transparency Market Research released a different report that specifically examines the plant-based omega 3 market; that report estimated that the fish-free Omega 3 market is expected to reach almost US$ 1.3 billion by 2029.

The interest is shifting from the type to the source of omega fatty acids across the health-aware consumers around the world, meaning that the demand for plant-based supplements will witness a massive surge over the next decade. Consumers are increasingly concerned over the safeguarding of marine ecosystems and biodiversity.

Fish obtain omega-3 by consuming algae, so it seems logical to bypass fish and go straight to the original plant source. As such, the usage of algae as a new alternative source to fish is therefore anticipated to grow rapidly in the plant-based omega-3 ingredients market. As well as algal oil, manufactures are developing products from chia seeds, flaxseed oil, canola oil, hemp seeds, walnuts, and others, which are also growing as fish-free omega-3 ingredients.

The Transparency Market report says, “Stakeholders are expected to continue to bank on the growing population of vegan consumers and preference for algae– or plant-based omega-3 ingredients to maintain the momentum. However, slow regulatory approvals will remain a primary challenge for market players, as they will continue to make it difficult for manufacturers to offer competitive prices and delay their products from reaching the fish-free omega-3 ingredients market.

“Nevertheless, the ongoing trend of substituting krill oil in omega-3 dietary supplements with vegetarian algae oil will continue to support the growth of the fish-free omega-3 ingredients landscape in the foreseeable future.”

 

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