Algae Products Market Size, Share | Industry Analysis Report 2028

Algae Products Market

The Algae Products Market is expected to grow at a significant CAGR during the forecast period.

The factors driving the growth of Algae Products Market includes rise in the consumption of cakes and ice cream around the world, growing awareness about the health benefits of Omega-3 and expansion of the pharmaceutical industry. According to the report published by Statista, the sales of Ice and Frozen dessert products in India has increased from USD 1.26 billion in 2020 to reach around USD 1.32 billion in 2021, which will boost Global Algae Products Market in the approaching years. Moreover, the increasing use of algae products in manufacturing creams, sauces, mayonnaise, and processed cheese and easy availability of algae products at the e-commerce platforms, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, growing adoption of advanced technologies by manufacturers making algae-based product rising disposable incomes, and rapid urbanization are further contributing towards the market growth.

Request a free sample of this report

However, the growth of Algae Products Market is hindered due to inadequate research and development activities in the African Countries.

Based on Source, the Micro-algae segment is predicted to expand at a significant CAGR during the forecast period

Increasing application of micro-algae in the production of energy drinks and dietary supplements, is the major factor responsible for the segment’s growth.

Based on Application, the Nutraceuticals segment is projected to grow at a remarkable CAGR over the forecast period

Microalgae are increasingly used as food supplements in the form of tablet along with its medicinal properties which helps in treating parasitic disease, are some of the factors augmenting the growth of the segment.

Based on Region, the North American region is estimated to hold the highest market share during the forecast period

Rise in the consumption of dietary supplements, rapid growth in the Nutraceutical industry, increasing consumers inclination towards adopting healthy lifestyles, improved standard of living, growing population growth rates and high disposable incomes, are some of the important factors propelling the market growth.

Market Segmentation

Global Algae Products Market by type

  • Lipids
  • Carrageenan
  • Carotenoids
  • Algae protein
  • Alginates
  • Other types (agar, algal flour, and dried algae)

Global Algae Products Market by application

  • Food & beverage
  • Nutraceutical & diet supplement
  • Animal feed
  • Personal care
  • Pharmaceutical
  • Other applications (infant food, fortified food, and pet food)

Global Algae Products Market by source

  • Brown algae
  • Blue-green algae
  • Green algae
  • Red algae
  • Other sources (yellow-brown and golden algae)

Global Algae Products Market by form

  • Solid
  • Liquid

Global Algae Products Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Comments are closed