Can algae oil fully replace palm oil in food production etc?

[oreolvrs]

Am just wondering if algea oil could replace palm oil and other oils in the following instances:
1.Vegetable oil for food products such as those that are currently derived from palm oil(cakes,chocolates etc).
2.Oils in cosmetics and skin creams used for medicinal products
3.Those used in cleaning products etc.
4.Omega 3 fatty acids normally gained from oily fish
5.Could it also be a cheap source of alcohol for alcholic drinks and how?
I just want to have these claims verified as I have become interested in the subject.Links to sites/academia papers and articles would be very helpful