Algae Products Market Size, Share, Growth, Trend and Forecast by 2025 | TechSci Research

by mack nene TechSci Research

According to a recent Voice of Customer published by TechSci Research, Purity of the algae product emerged to be the most important factor considered while purchasing an algae product. Increasing demand from the health food sector, particularly from the manufacturers of health foods and supplements, rising demand from the pharmaceutical sector and the cosmetics sector for manufacturing therapeutic drugs and natural cosmetic products and the increasing application of algae products for generating biofuel is expected to drive the demand for algae products.

According to CIA factbook, globally, humans consume 11 billion tonnes of oil in fossil fuels. Crude oil reserves are expected to vanish by 2060. Algae can also be used to make several biofuels, including ethanol and biodiesel. As part of the photosynthesis process algae produce oil and can generate 15 times more oil per acre than other plants used for biofuels, such as corn and switchgrass.

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According to a TechSci Research report, “Global Algae Products Market Forecast and Opportunities, 2024”, The Global algae products market is projected to register a CAGR of over 7.20%, in value terms, during 2018-23. The growth in the demand of algae products is compelled by factors such as rising usage of algae products in the health food sector for producing natural nutrient supplements, posing as a promising substitute for animal based nutrition, rising application in the pharmaceutical sector for manufacturing antimicrobials, antivirals and anti-bacterial medicines, neuroprotective products, human therapeutic proteins, drugs for cancer treatment, pharmacology etc.

Corbion N.V., DSM N.V., E.I.D Parry India Limited, DIC Corporation, Algatechnologies Ltd., Cyanotech Corporation, Algatech International Sdn Bhd, Tianjin Norland Biotech Co., Ltd., BASF SE, Cellana Inc. etc are some of the leading players in the Global Algae products market in 2017 which are expected to remain dominant by the end of forecast period. In terms of region, North America has dominated the market with a share of over 29%, in terms of value, in 2018. The demand from the flourishing pharmaceutical sector and the energy sector is expected to significantly drive the demand for algae products in the region.

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Global algae products market can be broadly categorized based on source into microalgae and microalgae. The microalgae segment dominated the market in 2018 because high value proposition of algae products in the pharmaceutical sector, replacing several synthetically manufactured pharmaceutical products.

“Algae are highly sensitive to change in environmental conditions, the production hubs for different types of algae are fragmented across the world. China, Japan, South Korea and other eastern countries are production hubs for Macroalgae and North America and South America are production hubs for microalgae. The market is highly fragmented in terms of number of players and the type of algae products they offer. Since different end use industries require different grades of algae, the manufacturers in the global algae products market should focus on a specific industry by developing a industry specific of strains of algae. The leaders of the market are microalgae products manufacturers majorly in the pharmaceutical and food and beverage industry.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Algae Products Market Forecast and Opportunities, 2023” has evaluated the future growth potential of Global algae products market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the Global algae products market.

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