How will algae products market expected to garner $3,451 Million - 2025 | Industry Analysis and Growth Drivers

he global algae products market is expected to generate $3,451 million by 2025, growing at a CAGR of 4.2% from 2018 to 2025. In 2017, the food & beverage segment led the algae products market segment, followed by personal care. Growth in this segment is supplemented by the rise in global population, an increase in awareness of healthy food products, and the shortage of protein a main nutrient in the food product.

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An upsurge in algae products market owing to a rise in global population coupled with an increase in consumption of food is expected to boost the algae products market during the forecast period. In addition, an increase in demand for healthy food products is expected to boost the demand for the nutritional food additive. This drives the growth of the algae products market.

Technological advancements for reducing the cost of biofuels manufactured using algae as a raw material coupled with the byproduct of the process that can be used as stimulator or fertilizer for soil and as a feedstock for animal increases the feasibility of the process, which further would boost the algae products industry growth during the forecast period.

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In addition, the rise in global food demand and the decrease in cultivable land available for food production attract various manufacturers to shift their preference to algae-based products, which help propel the algae products market growth. Furthermore, an initiative by various developing and developed countries at Paris Agreement to reduce the global carbon footprint by using the renewable source of energy such as algae-based biofuel is expected to further drive the growth of the algae products market.

Comprehensive and Competitive Analysis of Leading Algae Products Industry Players

•Euglena Co. Ltd.
•Algae Systems LLC.
•Cyanotech Corporation
•Cargill Incorporated
•Algenol Biofuels Inc.
•BIOPROCESS ALGAE LLC
•Corbion
•Algatechnologies
•Cellana Inc.
•Earthrise Nutritional.

Analyst Review:

Algae are a diverse group of plants without steam and roots that convert carbon dioxide, nutrient & minerals from water, and sunlight into organic matter. They are used as replacement for feed additives, fossil fuel, and fish & palm oil manufactured protein used in animal feedstock. An estimated 200,000 species of algae are found across the globe of which 200 species are used for various applications such as feed, food, pharmaceutical, and chemical applications. Algae a source of essential nutrient, is divided based on thallus color, brown, red, green, and blue green. Among all seaweeds, green algae are consumed on large scale due to high algal protein content and commercial application such as production of organic beta-carotene in Australia; thus it holds a dominant position in the global algae products market.

Increase in prevalence of disease and rise in demand of quality food product & livestock feed are the prime concerns for consumer inclination for consumption of naturally synthesized algae products. One of the factors that drives the growth of the market includes the approval of chlorella, spirulina and other algae for use in food, feed, nutraceutical & dietary supplements as well as the personal care industry. Nori, a species of red algae used to wrap sushi roll, is sold as roasted snack in American grocery stores owing to migration of occupants from Asia-Pacific countries to Europe and North American countries. In addition, North America focuses on the development of sustainable sea food communities by developing underwater algae garden for algae farming. The technique of farming is known as 3D ocean farming that utilizes entire column of water to grow various species of algae and also helps restore the ocean. R&D on algae leads to increase in its applications such as fertilizer, biofuel, animal feed and wastewater treatment and untapped markets in North America and Europe are anticipated to open new opportunities for the manufacturers of algae products.

However, volatility in the price of algae, quality of water used in algae production, and change in weather condition hamper the growth of the algae market.

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