Celanese has already investigated the potential sale of the whole of the Nutrinova business, which also makes the sweetener Acesulfame K, sold under the brand name Sunett.
However last year it said it would keep the sweetener business, with some rumours suggesting that it could not find a buyer because of an impending loss of patents.
A company spokesman said yesterday that it was now looking at options for Nutrinova's DHA activities and biotech platform as these had no synergies with the sweeteners.
"The DHA business is very small but an interesting invention yet it has no synergies with the sweetener or food protection activities. We are reviewing whether it could do well in companies where this would be core," the spokesperson told NutraIngredients.com.
According to the Dallas group, it has already seen interest from several companies for the DHA line, clearly keen to tap the strong market potential for ever popular omega-3 fortified foods.
In 2004 the European omega-3 market was worth $194 million, according to Frost & Sullivan data, accounting for 28 per cent of global volumes. It is forecast to grow at rates of 8 per cent on average to 2010.
However more than three quarters of last year's omega-3 sales were generated by marine oils, rather than the algae-derived products made by by Germany-headquartered Nutrinova and its main rival, US-based Martek. These algae oils made up 19 per cent of the overall omega-3 sales, or about $37 million.
The algae oils have been particularly successful in infant formula, offering a concentrated DHA source (Nutrinova's DHA has a 43 per cent concentration), which is easily formulated into powder.
But it remains to be seen whether the ingredient can reach the same success in supplements and foods as it is priced significantly higher than competing and better known fish oils.
Algae-derived DHA has also required safety approvals, with Nutrinova most recently getting access to the Australian and New Zealand markets. It is also approved in the US and EU and currently used in dietary supplements, spreads and bread.
Nutrinova declined to disclose its DHA sales over the last year, although the spokesman said: "Its an interesting product and that's why we have had interest in it."
Manufacturers of microalgae-derived omega-3 target products aimed at vegetarians and they also claim to offer a higher DHA concentration than fish oil suppliers.
Navigant Capital Advisors has been charged with evaluating strategic alternatives for the omega-3 business, including management of discussions with interested parties.
A final decision is expected to be made by the end of the third quarter.
Nutrinova this month appointed a new president - Dr Eckart von Haefen - following the retirement of former president Dr Arthur Steinmetz. Von Haefen has been chief financial officer at the firm since 1998.