Algae Products Market Research, Size, Share, Growth, Upcoming Trend, Top Key Players Review and Forecast 2018 to 2023

Market Overview:

Giving an insight to its extensive report, Market Research Future (MRFR) states that the global algae products market is set to expand steadily during the forecast period (2017-2023). The progress can be attributed to growing end-use industries such as food & beverage, nutraceutical, personal care, and pharmaceutical. Furthermore, growing vegan population has set the market growth in motion. In addition, growing health concerns due to rising cases of diabetes and obesity drive the market growth. Also, algae products offer various health benefits such as anti-aging effects and improvement of digestive system on account of which the demand has increased among health conscious population across the globe. Owing to its increased demand, market players are innovating and developing product lines for algae products, thus further contributing to the market growth. Apart from these factors, emergence of new application areas, elevating use of microalgae in aquaculture, and growing use of algae in bio-fuel production open new avenues for various stakeholders in this market.

However, low awareness about the health benefits of algae products could potentially consolidate the market growth. But keeping in mind its high demand and extensive use in numerous industries, it is safe to say the global market is set to soar high in the coming years.

Popular trend penetrating the global market currently is using algae for production of bio-fuel, an alternative to liquid fossil fuels. Algae are used to produce large amounts of fat, which can be further converted into biodiesel which is the most common form of bio-fuel.

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Top Key Players:

The key players in the global algae products market are Algaetech International Sdn Bhd (Malaysia), Cyanotech Corporation (U.S.),   BlueBioTech GmbH (Germany), and Parry Nutraceuticals Limited (India) among others.

Industry News:

Israeli biotechnology company Algatech has developed a new product for the treatment of fatty liver disease. The new product is based on the pigment fucoxanthin, which is found in high concentration in algae and has great efficacy in treating fatty liver. The products will be distributed via food additives companies in the United States and Japan and then will expand to other countries.

Market Segmentation:

The algae products market is segmented on the basis of source, application and distribution channel.

The source segment is sub-segmented into macro-algae, micro-algae, and others. Among these, the macro-algae segment is leading the market as they are cheap and cost less to grow. Moreover, extraction of phyto-ingredients from macro-algae is relatively simple than micro-algae. On the other hand, micro-algae products are in high demand in the nutraceuticals industry for the production of various products such as supplements and energy drinks. This factor will result in rapid growth of the segment during the forecasted period.

By application, the algae products market is segmented on the basis of food supplements, feed supplements, nutraceuticals, pharmaceuticals, pollution control, paints and colorants and others. Among all these, the nutraceuticals has the upper hand due to rising health awareness, whereas the demand for food supplements is anticipated to rise on account of the health benefits associated with the consumption of algae products.

The distribution channels in the algae products market are store-based and non-store based. The store-based distribution channel is dominating the market due to customer demand for better experience, building of brand relationship leading to customer loyalty and no hassles of intermediaries associated with non-store distribution channels.

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Regional Analysis:

The global algae products market is geographically spread across North America, Europe, Asia Pacific, and rest of the world (RoW).

MRFR reports that Europe is leading the algae products market. Europe observes higher consumption of algae products supplements and food products on account of increasing consumer awareness. Also, high demand in pharmaceutical and nutraceuticals industry pushes the market growth further in the region.

On the other hand, Asia Pacific market is witnessing exponential growth on the back of growing consumer knowledge about algae products and massive demand for food and feed supplements from countries such as India and China. Additionally, increasing investment by market players to conduct research and development activities for pollution control has been noted in the region, which buoys the market growth in the region. Also, prevalence of chronic diseases and growing awareness regarding the health benefits of algae-based products have propelled the market growth in the region.

North America market enjoys steady growth due to increasing government funding on research and development to produce commercial bio-fuels from algae. Additionally, investments on researches to develop medicine using algae for treatment of several diseases such as Parkinson and dementia further drives the market growth in this region.

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This release was published on openPR.