Algae Products Market to Garner US$ 4,339.3 million, Globally, by 2027 at 7.8% CAGR: The Insight Partners

The algae products market was valued at US$ 2,405.5 million in 2019 and is projected to reach US$ 4,339.3 million by 2027; it is expected to grow at a CAGR of 7.8% from 2020 to 2027.

Algae are emerging as one of the most promising long-term, sustainable sources of fuel, food, feed, and other co-products for biomass and oils due to a large number of benefits and ease of its production. Algae have evolved over a billion years to efficiently produce and store energy, unlike any other known natural or engineered process. Furthermore, microalgae can be grown to have a high protein and oil content in order to produce either biofuels or animal feeds, or both. Moreover, microalgal biomass, rich in micronutrients, is already being used for dietary supplements to improve human health. The most critical application in the food market is the use of whole microalgae biomass as a food supplement. Microalgae are also used as a source of food ingredients, including carotenoids and omega-3 fatty acids. Similarly, agar is used as a gelatin substitute in the food industry and is used in the manufacturing of creams, sauces, mayonnaise, jellies, custards, puddings, processed cheese, and frozen dairy produce. It is also used in jams and marmalade for gelling and thickening, and as an anti-drying agent in bread and pastries. Further, agar is used as a thickener in ice creams and other desserts. Thus, algae products act as an alternative food source and food ingredient and drive the algae products market growth.

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Algae Products market report also provide a thorough understanding of the cutting-edge competitive analysis of the emerging market trends along with the drivers, restraints, challenges, and opportunities in the Algae Products market to offer worthwhile insights and current scenario for making right decision. The report covers the prominent players in the market with detailed SWOT analysis, financial overview, and key developments of the products/services from the past three years. Moreover, the report also offers a 360º outlook of the market through the competitive landscape of the global industry player and helps the companies to garner Algae Products market revenue by understanding the strategic growth approaches.

Impact of COVID-19 Pandemic on Algae Products Market

The US has the highest number of confirmed cases of coronavirus, as compared with Canada and Mexico. The pandemic COVID-19 continues to enforce the temporary closure of retail stores and manufacturing plants in the countries of North America, signaling an unprecedented disruption of commerce. Retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. In North America, stores started closing in the beginning of March, and this trend is expected to continue as cities and states battle to contain the spread of the virus. Furthermore, COVID-19 pandemic is rapidly accelerating the tradition of digital commerce. As people are advised told to follow social distancing, e-commerce orders for medicines and essential food and beverages have become a survival tool for the people in North America.

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Market Insights
Exponential Growth in Biofuel Market Arena

Over the past decade, the algae industry has struggled to maintain the biofuel market. However, the product has the potential to witness enormous scope once the manufacturers overcome the critical barriers associated with raw material manufacturing, capital costs, and production volumes. The introduction of biofuel mandates worldwide is expected to compel manufacturers to invest more in R&D during the forecast period to develop sustainable technology for algae fuel production. Moreover, biofuels are considered one of the most promising potential sources of renewable energy to address the global energy crisis and environmental issues. Microalgae biomass has shown the capacity for processing biofuels, chemicals, and bio-based goods, contributing to the transition from a petroleum-based economy to a bio-based economy. Algal biofuel offers advantages such as higher growth rate without food competition and minimal or no environmental impact. Biofuel produced from microalgae has low viscosity and low density compared with cellulosic biofuel with high caloric value, making algal biofuel more suitable for the application.

Algae Products Market Segmentation:

Algae Products Market-By Source:
Brown Algae
Blue-Green Algae
Red Algae
Green Algae
Others

Algae Products Market-By Type:
Lipids
Carrageenan
Carotenoids
Alginate
Algal Protein
Others

Algae Products Market-By Form:
Solid
Liquid

Algae Products Market-By Application:
Food and Beverages
Nutraceuticals and Dietary Supplements
Personal Care Products
Feed
Pharmaceuticals
Other

Company Profiles:

Algatechnologies Ltd
Algenol
BASF SE
Cargill Incorporated.
Cellana Inc.
Corbion nv
CP Kelco (J.M. Huber- Corporation
Cyanotech Corporation.
DSM Nutritional Products AG
E.I.D. Parry Limited

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.