Global Algal DHA and ARA Market was valued at US$ 479.29 million in 2021, According to algal DHA and ARA Market Report, by Form (Oil and Powder), by Application (Infant Formula, Nutritional Supplements, Animal Feed, and Food & Beverages), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East and Africa), published by Coherent Market Insights
Global algal DHA and ARA market was valued at US$ 479.29 Million in 2021. Algal DHA and ARA market is expected to register a CAGR of 7.47% over the forecast period (2022–2030), to reach US$ 915.08 Million by 2030.
Increasing number of campaigns’ promoting organic food by government bodies along with growing awareness about adverse health effects of chemical contaminants on infant health is expected to propel demand for organic baby food during the forecast period, aiding the growth of algal DHA and ARA market. Algal oils are source of docosahexaenoic acid (DHA) for functional food fortification and infant formulas. Increasing adoption of dietary supplements coupled with growing awareness regarding benefits of dietary supplements in curing chronic diseases and weight management are fuelling growth of the global algal DHA and ARA market. According to Council for Responsible Nutrition, 68% of the American population consumed dietary supplements in 2020. Presence of various alternative sources of extraction of DHA and ARA such as fungi, fish oil, krill oil, and dairy products are hindering growth of DHA and ARA extracted from algae
The COVID-19 has also resulted in the generation of opportunities for manufacturers of health-oriented products, especially dietary supplements. In recent year, the outbreak of coronavirus second wave in 2021 has inclined consumer towards consuming dietary supplements in their daily life to prevent themselves from severe respiratory syndrome coronavirus and this led to a huge increase of the demand of algal DHA and ARA supplement which in turn boost the algal DHA and ARA market.
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Key Trends and Analysis of the Global Algal DHA and ARA Market:
- Among regions, North America accounted for a significant market share of 36.80% in 2021. Government regulations for the use of algal DHA and ARA in infant nutrition, food & beverages, and nutritional supplement industries is driving growth of the algal DHA and ARA market. The government bodies such as the United Nations Food and Agriculture Organization/World Health Organization (FAO/WHO) approved DHA and ARA for infant nutrition. Thus, manufacturers are focusing on developing DHA- and ARA-based products in infant nutrition industry.
- According to Coherent Market Insights in 2021, Asia Pacific is expected to be the fastest growing region in the algal DHA and ARA market during the forecast period. This region has countries with the largest population and birth rates in the world. According to the United Nations, there were 675 million infants in 2020, globally. Moreover, Asia Pacific accounts for around half of the world’s infant population in 2020. This in turn is increasing demand for infant nutrition products, which includes algal DHA and ARA thereby fuelling growth of the market.
Key Takeaways of the Global Algal DHA and ARA Market:
- According to Coherent Market Insights in 2021, among application, infant formula segment held largest revenue share of 48.10% in the global algal DHA and ARA market in 2021. Owing to its various health benefits such as its consumption supports healthy pregnancy, visual development and function, cardiovascular health, and memory. Increasing demand for DHA and ARA from infant formulamarket is driving growth of the segment in the algal DHA and ARA market. Algal DHA and ARA is a major source of unsaturated omega 3 fatty acids, which is used as a nutritional supplement for infant nutrition.
- According to Coherent Market Insights in 2021, Oil form segment accounted for the largest market share in the global algal DHA and ARA market in 2021. Utilization of DHA and ARA in nutritional supplement is propelling demand for algal DHA oil, as it is unsaturated omega 3 fatty acids, which is used for various applications. DHA and Eicosapentaenoic acid (EPA) from algal oil sources are used for various applications in infant formulas, nutritional supplements, and foods & beverages industries. It may also be used where formulating with fish oils may be a problem due to lack of fish stock, as supplement for pregnant and nursing women due to smell and supplement and food for vegetarian consumers. These factors are expected to boost growth of algal DHA and ARA oil in the global market.