Algae Products have widespread applications in several industries like human & animal health, chemicals, agriculture, fuel and others. These products have been derived from cultivated algae. Such products are getting substantial traction from various manufacturing processes of chemical feedstocks, plastics, fertilizers, lubricants, and cosmetics. Several products also find substantial usage in pharmaceutical industries where a lot of medicines are getting made from algae. Marine algae sourced from fish is also getting high traction from various industries.
Growing trend for vegan products, rise in population, surging demand for customization in functional food are several factors that can impact the global algae products market growth. Various companies are trying to profit much from pharmaceutical industries. These companies are building their future prospect on such innovations. Bioplastics are also becoming quite popular across industries owing to which the algae products market can enjoy robust growth.
However, prescription drug products as a substitute for these algae products can deter the natural algae products market growth.
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The global Algae Products Market is segmented for an in-depth analysis into type and application. This segmentation is expected to get a hold on latest trends that can impact the global market in the coming years. The segmentation is aptly backed by various volume-wise and value-wise data.
Based on the algae type, the algae products market can be segmented into red algae, brown algae, green algae, golden algae, and others. These products are gaining strong intake in the food industry as cuisines based on these are having strong tractions. Various pharmaceuticals are also creating robust demand for these algae products.
Based on the application, the algae products market includes cosmetics, nutraceuticals, food, pharmaceuticals, animal feed, chemicals, fertilizers, and others like biofuel, sewage disposal. The demand for biofuel based on algae products are having tailwinds, which can ensure strong growth rate for the market. Also, these industries are expected to get triggered by various environmental reasons that would demand nature-based products.
Asia Pacific (APAC), Europe, North America, South America, and Rest of the World (RoW) are regions that have been included in a region-specific study of the global algae products market. The study aims at uncovering various growth pockets to help in optimum exploration of potentials.
North America has substantial market hold and is gaining traction from several sectors like nutraceutical, animal feed products & global oil companies. Algae biofuels are also ensuring high growth for the regional algae products market. The APAC region is also creating substantial demand for the algae products as China is participating in the massive production of seaweeds. Increasing number of aquaculture projects and rising sale of animal nutrition products are expected to promote the regional demand for the algae products market.
Various companies are taking part in this global algae product market. They are CP Kelco, Algatechnologies, BASF, Corbion, Cargill, DSM, Dowdupont, Cyanotech Corporation, Fenchem Bio-tek, E.I.D. Parry, and Ingredion.
In August 2019, Tesco announced their intention to upgrade their salmon standards to improve their algae-based feeds.
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