Algae Products Market Demand | Size and Value Growth by 2023
Market Overview
Algae Products Market is projected to grow at a CAGR of 5.3% over the forecast period. Algae can convert carbon dioxide in the presence of sunlight into proteins and fats, which has a potential application in food and fuel. Algae products include food or feed, prepared by macro or micro-algae. Algae products are rich in protein content and have a wide range applications in food supplements, pharmaceuticals, feed supplements, nutraceuticals, and pollution control. Commonly screened algae for algae products include seaweed, kelp, chlorella, and spirulina.
North America is expected to show a higher growth rate in the algae products market over the forecast period 2017-2023. Europe is dominating the market followed by North America. Europe is major consumer of algae products supplements and food products due to increasing the consumer awareness. Furthermore, elevated demand for algae in the pharmaceutical and nutraceutical industry is considered to be a key driving factor in this region.
Considering all these factors, North American algae products market is projected to grow at a CAGR of 5.0% during the forecast period 2017-2023.
Major Key Players
This report includes a study of strategies such as mergers, acquisitions, and product launch by the major algae products players. It further includes product portfolios, developments of leading players, which includes
- Algaetech International Sdn Bhd (Malaysia)
- Cyanotech Corporation (U.S.)
- DIC Lifetec Co. Ltd. (Japan)
- Cellana Inc. (U.S.)
- Alltech, Inc. (U.S.)
- BlueBioTech GmbH (Germany) and
- Parry Nutraceuticals Limited (India)
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
Segments
Global Algae Products Market 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 Europe, North America, Asia Pacific, and rest of the world (RoW). Europe is dominating the in the algae products market followed by North America. Europe has been accounted for a higher consumption of algae products supplements and food products owing to increasing consumer awareness. Furthermore, high demand for algae in pharmaceutical and nutraceutical industry is considerd to be a key driving factor in this region.
Moreover, increasing consumer awareness and high demand for food and feed supplements from countries like India and China, a huge growth is anticipated in the algae products market in Asia Pacific region. Additionally, high focus on R&D in algae products for pollution control is observed, which is expected to encourage the growth of the global algae products market.
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