According to the latest report by IMARC Group, titled “Algae Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global algae products market size reached US$ 1.7 Billion in 2021. Algae products contain vitamins, minerals, and fatty acids, and are often made from seaweed, chlorella, and kelp. An algae product is high in protein and contains necessary amino acids, which aid the formation of enzymes in the human body. These compounds have antioxidant, antiproliferative, antihypertensive, anticoagulant, and immunostimulatory effects, due to which they are widely utilized in the preparation of dietary supplements. The primary and secondary metabolites of algae are generally extracted as nutritional compounds, whereas other products, such as agar, alginate, and hydrocolloids, are used as gelling, thickening, suspending, and stabilizing agents.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Algae Products Market Trends:
The global market is majorly driven by the augmenting demand for natural products in the customization of functional food product portfolios by the key players. This can be attributed to the growing consumption of algae-based feed and food supplements among the masses. In addition to this, the rising consumer awareness regarding the health benefits associated with omega 3 and fatty acids is resulting in a higher product uptake on the global level. Moreover, the rapid product utilization in aquaculture feed for the production of livestock for aquaculture species is providing an impetus to the market. The market is also propelled by the rising adoption of algae biofuel due to the continual advancements in process technology. Some of the other factors creating a positive market outlook include the expanding production abilities and food manufacturing base, the increasing demand for vegan and organic products, inflating disposable income levels and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2.4 Billion by 2027, exhibiting a CAGR of 5.49% during 2022-2027.
- Based on the type, the market has been segmented into lipids, carrageenan, carotenoids, algal protein, alginate, and others.
- On the basis of the source, the market has been divided into brown algae, blue-green algae, red algae, and green algae.
- Based on the form, the market has been categorized into solid and liquid.
- On the basis of the distribution channel, the market has been classified into online and offline.
- Based on the application, the market has been segmented into food and beverages, nutraceuticals and dietary supplements, personal care, feed, pharmaceuticals, chemicals, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include ACCEL Carrageenan Corporation, Algatechnologies Ltd, Algenol, Archer-Daniels-Midland Company, BASF SE, Caldic B.V., Cargill Incorporated, Cellana Inc, Corbion N.V., Cyanotech Corporation, DuPont de Nemours Inc, Koninklijke DSM N.V., and TBK Manufacturing Corporation.
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