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Algae is used for a host of unique applications. The number of possible use cases of algae is virtually unlimited, and new applications of algae are being discovered every day. Algae products are used in diverse industry verticals such as pharmaceuticals, cosmetics, nutraceuticals, and others which is continually generating demand for algae products. The global algae products market is expected to expand at a CAGR of 5.3% over the forecast period of 2017-2023, affirms Market Research Future (MRFR) in an in-depth study.
Algae products are rich in protein, essential amino acids, Omega-3, and Omega-6 fatty acids, which make them highly desirable in the food and feed industry. The food supplement, pharmaceutical, and nutraceuticals industry rely heavily upon algae products as they contain key phyto-ingredients like beta-carotene, carotenoids, omega 3 fatty acids, and astaxanthin which can dramatically increase the functional attributes of end products. Continuous demand from these industries is favoring the growth of the global algae products market.
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The cosmetic industry has a variety of algae products. Algae is a part of many skin treatments and cosmetics. Algae has demonstrated antioxidant, mineral replenishing, and moisturizing properties due to which algae infused anti-aging creams, detoxifying masks, and cleansers have gained prominence among consumers.
Increasing consumer demand for plant-based food products which also offer immune support is a trend that is estimated to augur the growth of the global algae products market. Besides, product innovation and incorporation of algae products in various consumer goods ranging from cosmetics to pharmaceuticals is promoting the growth of the global algae products market.
Algal biofuels are expected to be the fuel of the future which is likely to provide substantial growth opportunities to the global algae products market. Extensive R&D aimed at finding methods to improve the productivity of algal strains and algae cultivation methods has resulted in advances in algal biofuel process technology, and increased feasibility which coupled with finding from government authorities are likely to augment the growth of the global algae products market.
On the other hand, consumption of algae products or algae-based drugs is known to cause gastrointestinal, abdominal, and nausea health problems among consumers which is likely to restrain the growth of the market over the forecast period. Additionally, low awareness in some regions might also impede market growth.
Algaetech International Sdn Bhd (Malaysia), Alltech, Inc. (U.S.), BlueBioTech GmbH (Germany), Parry Nutraceuticals Limited (India), Cellana Inc. (U.S.), DIC Lifetec Co. Ltd. (Japan), and Cyanotech Corporation (U.S.) are key players in the global algae products market.
March 2019 – Mara Renewables Corporation, a research and development company focusing on algae fermentation are engaged into creating fast-growing algae for nutrition enhancement which could cut down the cost of its algal oil, a rich source of Omega-3 fatty acids.
The global algae products market has been segmented based on source, product application, and distribution channel.
By source, the global algae products market has been segmented into macro-algae, micro-algae, and others. The microalgae segment is leading the market. Microalgae is cheap to grow, and microalgae are inexpensive. Use of micro-algae in supplements and energy drinks are likely to drive the segment over the forecast period. However, extraction of phyto-ingredients from macro-algae is easy than the extraction of phyto-ingredients from microalgae.
By product application, the global algae products market has been segmented into food supplements, feed supplements, nutraceuticals, pharmaceuticals, pollution control, paints and colorants, and others. The nutraceuticals segment is domineering the market due to increasing health awareness among consumers. However, the food supplements segment is likely to showcase high growth over the forecast period due to high consumer awareness regarding the benefits of algae consumption.
By distribution channel, the algae products market has been segmented into store-based and non-store-based distribution channel. The store-based distribution channel is the most preferred one among consumers.
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By region, the global algae products market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Europe is the largest market for algae products due to high consumption of algae products supplements and food products. Elevated consumer awareness and continuous demand from the pharmaceutical and nutraceutical industry is boosting the growth of the Europe market.
North America is the second largest market for algae products due to high demand for plant-derived health supplement sources and high awareness regarding the benefits of algae consumption.
APAC market is poised to showcase substantial growth over the forecast period. Growing health awareness and surging demand for health supplements are likely to drive the market.
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