Growing demand for algae products from the food ,pharmaceutical and nutraceutical industries, Algae Products Market woth $ 3.3 billion In 2022
Algae products market has shown steady growth pattern in recent year’s majorly due to growing demand for algae products from the pharmaceutical and nutraceutical industries, increasing utilization of pigments from microalgae due to strict regulations regarding the use of synthetic colors and flavors, and increasing consumer preference to algae sourced products.
Meticulous Research® in its latest publication on algae products market states that the global algae products market will increase at a CAGR of 6.7% from 2017 to 2022 to reach USD 3,318.1 million by 2022.
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Wherein, geographically, North America commanded the largest share in this market followed by Europe. The major share of North America is mainly attributed to growing U.S nutraceutical market which is primarily driven by aging population, increasing healthcare awareness, and higher incidence of allergies and intolerance. In addition, growing health concerns & awareness and changing lifestyle are significantly impacting all sectors of the food and cosmetic & personal care industries, leading to increased demand for functional food and beverages and personal care products, enriched with functional ingredients and active constituents which further drive the growth of North American algae products market.
The report provides meticulous analysis of global algae products market by segmenting it on the basis of value (medium value, high value, and low value), products (hydrocolloids, carotenoids, omega-3 PUFA, spirulina, chlorella, and others), application (food and feed, nutraceutical, cosmetics, chemicals, and others). Wherein, among product types, hydrocolloids segment commanded the largest share in this market majorly due to growing demand from food, pharmaceutical, medicinal, and biotechnological industries due to their distinct physico-chemical properties such as hydrophilicity, biodegradability, biocompatibility, non-toxicity, pleasant taste & odor; and low cost.
The key players analyzed in the global algae products market are DIC Corporation (Japan), Cellana Inc. (U.S.), Taiwan Chlorella Manufacturing Company (China), Algaetech International Sdn Bhd (Malaysia), Cyanotech Corporation (U.S.), BlueBioTech Int. GmbH (Germany), Algatechologies ltd. (Israel), Pond Technologies Inc. (Canada), E.I.D. - Parry (India) Limited (India), Tianjin Norland Biotech Co., Ltd., (China), AlgaeCan Biotech Ltd. (Canada), Corbion NV (The Netherlands), Qponics Limited (Australia), Royal DSM (The Netherlands), Heliae Development, LLC (U.S.), and Sun Chlorella Corporation (Japan).
1. Growing Demand for Algae Products from the Pharmaceutical and Nutraceuticals Industries
2. Increasing Utilization of Pigments from Microalgae Due to Strict Regulations Regarding the
Inclusion of Synthetic Colours and Flavours
3. Increasing Preference to Algae Sourced Products, especially Omega-3 Fatty Acids
1. Emergence of New Application Areas
2. Growing Use of Microalgae in Aquaculture
3. Growing Use of Algae in Biofuel Production
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