Global Algae products market Industry, by Application by Type ,by Product Forecast 2027

Market Overview:

Algae are a type of microorganism that can convert carbon dioxide into proteins and lipids in the presence of sunlight. It is utilized in the food and petroleum industries, among other things. Algae products are foods or feed made from macro or microalgae. Protein-rich algae products have a wide range of uses in the food and feed supplements, nutraceuticals, medicines, and pollution management. Seaweed, kelp, chlorella, and spirulina are some of the most often screened algal products.

Algae products are containing proteins and essential amino acids, which boost the human metabolic process, for instance, enzyme production. In addition, the high content of Omega-3 and Omega-6 fatty acids in algae products makes it a good source of energy in the food and feed. Owing to these nutritional benefits an elevated requirement for algae products is being observed from the food and feed industry.

Furthermore, algae products are a rich source of photo-ingredients like beta-carotene, carotenoids, omega 3 fatty acids, and astaxanthin, which add up to elevated health benefits and are observed to have a high demand from food supplement manufacturers, pharmaceutical, and nutraceuticals industry. In addition, the high demand for algae products from the paints and colorants industry is adding fuel to the growth of the global algae products market Industry. Additionally, all these factors are projected to contribute to the estimated CAGR of 5.3% of the algae products market Industry during the forecast period 2017-2023.

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Competitive Analysis

The major players in the algae products market Industry

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

Regional Analysis

The global algae products market Industry is segmented into North America, Europe, Asia Pacific, and the rest of the world (RoW). In the global algae products market Industry, 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 the pharmaceutical and nutraceutical industry is considered 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 the 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 Industry.

Segment analysis:

Algae products are segmented based on the source, which includes macro-algae, micro-algae, and others. In this segment, the macro-algae source is dominating the market. Macro-algae are inexpensive and engage less expenditure in growing. Furthermore, extraction of Phyto-ingredients from macro-algae is comparatively easy than micro-algae. However, micro-algae products in the nutraceutical industry like supplements and energy drinks are anticipated to grow during the forecasted period.

Based on product application, the algae products market Industry is segmented into food supplements, feed supplements, nutraceuticals, pharmaceuticals, pollution control, paints and colorants, and others. Among all the applications, nutraceuticals are dominating the market because of the rising health consciousness in the population. However, the demand for food supplements is likely to experience a high demand owing to health benefits connected with the consumption of algae products.

Based on the distribution channel, the algae products are segmented into store-based and non-store-based distribution channels. However, a store-based distribution channel is dominating the market based on a one-stop shopping experience.

 

Market Segmentation

Algae products market Industry is segmented based on source, application, distribution channel, and region.

 

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