Global Algae Products Market is projected to grow at a CAGR of 5.3% over the Forecast Period. Algae can convert carbon dioxide in the presence of sunlight into proteins and fats, which has a potential application in food and fuel. Algae products include food or feed, prepared by macro or micro-algae. Algae products are rich in protein content and have a wide range application in food supplements, pharmaceuticals, feed supplements, nutraceuticals, and pollution control. Commonly screened algae for algae products include Seaweed, Kelp, Chlorella, and Spirulina.
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Considering all these factors, North American algae products market is projected to grow at a CAGR of 5.0% during the forecast period 2019-2023.
Major Key Players
This report includes a study of strategies such as mergers, acquisitions, and product launches by the major algae product’s players. It further includes product portfolios, developments of leading players, which includes
Some of the key players profiled in the Global Algae Products Market Cyanotech Corporation (U.S.), Cellana Inc. (U.S.), Algaetech International Sdn Bhd (Malaysia), Alltech, Inc. (U.S.), DIC Lifetec Co. Ltd. (Japan), BlueBioTech GmbH (Germany), Parry Nutraceuticals Limited (India)
The demand for algae products is increasing from nutraceuticals industry
Aquaculture segment has massive opportunity
Biofuels made from algae has potential for better alternative to conventional energy
Algae products are segmented based on the source, which includes macro-algae, micro-algae, and others. The macro-algae segment is dominating the market. The macro-algae are cheap and involve less cost in growing. Furthermore, extraction of phyto-ingredients from macro-algae is relatively simple than micro-algae. However, micro-algae products are used in the nutraceuticals industry for the production of various products such as supplements and energy drinks, which is expected to grow rapidly during the forecasted period.
Based on product application, the Algae Products Market is segmented in food supplements, feed supplements, nutraceuticals, pharmaceuticals, pollution control, paints and colorants and others. The nutraceuticals are dominating the market because of rising health awareness. However, the demand for food supplements is expected to experience a high growth owing to health benefits associated with the consumption of algae products.
On the basis of the distribution channel, the market is segmented into store-based and non-store based distribution channel. However, the store-based distribution channel is dominating the market based on one-stop shopping experience.
Global Algae Products Market is segmented into Europe, Asia Pacific, North America and rest of the world (RoW). Europe is dominating the in the algae products market followed by North America. Europe has been accounted for a higher consumption of algae products supplements and food products owing to increasing consumer awareness. Furthermore, high demand for algae in pharmaceutical and nutraceutical industry is considerd to be a key driving factor in this region.
Moreover, increasing consumer awareness and high demand for food and feed supplements from countries like India and China, a huge growth is anticipated in the algae products market in Asia Pacific region. Additionally, high focus on R&D in algae products for pollution control is observed, which is expected to encourage the growth of the global algae products market.
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