The
report "Algae Products
Market by Type (Lipids, Carrageenan, Carotenoids, Alginate, and
Algal Protein), Application (Food & Beverages, Nutraceuticals & Dietary
Supplements, Personal Care, Feed, and Pharmaceuticals), Source, Form, and
Region - Global Forecast to 2023", The algae products
market is estimated to be USD 3.98 Billion in 2018 and is projected to reach a
value of USD 5.17 Billion by 2023, at a CAGR of 5.4%. The market is driven by
factors such as rising health concerns (which include obesity and diabetes) due
to consumption of high-calorie products. Also, the health benefits provided by
algae products include anti-aging effects, supporting digestive systems, and
providing gamma-linoleic acid. It also contains nutrients such as
beta-carotene, iron, manganese, zinc, copper, selenium, and chromium and acts
as a food supplement. Furthermore, as the adoption level of algae products by
consumers is increasing, it helps companies innovate and develop product lines
for algae products, which has further contributed to the growth of the algae
products market.
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The food & beverage segment accounted for the largest share
of the algae products market, by application
On
the basis of application, the food & beverage segment accounted for the
largest share of algae product market. The consumption of seaweeds has been
large in the food processing industry in the recent past. Algae are essential
food additives in convenience food products such as soups, cakes, pastry,
bread, gravies, and snacks, improving the food quality, texture, and taste, as
well as enhancing nutrition.
Solid algae products
accounted for the largest market share
On
the basis of form, solid algae products accounted for the larger share of the
market followed by liquid form. 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.
On the basis of type,
lipids accounted for the largest market share
On
the basis of type, lipids accounted for the largest market share. Omega-3,
omega-6, and omega-9 are the different types of lipids. They are a unique form
of dietary fats that impart a wide range of health benefits and are derived
from algae. The demand for algae as a source of lipids is high, as they provide
the same benefits as that of fish oil, but with no off-odor or taste.
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North America dominated
the algae products market
North
America was the largest market for algae products. This is attributed to the
growing nutraceutical market in the region; factors such as the growing aging
population, rising healthcare awareness, and rising incidences of health
allergies have contributed to the growth of the nutraceutical industry, thereby
contributing to the growth of the algae products market in the region.
This
report includes a study of marketing and development strategies, along with the
product portfolios of the leading companies. It includes profiles of leading
companies such as DSM (Netherlands), DowDuPont (US), Cargill (US), E.I.D Parry
(India), Cyanotech Corporation (US), BASF (Germany), Kerry (Ireland), Corbion
(Netherland), Ingredion (US), Roquette Frères (France), Fenchem Biotek (China),
Algatechnologies (Israel), and CP Kelco (US).
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