The global algae products market is estimated at USD 3.98 Billion in 2018 and is projected to grow at a CAGR of 5.4%, to reach USD 5.17 Billion by 2023. Algae-derived products find applications in multiple industries such as food & beverage, feed, nutraceutical, personal care, and pharmaceutical. This is expected to be a major driver for the growth of the algae products market. Moreover, the direct consumption of algae as a food product makes it a reliable food alternative with high nutritional value, which is a necessity for the growing population. This factor can also be considered as a driver for this industry.
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The food & beverage segment accounted for the largest share of the algae products market, by application, in 2017.
On the basis of application, the food & beverage segment accounted for the largest share of algae product market in 2016. The consumption of seaweeds has been large in the food processing industry in the recent past. Algae are essential food additives in convenience food products such as soups, cakes, pastry, bread, gravies, and snacks, improving the food quality, texture, and taste, as well as enhancing nutrition.
Solid algae products accounted for the largest market share in 2017.
On the basis of form, solid algae products accounted for the larger share of the market in 2017, followed by liquid form. The convenience in storage and problems associated with handling liquid algae products are the major factors driving the demand for solid ingredients, and subsequently, the growth of the algae products market.
Brown algae products accounted for the largest market share in 2017.
On the basis of source, brown algae products accounted for the largest market share, followed by blue-green algae, in 2017. The brown algae (seaweeds) are primarily produced in China, Korea, Peru, Chile, and some European countries such as Ireland, Scotland, and Norway. These brown seaweeds are mainly used in the production of high-grade alginate. Other products that can be extracted from brown algae are carotenoids and lutein, thus making it a highly used algae type.
North America dominated the algae products market in 2017.
North America accounted for the largest share of the algae products market in 2017. This market is driven by the rise in health-conscious consumers due to the growing incidences of diseases and conditions such as diabetes and high-blood pressure, and also the high demand for plant-derived protein that has been fueling the market for algae products.
The major restraining factor for the algae products market is the impact of weather on algae cultivation. For instance, changes in rainfall pattern, occurrences of natural calamities such as floods and storms will hamper the production of algae, particularly in Asia Pacific and South American countries and in some parts of the US.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such as DSM (Netherlands), DowDuPont (US), Cargill (US), E.I.D Parry (India), Cyanotech Corporation (US), BASF (Germany), Kerry (Ireland), Corbion (Netherland), Ingredion (US), Roquette Frères (France), Fenchem Biotek (China), Algatechnologies (Israel), and CP Kelco (US).
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