Algae Products Market to Reach $3.45 Billion by 2025: North America to be the largest revenue contributor, Asia-Pacific to grow the fastest
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Increase in global population and rise in demand for convenience food products such as pasta, drinks, cakes, bread, gravies, and pastry drive the growth of the market. Moreover, increased demand for nutritional food additives due to the growing requirement for healthy food products, aquaculture feed for fish breeding, and omega3 fatty acid supplement the market growth.
Changes in calcium level and fluctuation in blood pressure due to the consumption of algae-based pharmaceutical products is expected to hamper the market growth. Nevertheless, promotion of algae research and production by government organizations worldwide to reduce carbon footprint, technological advancements to bring down the cost of biofuels manufactured using algae as a raw material, and use of byproducts of the process as a stimulator or fertilizer for soil as well as feedstock for animals would offer lucrative prospects to the market.
Hydrocolloids segment to capture the highest revenue, spirulina to exhibit the fastest growth:
The hydrocolloids segment captured nearly half of the total market revenue in 2017 and is expected to remain dominant during the study period. This is due to the fact that hydrocolloids are extensively used in the food & beverage industry for manufacturing products such as bakery, confectionery, among others. However, the spirulina segment would grow at the fastest CAGR of 6.2% through 2025. The other types analyzed in the report include chlorella, astaxanthin, and beta carotene.
Green algae segment to grow the fastest through 2025:
The brown algae segment dominated the global market in terms of revenue in 2017, accounting for 35% of the global market. It is expected to continue its lead through 2025, because brown algae is available with competitive quality and better properties at lower cost compared to the other types. However, the green algae segment would witness the fastest CAGR of 6.0% through 2025. The report also analyzes other sources such as red algae and blue green algae.
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The leading companies in the global algae products market include euglena Co., Ltd., Algae Systems LLC., Cyanotech Corporation, Cargill, Incorporated, Algenol Biofuels Inc., BIOPROCESS ALGAE, LLC, Corbion, Algatechnologies, Cellana Inc., and Earthrise Nutritional.
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