Increasing Awareness About Health Benefits of Algae Products to Drive Market Growth

by Mit K. SEO

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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Scope of the Report:

On the basis of Application, the market for algae products has been segmented as follows:

•             Food & beverages

•             Nutraceuticals & dietary supplements

•             Feed

•             Personal care products

•             Pharmaceuticals

•             Others (pet food, fortified food, and infant food)

On the basis of Type, the market for algae products has been segmented as follows:

•             Lipids

•             Carrageenan

•             Carotenoids

•             Algal protein

•             Alginate

•             Others (algal flour, dried algae, and agar)

On the basis of Source, the market for algae products has been segmented as follows:

•             Brown algae

•             Blue-green algae

•             Green algae

•             Red algae

•             Others (yellow-brown algae and golden algae)

On the basis of Form, the market for algae products has been segmented as follows:

•             Solid

•             Liquid

On the basis of Region, the market for algae products has been segmented as follows:

•             North America

•             Europe

•             Asia Pacific

•             RoW (South America, Middle East & Africa)

North America was the largest market for algae products in 2017. 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.

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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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Created on Oct 29th 2020 07:47. Viewed 287 times.

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