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(Health-NewsWire.Net, August 14, 2020 ) Market Overview
The Global Algae Products Market is expected to grow at a CAGR of 5.3 % during the forecasting period (2019-2026).
Algae are protists with plant-like characteristics that are typically found in aquatic environments. Algae range in size from a single cell to large multicellular species, and they can live in various settings including saltwater, freshwater, wet soil, or on slippery rocks.
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Market Dynamics
Algae products are used in a wide range of applications from agriculture, human & animal health to Industrial applications such as chemicals, fuel. Algae are commercially cultivated to produce a variety of products for large to small markets: plastics, chemical feedstocks, lubricants, fertilizers, and cosmetics.
Algae-based products are used extensively for medical & Nutritional purposes. Use of marine algae for various products which were traditionally derived from fish sources is expected to boost the market.
The vegan trend is driving the companies to use algae sources to produce human nutrition & health products. The scientific breakthroughs regarding the use of algae to produce bioplastics could hugely expand the market since bioplastics products are a significant trend.
Microalgae can theoretically produce 20000 gallons oil per year per acre. In 2009, Exxon Mobil invested USD 600 million for research on algae-based biofuels, but the failure of algae biofuels to significantly impact the energy sector has limited the growth of the market.
Segmentation Analysis
Algae Products Market is segmented by algae type and application. By Algae type, the market is segmented into Red Algae, Brown Algae, Green Algae, Golden Algae, Others. Certain red alga is directly consumed as food in Japan (Nori) and Western Europe (Laver).
Carrageenan is a compound obtained from red algae that are widely used to stabilize emulsions in paints, pharmaceuticals, ice cream, and other products.
Agar a product obtained from red algae which are used in the manufacturing of pharmaceuticals and cosmetics, as a culture medium for laboratory microorganisms, and for other purposes, including the preparation of jellied desserts and soups.
Industrial chemicals are known as alginates. These alginates used as thickening agents and as stabilizers for emulsions in the industrial preparation of foods and pharmaceuticals, and for other purposes. Brown & Red Algae dominate the market.
Based on application, Algae Products Market is segmented into Nutraceuticals, Food, Cosmetics, Pharmaceuticals, Chemicals, Fertilizers, Animal Feed, and Others such as Biofuel, Sewage disposal. Nutraceutical segment dominated the market. Algae is used to produce highly valuable nutraceuticals such as Astaxanthin, Betacarotene, Omega-3 fatty acid (DHA and EPA), CoenzymeQ10, Spirulina, and Chlorella.
Increasing use of algae instead of animal sources to produce these compounds due to consumer demand & environmental concerns will cause this segment to grow fastest. Macroalgae are directly consumed as Food. In cosmetics, algae are used for anti-aging creams, detoxifying masks, and cleansers.
Algae is used to produce Antimicrobials, Antivirals, Antifungals, and Neuroprotective Products in Pharmaceutical Industry. Iodine industry is mainly depended upon algae. Alginate, diatomite, & various other chemicals are used in textile, paper, leather, paint, glass Industry.
Algae is used as Fertilizer in Organic Farming. They are mainly used in Aquaculture as animal feed. Algae has enormous potential as a source of biofuel. In Sewage disposal, they are used to clean the water by realizing Oxygen.
Geographical Analysis
By geography, Algae Products Market is divided into Asia Pacific, Europe, North America, South America, and Rest of the World.
North America leads the Algae Products Market due to a large number of various companies dedicated to using algae for nutraceutical, animal feed products & Global Oil companies focussed on Algae Biofuel. Asia-pacific is the second largest market due to the massive production of seaweed in China.
Increase in consumption of nutraceuticals, pharmaceuticals due to rising prosperity & Animal nutrition products due to extensive aquaculture will drive the growth of the algae products market in Asia-pacific. Owing to these reasons, Asia-pacific is expected to be the fastest growing segment.
Competitive Landscape
Some of the major players in the Algae Products Market are Algatechnologies, BASF, CP Kelco, Cargill, Corbion, Cyanotech Corporation, DSM, Dowdupont, E.I.D. Parry, Fenchem Bio-Tek, and Ingredion.
Key market segments covered
By Source
Red Algae
Brown Algae
Green Algae
Golden Algae
Others (Yellow Algae)
By Application
Nutraceuticals
Food
Cosmetics
Pharmaceuticals
Chemicals
Fertilizers
Animal Feed
Others (Biofuel, Sewage disposal)
By Region
Asia Pacific
Europe
North America
South America
Rest of the World
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