Press release
Algae Products Market Expected to Reach Highest CAGR by 2031 | euglena Co., Ltd., Algae Systems LLC., Cyanotech Corporation, Cargill, Incorporated
Algae Products Market
Upsurge in demand for algae products due to rise in global population coupled with increase in consumption of food is expected to boost the market during the forecast period. In addition, increase in demand for healthy food products is expected to boost the demand for nutritional food additive, which drives the growth of the market. Moreover, surge in demand for aquaculture feed used for fish breeding and increase in demand for omega3 fatty acid are the factors expected to boost the growth of the market. However, consumption of pharmaceutical products such as astaxanthin manufactured using algae causes a decline in calcium level and blood pressure.
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As per the global algae products market analysis, the market is classified depending on application into food & beverages, nutraceuticals & dietary supplements, personal care, chemicals, feed, and pharmaceuticals. According to the algae products market forecast, the food & beverage segment dominated with the largest algae products market share in 2020 and is expected to exhibit significant growth during the forecast period. Algae is a rich source of essential protein, bioactive pigments with medicinal potential, and fatty acids. This essential constituent of algae is required for the production of various food & beverages such as cake, pasta, and confectionery products. Moreover, some the species of algae are used as pigments to provide texture to food products and nutritional additive to increase the quality of food products. These are the key factors that foster the growth of algae products market during the forecast period.
As per the algae products market opportunities, rise in global food demand and decrease in cultivable land available for food production attract various manufactures to shift their preference to algae-based products, which help propel the growth of the market. Furthermore, initiative by various developing and developed countries at "Paris Agreement" to reduce the global carbon footprint by using renewable source of energy such as algae-based biofuel is expected to further drive the growth of the market.
In terms of value, Asia-Pacific and LAMEA collectively contributed 34.0% of global share in 2020. The key players of algae products industry profiled in this report 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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