Algae Products Market Drivers, Restraints, Opportunities & Challenges

The global algae products market size is estimated to be valued at USD 4.7 billion in 2021 and projected to reach USD 6.4 billion by 2026, recording a CAGR of 6.3% during the forecast period.

Various factors have played a major role in driving the algae products market growth across the globe. Algae possess properties that make them useful to be incorporated in diversified end products such as ice-creams, cakes, anti-obesity & anti-diabetic agents, aquatic feed ingredients, toothpaste, and moisturizers; their cultivation using both agriculture and aquaculture practices make algae unique among other agricultural products.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=250538721

Drivers: Consumer awareness regarding the health benefits of Omega-3

According to the Global Organization for EPA and DHA (GOED), omega-3 is the most researched nutrients in the world, with over 8,000 clinical trials conducted over the last decade. Omega – 3 mainly known as algae-based product in the market. Rising healthcare costs around the world and increasing prevalence & consumer awareness about omega-3 for preventive healthcare have fueled growth in the algae products market.

Restraints: Lack of R&D activities in underdeveloped countries

The lack of research and development in African countries has led to a low adoption in these regions. North American countries witness the highest algae-based products consumption, due to which there is an increase in product innovation and exploration of new applications of algae in the region, while in underdeveloped countries in regions of Africa, the penetration is significantly low, and no R&D activities are carried out to improvise the techniques for extracting seaweeds. Hence, most of the key players do not have production facilities in the region.

Opportunities: Growing demand in the pharmaceutical industry

The potential application of algae includes antimicrobials, antivirals, therapeutic proteins, drugs, antifungals in pharmaceutical industry. For an instance, the powerful water-soluble antioxidants found in algae are polyphenols, phycobiliproteins and vitamins. Antioxidants help in the inhibition of cancer growth by causing regression of premalignant lesions.

Challenges: High production costs restrict the entry of smaller players

Though there is an increase in the adoption of newer technologies to produce low-cost algae. With the increase in focus on R&D activities and overall costs, leading players such as Koninklijke DSM N.V (Netherlands), BASF SE (Germany) and DowDupont (US) account for a high share in the market. The production is usually expensive and consists of extraction, concentration, and purification processes. Following extraction and purification, algae must be formulated for further application. This formulation will also depend on the intended use. The formulation involves complicated processes, due to complicated procedure and various formulation the production cost increases and restrict the local and regional players in the algae products market.

Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=250538721

North America is projected to account for the largest market during the forecast period

The North American algae products market has been experiencing tremendous growth. The US acquired the largest share of the North American algae products market. Growing industries, such as food & beverage, nutraceutical, pharmaceutical, and dietary supplement, have significantly contributed to the growth of the algae products market in the US. The rising population in the country is another factor that is expected to boost the demand for algae products. An incrase in health-conscious consumers has led to the increased use of lipids, such as omega-3 in nutraceutical and dietary supplement products, which has offered a market opportunity for algae-based omega-3 products.

Key players in this market include DuPont (US), Cargill (US), DSM (Netherlands), BASF (Germany), Corbion (Netherlands), E.I.D Parry (India), CP Kelco (US), Fenchem Biotek (China), Algatech (Israel), Cyanotech Corporation (US).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.