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Algae Products Market Research Report 2023
Algae Products MarketThe global Algae products market was valued at USD 2,276.0 Million in 2020, and is projected to reach USD 4286.8 Million by 2031, growing at a CAGR of 4.88% from 2022 to 2031.
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Algae Products Market by Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Hydrocolloids), Source (Brown Algae, Blue-green Algae, Red Algae, and Green Algae), Form (Solid and Liquid), and Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Personal Care, Feed, Pharmaceuticals, Chemicals, and Fuel): Global Opportunity Analysis and Industry Forecast, 2023-2031
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Algae Products Market Trends
Due to increase in demand for natural products and proactive efforts by market players to formulate algae-based consumable products to meet quality, texture, and nutritional demands of consumers. Earlier, algae was not considered for production of bio fuel as cost of production was high, however, with recent development in process technology and feasibility of process, algae bio fuel can be used as an alternative to fossil fuel.
Rise in global population and increase in demand for food and customization of functional food product portfolio by manufacturers are the key factors expected to boost the growth of the algae products industry.
In addition, application of algae for production of livestock for aquaculture species such as fish for their cultivation fuels the market growth. However, consumption of algae-based prescription drug products, such as sun chlorella, microalgae, and spirulina cause gastrointestinal issues, abdominal issues, and nausea, which can hamper the market growth. Conversely, the development of commercial by-products and algae-based biofuel production technology is anticipated to drive the market growth.
As per the global algae products market analysis, it is segmented into type, source, form, application, and region. Depending on type, the market is segregated into spirulina, chlorella, astaxanthin, beta carotene, and hydrocolloids. On the basis of source, it is classified into brown algae, blue-green algae, red algae, green algae, and others. By form, it is bifurcated into solid and liquid. The application segment comprises food & beverages, nutraceuticals & dietary supplements, personal care, chemical, feed, and pharmaceuticals. The market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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