WHAT IS THE SIZE OF GLOBAL ALGAE PRODUCT INDUSTRY?
Global Algae Product market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.
The Algae Product Market is largely driven by the extensive usage of algae into various end-products including cakes, ice-creams, aquatic-feed agents, moisturizer, and other agriculture products.
Surging demand for healthy food products, is likely to propel the growth of the algae products market. Healthy food products are those which contain nutrients that help in to improve the individual immune system. Algae products conclude various beneficial elements such as carbohydrates, polyunsaturated fatty acids, essential minerals, and vitamins. According to BioMed Central (BMC), an open-access publisher mentioned that in 2020, 16.7% of the population improved their food behavior by consuming nutritious food which helps in maintaining immunity. The increasing demand for healthy food drives the algae product market.
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Lack of research and development activities in underdeveloped countries is restraining the growth of the algae products market. The majority of players are having production facilities, where consumption of algae products end-users significantly higher such as food, beverages, pharmaceuticals, and others.
GLOBAL ALGAE PRODUCT MARKET BY TYPE
The Global Algae Product market is segmented by Type into Spirulina, Chlorella, Astaxanthin, Beta-carotene, Hydrocolloids and Others. The spirulina segment held the largest market share of the global algae product market in 2022, owing to the rich source of minerals and proteins.
As per the National Library of Medicine, spirulina is a great source of proteins because it has a high percentage of essential amino acids (EAA), which accounts for around 47% of the total weight of proteins.
GLOBAL ALGAE PRODUCT MARKET BY APPLICATION
The Global Algae Product Market is segmented by Application into Personal Care, Food and Beverage, Dietary Supplements, Pharmaceuticals, Animal Feed and Others. The food and beverages segment held the largest market in 2022, owing to the growing usage of algae in food, functional food, and food additives.
According to the USA Department of Agriculture, Japan’s food processing industry manufactured USD ~219 billion in food and beverages products.
Surging the food industry and rising awareness among people regarding the benefit of algae products, is likely to propel the growth of this segment.
GLOBAL ALGAE PRODUCT MARKET BY GEOGRAPHY
The Global Algae Product market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. North America accounted for the largest market share within the global algae product market in 2022, owing to regular product improvement, and houses the major global companies operating in algae products.
According to whitehouse.gov, a USA government website, mentioned in the September 2022, factsheet, The Seafood Nutrition Partnership will commit a minimum of US$ 280,000 over the next 8 years to improve public knowledge of essential nutrition that has been shown to improve brain health.
Presence of leading companies operating in algae products, like Cargill Incorporated, ADM, Cellana Inc., and others, will catalyze the expansion of this market.
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Key Topics Covered in the Report
- Snapshot of the Global Algae Product Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Algae Product Market
- Historic Growth of the Overall Global Algae Product Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Algae Product Industry
- Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Algae Product Market
- Future Market Forecast and Growth Rates of the Total Global Algae Product Market and by Segments
- Market Size of Source / Application Segments with Historical CAGR and Future Forecasts
- Analysis of the Global Algae Product Market
- Major Production/Supply and Consumption/Demand Hubs in Each Major Region
- Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Continent
Notable Emerging Companies Mentioned in the Report
- Algal Bio Co., Ltd.
- Affiliate Nutra
- Primary Ocean Producers
- Redono
- SMPNutra
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Algae Product Manufacturing Companies
- Algae Product Distribution Channels
- Algae Product Oil Extracting Companies
- Potential Investors in Algae Product Companies
- Algae Additives Manufacturing and Extracting Companies
- Supplements Manufacturing & Distributing Company
- Algae and Vegetable Oil Extracting Companies
- Consulting Companies in the Algae Product Market
- Government And Research Organizations Working in Food Industry
- Investment Banks Targeting Food Industry
- Company Research and Development Institutes
- Market Research & Consulting Firms
- Banking and Financial Service Providers
- Government & Regulatory Authorities
- Packaging Material Suppliers
- Investors in Food Start-ups
- Start-ups & Incumbents in Food Sector
- Certification & Inspection Companies
- F&B Marketing Agencies
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022-2028F
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