Newark, NJ, Jan. 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global algae product market is expected to grow from USD 3.20 Billion in 2017 to USD 5.38 Billion by 2025 at a CAGR of 6.7% during the forecast period 2018-2025.
Growing demand for natural products, proactive efforts by market players to formulate algae based consumable products, increase in global population, rising demand for food and customization of functional food product, increased use of algae for production of livestock for aquaculture species and rising consumer awareness related to the health benefits of algae-based products are the factors driving the algae product market.
Algae are defined as photosynthetic, oxygen-exhaling, unicellular, or multicellular microorganisms with varied properties such as consumption of carbon-dioxide, storage of essential nutrients, minerals, and vitamins in microorganisms. Algae compose organic food molecules from carbon dioxide and water with the help of photosynthesis. They are used in a large number of industries to commercially produce useful end products such as food pharmaceuticals and medicines, animal feed, fertilizer and as fuel. For instance, in Oct 2018, Texas-based companies and universities worked with the Algae Biomass Organization to bring the 2018 Algae Biomass Summit, an annual conference of investors, scientists and entrepreneurs to The Woodlands, October 14-17. It was the first time in its 12-year history that the largest algae conference in the world was held in Texas.
As mentioned rising global population and growing demand for food and customization of functional food products is a major factor driving the market. In addition, increased use of algae for the production of livestock for aquaculture species and rising consumer awareness related to the health benefits of algae-based products are two factors fuelling the growth of the market. However, the negative effect of climatic conditions on algae production may obstruct the growth of the market. Nevertheless, favorable government initiatives to support research & development in algaculture may boost the market in forthcoming years.
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Key players operating in the global algae product market include BASF, Ingredion, Roquette Frères, Fenchem Biotek, Corbion, Kerry, E.I.D Parry, DowDuPont, DSM, euglena Co., Ltd., Algae Systems LLC., Cyanotech Corporation, Cargill, Incorporated, Algenol Biofuels Inc., BIOPROCESS ALGAE, LLC, Algatechnologies, Cellana Inc., CP Kelco, Earthrise Nutritional and others.
- Extensive product portfolio and expansion strategies by major players are contributing for the growth of the sector. For instance, in May 2018, Algaia, a French company manufacturing algae-based products for the agriculture feed, personal care & nutraceutical industries, raised €4 million ($4.7 million) in follow-on funding from its main shareholder.
- For instance, in October 2016 Algae Natural Food and Cargill started a unique project to grow organic microalgae, this partnership not only shows an environmental benefit but also a capital boon for Algae Natural Food, since this would enable the organization to grow faster and expand further.
Lipid segment is dominating the market with the highest share of 29.60% in 2017
Type segment is divided into segments such as a lipids, carrageenan, carotenoids, alginate, algal protein and others. The lipid segment is dominating the market in 2017. Various type of lipids are omega-3, omega-6, and omega-9. They are a vital form of dietary fats that impart a wide range of health benefits and are derived from algae.
The brown algae segment valued around USD 1.22 Billion in 2017
The source segment includes brown algae, blue-green algae, red algae, green algae and others. The brown algae segment is dominating the market in 2017. These brown seaweeds are used to produce high-grade alginate.
The food & beverages segment held the market share of 30.33% in 2017
The application segment includes food & beverages, nutraceuticals & dietary supplements, personal care, feed, pharmaceuticals and others. The food & beverages segment is dominating the algae products market in 2017. Algae are vital food additives in convenience food products such as soups, cakes, pastry, bread, gravies, and snacks, as it helps to improve the food quality, texture, and taste, as well as enhance nutrition.
Solid segment held the market share of 63.10% in 2017
The form segment is classified into solid and liquid. The solid segment is dominating in 2017. The convenience in storage and problems associated with handling liquid algae products are the major factors driving the demand for solid ingredients, and subsequently, the growth of the algae products market.
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Regional Segment Analysis of the Algae Product Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global algae products market with USD 1.28 Billion in 2017 where as the Asia Pacific region is growing rapidly in the market. The North America region is dominating region because of the growing aging population, rising healthcare awareness and rising incidences of health allergies which have all contributed to the growth of the nutraceutical industry, thereby contributing to the growth of the algae products market in the region. Asia Pacific is growing rapidly because of the rise in population coupled with increased demand of food in the region. Also, increase in health awareness and rise of disposable income in countries such as China, India, and Japan have stimulated the consumption of nutraceutical products.
About the report:
The global algae product market is analysed on the basis of value (USD Billion), volume (K Units), consumption (K Units), imports (K Units) and exports (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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