Algae Products Market Outlook
the global algae products market size is estimated to be valued at USD 4.7 billion in 2021 and projected to reach USD 6.4 billion by 2026, recording a CAGR of 6.3% during the forecast period
Algae are the class of micro-organism, which can convert carbon dioxide in the presence of sunlight into proteins and fats. It is used in the food and fuel industry. Algae products comprise food or feed prepared by macro or micro-algae. Algae products are loaded with proteins and have a wide range of applications in food and feed supplements, nutraceuticals, pharmaceuticals, and pollution control. Commonly screened algae products consist of seaweed, kelp, chlorella, and spirulina.
Algae products are containing proteins and essential amino acids, which boost human metabolic processes, 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.
Competitive Landscape
Algaetech International Sdn Bhd (Malaysia), Alltech, Inc. (U.S.), BlueBioTech GmbH (Germany), Parry Nutraceuticals Limited (India), Cellana Inc. (U.S.), DIC Lifetec Co. Ltd. (Japan), and Cyanotech Corporation (U.S.) are key players in the global algae products
Regional Analysis
By region, the global Algae Products Market Share has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Europe is the largest market for algae products due to the high consumption of algae products supplements and food products. Elevated consumer awareness and continuous demand from the pharmaceutical and nutraceutical industry is boosting the growth of the Europe market.
North America is the second-largest market for algae products due to the high demand for plant-derived health supplement sources and high awareness regarding the benefits of algae consumption.
APAC market is poised to showcase substantial growth over the forecast period. Growing health awareness and surging demand for health supplements are likely to drive the market.
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Segmentation
The global Algae Products Market Analysis has been segmented based on source, product application, and distribution channel.
By source, the global Algae Products Market Share has been segmented into macro-algae, micro-algae, and others. The microalgae segment is leading the market. Microalgae is cheap to grow, and microalgae are inexpensive. The use of micro-algae in supplements and energy drinks is likely to drive the segment over the forecast period. However, extraction of Phyto-ingredients from macroalgae is easy than the extraction of Phyto-ingredients from microalgae.
By product application, the global algae products market has been segmented into food supplements, feed supplements, nutraceuticals, pharmaceuticals, pollution control, paints and colorants, and others. The nutraceuticals segment is domineering the market due to increasing health awareness among consumers. However, the food supplements segment is likely to showcase high growth over the forecast period due to high consumer awareness regarding the benefits of algae consumption.
By distribution channel, the algae products market has been segmented into store-based and non-store-based distribution channels. The store-based distribution channel is the most preferred one among consumers.
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