Market Outlook
In 2020, the global algae products market size is witnessed at USD 11.2 billion and is estimated to exhibit the highest CAGR of 7.2% along with the market size of USD 19.56 billion during the forecast period 2021-2028.
A group of organisms having a photosynthesis process is called Algae which can be unicellular or multicellular, oxygen-exhaling, microorganisms. Algae can convert carbon dioxide into proteins and fats using the sunlight and these are used as food and fuel. These products are formed by micro or macro-algae. These algae are generally used in algae products made of chlorella, seaweed, kelp, and spirulina. As algae products have high nutrient excellence, it has a huge application in food and feed supplements, pharmaceuticals, nutraceuticals, and pollution control. Its high protein including the essential amino acids content helps in boosting human metabolic functions like enzyme production.
COVID-19 Analysis:
The COVID-19 outbreak has drastically reduced the world economy and people's health care. Almost all the sectors are influenced by this pandemic. In the same way, it also created multiple challenges in the food beverages industry. But there are also a few positive things in this pandemic regarding algae products. The marine red algae help in preventing the spread of coronavirus as biocompatible compounds which are extracted from algae can be used as a coating material on sanitary items.
The cosmetic industry has a variety of algae products. Algae is a part of many skin treatments and cosmetics. Algae have demonstrated antioxidant, mineral replenishing, and moisturizing properties due to which algae-infused anti-aging creams, detoxifying masks, and cleansers have gained prominence among consumers.
Increasing consumer demand for plant-based food products which also offer immune support is a trend that is estimated to augur the growth of the global algae products market. Besides, product innovation and incorporation of algae products in various consumer goods ranging from cosmetics to pharmaceuticals is promoting the growth of the global algae products market.
Algal biofuels are expected to be the fuel of the future which is likely to provide substantial growth opportunities to the global algae products market. Extensive RD aimed at finding methods to improve the productivity of algal strains and algae cultivation methods has resulted in advances in algal biofuel process technology, and increased feasibility which coupled with finding from government authorities are likely to augment the growth of the global algae products market.
On the other hand, consumption of algae products or algae-based drugs is known to cause gastrointestinal, abdominal, and nausea health problems among consumers which is likely to restrain the growth of the market over the forecast period. Additionally, low awareness in some regions might also impede the market growth.
Competitive Landscape
Algaetech International Sdn Bhd (Malaysia), Alltech, Inc. (U.S.), BlueBioTech GmbH (Germany), Parry Nutraceuticals Limited (India), Cellana Inc. (U.S.), DIC Lifetec Co. Ltd. (Japan), and Cyanotech Corporation (U.S.) are key players in the global algae products market.
Regional Analysis
By region, the global algae products market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Europe is the largest market for algae products due to the high consumption of algae products supplements and food products. Elevated consumer awareness and continuous demand from the pharmaceutical and nutraceutical industry is boosting the growth of the Europe market.
North America is the second-largest market for algae products due to the high demand for plant-derived health supplement sources and high awareness regarding the benefits of algae consumption.
APAC market is poised to showcase substantial growth over the forecast period. Growing health awareness and surging demand for health supplements are likely to drive the market.
Segment Analysis
The global algae products market has been segmented based on source, product application, and distribution channel.
By source, the global algae products market has been segmented into macro-algae, micro-algae, and others. The microalgae segment is leading the market. Microalgae is cheap to grow, and microalgae are inexpensive. Use of micro-algae in supplements and energy drinks are likely to drive the segment over the forecast period. However, extraction of phyto-ingredients from macro-algae is easy than the extraction of phyto-ingredients from microalgae.
By product application, the global algae products market has been segmented into food supplements, feed supplements, nutraceuticals, pharmaceuticals, pollution control, paints and colorants, and others. The nutraceuticals segment is domineering the market due to increasing health awareness among consumers. However, the food supplements segment is likely to showcase high growth over the forecast period due to high consumer awareness regarding the benefits of algae consumption.
By distribution channel, the algae products market has been segmented into store-based and non-store-based distribution channel. The store-based distribution channel is the most preferred one among consumers.
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