The algae products market is estimated at USD 3.98 billion in 2018 and is projected to reach USD 5.17 billion by 2023. It is projected to grow at a CAGR of 5.4% during the study period. The market is primarily driven by trends such as growth in consumer awareness regarding the health benefits of algae-based products and its application multiple industries such as food & beverage, pharmaceutical, and personal care. Another growth factor can be the increased preference for vegetarian and vegan foods. This will lead to the increased demand for plant-based protein and other nutrient-rich food products; this scenario has led to the demand for algae products.
Factors such as weather conditions that affect the production of algae (raw materials for the products) act as major restraints of the algae products market. The high prices of end products are also an important concern for the algae product manufacturers, and this consequently acts as a restraint to the algae products market.
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The key players profiled in this report are as follows:
- Cargill (US)
- DowDuPont (US)
- DSM (Netherland)
- BASF (Germany)
- Cyanotech Corporation (US)
- Kerry (Ireland)
- Ingredion (US)
- CP Kelco (US)
- Corbion (Netherland)
- Roquette Frères (France)
- Fenchem Biotek (China)
- Algatechnologies (Israel)
- E.I.D Parry (India)
The nutraceutical & dietary supplement segment is projected to grow at the highest rate during the forecast period
On the basis of application of algae products, the nutraceuticals & dietary supplements segment is projected to grow at the highest CAGR. The demand for algae-based food & beverage products is increasing gradually; for instance, ice cream manufacturers are adding algae to their products for adding nutritive value to their products.
Algae protein is projected to be the fastest-growing segment during the forecast period
Based on type of products, the algae protein segment is projected to be the fastest-growing during the forecast period. In the recent years, due to factors such as fitness needs, animal health concerns, concerns about GMO products , clean labels, and organic labels, the interest and particular focus on plant proteins or alternative proteins has significantly emerged in both developed and developing countries. This trend will lead to the high growth rate of proteins derived from algae.
On the basis of source, blue-green algae products are projected to form the fastest-growing market during the forecast period
Based on the source of the algae products, blue-green algae products are projected to form the fastest-growing segment. Blue-green algae mainly find applications in the nutraceutical and pharmaceutical industries. The growth of these industries will lead to the high growth of the algae industry.
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Asia Pacific is projected to register the highest growth rate during the forecast period
Asia Pacific is projected to be the fastest-growing market between 2018 and 2023. Industrial growth and improvements in the food industry have opened new opportunities for the algae products market in this region. Also, conventional algae food items are already popular in Asia, with algae used extensively in Asian cuisine such as sushi. This makes the Asia Pacific region, the fastest-growing potential for algae products.
