Algae Products Market | Global Industry to Display Growth of CAGR 5.3% from 2017 to 2023

“Market Research Future published a Half Cooked Research Report on the Global Algae Products Market, which is estimated to grow at a CAGR of 5.3% during the forecast period 2017-2023”
Algae Products Market Information: by Source (Macro-Algae- Edible Seaweed, Kelp; Micro-Algae- Chlorella, Spirulina; others), Application (Food Supplements, Feed Supplements, Nutraceuticals, Pharmaceuticals, Pollution Control, Paints and Colorants others), Distribution Channel (Store-Based and Non-Store Based) and Region – Forecast till 2023

Market Overview:

Algae is a group of organisms having potential of photosynthesis process. It converts carbon dioxide in the presence of sunlight into proteins and fats which can be utilized as food and fuel. Algae products are food or feed formulations prepared by macro or micro-algae. Commonly used algae in algae products comprise seaweed, kelp, chlorella, and spirulina. Due to high nutrient excellence, algae products have a potential application in the food and feed supplements, nutraceuticals, pharmaceuticals, and pollution control.

Algae products are rich in protein and contain essential amino acids, which help in boosting human metabolic process like enzyme production. Also, high content of Omega-3 and Omega-6 fatty acids in algae products makes it a good source of energy in food and feed. Thus, the demand for algae products is high from the food and feed industry.

Moreover, occurrence of key phyto-ingredients like beta-carotene, carotenoids, omega 3 fatty acids, and astaxanthin in algae products with supplementing health benefits is experiencing a high demand from food supplement manufacturers, pharmaceutical, and nutraceuticals industry. Furthermore, high demand for algae products in paints and colorants industry is adding up the growth of algae products market.

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Major Key Players:

The major players in the algae products market

  • BlueBioTech GmbH (Germany)
  • Cellana Inc. (U.S.)
  • Alltech, Inc. (U.S.)
  • Parry Nutraceuticals Limited (India)
  • Algaetech International Sdn Bhd (Malaysia)
  • Cyanotech Corporation (U.S.)
  • DIC Lifetec Co. Ltd. (Japan)

Key Findings:

  • 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

Market Segments:

Algae products are segmented on the basis of 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.On the basis of 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.

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Regional Analysis:

The global algae products market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). In the global algae products market, Europe is dominating among all the regions followed by North America. Europe has been accounted for an elevated consumption of algae products supplements and food owing to increasing consumer awareness. Furthermore, the high requirement for algae in pharmaceutical and nutraceutical industry is considered as a motivating factor in this region.

In addition, rising health consciousness and high demand for food and feed supplements from the countries like India and China are likely to boost the growth of the market in Asia Pacific region. Furthermore, a high inclination towards R&D in algae products for pollution control is observed, which is expected to support the global algae products market.

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