Algae Products Market Information: by Source (Macro-Algae- Edible Seaweed, Kelp; Micro-Algae- Chlorella, Spirulina; others), Application (Food Supplements, Feed Supplements, Nutraceuticals, Pharmaceuticals, Pollution Control, Paints and Colorants others), Distribution Channel (Store-Based and Non-Store Based) and Region Forecast till 2023
Algae is a group of organisms having potential of photosynthesis process. It converts carbon dioxide in the presence of sunlight into proteins and fats which can be utilized as food and fuel. Algae products are food or feed formulations prepared by macro or micro-algae. Commonly used algae in algae products comprise seaweed, kelp, chlorella, and spirulina. Due to high nutrient excellence, algae products have a potential application in the food and feed supplements, nutraceuticals, pharmaceuticals, and pollution control.
Algae products are rich in protein and contain essential amino acids, which help in boosting human metabolic process like enzyme production. Also, high content of Omega-3 and Omega-6 fatty acids in algae products makes it a good source of energy in food and feed. Thus, the demand for algae products is high from the food and feed industry.
Moreover, occurrence of key phyto-ingredients like beta-carotene, carotenoids, omega 3 fatty acids, and astaxanthin in algae products with supplementing health benefits is experiencing a high demand from food supplement manufacturers, pharmaceutical, and nutraceuticals industry. Furthermore, high demand for algae products in paints and colorants industry is adding up the growth of algae products market.
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- Algae product manufacturers
- Raw material suppliers
- Retailers and wholesaler
- E-commerce industry
- Traders, importers, and exporters
- The demand for algae products is increasing from nutraceuticals industry
- Aquaculture segment has massive opportunity
- Biofuels made from algae has potential for better alternative to conventional energy
Algae products are segmented on the basis of the source, which includes macro-algae, micro-algae, and others. The macro-algae segment is dominating the market. The macro-algae are cheap and involve less cost in growing. Furthermore, extraction of phyto-ingredients from macro-algae is relatively simple than micro-algae. However, micro-algae products are used in the nutraceuticals industry for the production of various products such as supplements and energy drinks, which is expected to grow rapidly during the forecasted period.On the basis of product application, the algae products market is segmented in food supplements, feed supplements, nutraceuticals, pharmaceuticals, pollution control, paints and colorants and others. The nutraceuticals are dominating the market because of rising health awareness. However, the demand for food supplements is expected to experience a high growth owing to health benefits associated with the consumption of algae products.
On the basis of the distribution channel, the market is segmented into store-based and non-store based distribution channel. However, the store-based distribution channel is dominating the market based on one-stop shopping experience.
The global algae products market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the in the algae products market followed by North America. Europe has been accounted for a higher consumption of algae products supplements and food products owing to increasing consumer awareness. Furthermore, high demand for algae in pharmaceutical and nutraceutical industry is considerd to be a key driving factor in this region.
Moreover, increasing consumer awareness and high demand for food and feed supplements from countries like India and China, a huge growth is anticipated in the algae products market in Asia Pacific region. Additionally, high focus on R&D in algae products for pollution control is observed, which is expected to encourage the growth of the global algae products market
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Some of the key players profiled in the global algae products market: Cellana Inc. (U.S.), Alltech, Inc. (U.S.), Algaetech International Sdn Bhd (Malaysia), Cyanotech Corporation (U.S.), DIC Lifetec Co. Ltd. (Japan), BlueBioTech GmbH (Germany), Parry Nutraceuticals Limited (India)
The global algae products market is segmented under the following regions
- Rest of Europe
- Rest of Asia Pacific
- Rest of the world
- South Africa
The report for Global Algae Products Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different markets segments and regions.
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