The global Algae products market will grow at a CAGR of 6.7% from 2017 to 2022 to reach USD 3,318.1 million by 2022, according to the latest publication from Meticulous Research®. The global algae products market is driven by factors such as growing demand for algae products from the pharmaceutical and nutraceuticals industries, increasing utilization of pigments from microalgae due to strict regulations regarding the use of synthetic colors and flavors, and growing consumer preference to algae sourced products. Moreover, the emergence of new application areas, growing use of microalgae in aquaculture, and increasing use of algae in biofuel production provides significant opportunities for the various stakeholders in this market.
Key Market Segments to Watch
The global algae products market is mainly segmented by product (hydrocolloids, carotenoids, omega-3 PUFA, spirulina, chlorella, and others), value (medium value, high value, and low value), application (food and feed, nutraceutical, cosmetic, chemicals, and others), and geography.
On the basis of product type, algal hydrocolloid commanded the largest share in the global algae products market in 2016, mainly due to the growing demand from food, pharmaceutical, medicinal, and biotechnological industries due to their distinct physico-chemical properties such as hydrophilicity, biodegradability, biocompatibility, non-toxicity, pleasant taste & odor; and low cost. However, algal omega-3 PUFA is expected to witness a fastest growth during the forecast period, as there are many shortcomings of fish derived omega-3 PUFA, an alternative to algal omega-3 PUFA. The various aspects of fish derived omega-3 PUFA such as undesirable taste & odor, diminishing supplies, objections by vegetarians, its chemical processing methods, and presence of contaminants such as mercury, dioxins, and polychlorinated biphenyls propels the adoption of algal omega-3 PUFA which is considered as one of the best alternatives in various parts of the globe.
On the basis of value, medium value products held the largest share of the market in 2016 and are expected to dominate global algae products market during the forecast period. Medium value products include hydrocolloids, spirulina, chlorella, and others and they are witnessing a huge demand from food and nutraceutical industry.
On the basis of application, food and feed accounted for the major share of the global algae products market in 2016, owing to increasing demand for hydrocolloids, spirulina, and pigments from this segment. However, the nutraceutical segment is expected to grow at a considerable pace in the next few years, mainly attributed to the consumers’ growing desire for natural alternatives, rising health and wellness trend, and growing incidence of chronic diseases.
Regional Market Growth Trends
Geographically, the global algae products market is segmented into North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia Pacific (China, India, Japan, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share in the global algae products market in 2016, followed by Europe, and Asia-Pacific. The large share of this market is mainly attributed to growing U.S nutraceutical market which is primarily driven by aging population, increasing healthcare awareness, and higher incidences of allergies and intolerance. In addition, growing health concerns & awareness and changing lifestyle are significantly impacting all sectors of the food and cosmetic & personal care industries, leading to increased demand for functional food and beverages and personal care products, enriched with functional ingredients and active constituents which further drive the growth of North American algae products market. However, Asia Pacific region is expected to witness a significant growth during the forecast period due to growing health food industry, pharmaceutical sector, demand of personal care products; high investments; and government initiatives for microalgae production in the region.
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Top companies in the global algae products market
The key players operating in the global algae products market are DIC Corporation (Japan), Cellana Inc. (U.S.), Taiwan Chlorella Manufacturing Company (China), Algaetech International Sdn Bhd (Malaysia), Cyanotech Corporation (U.S.), BlueBioTech Int. GmbH (Germany), Algatechologies ltd. (Israel), Pond Technologies Inc. (Canada), E.I.D. – Parry (India) Limited (India), Tianjin Norland Biotech Co., Ltd., (China), AlgaeCan Biotech Ltd. (Canada), Corbion NV (The Netherlands), Qponics Limited (Australia), Royal DSM (The Netherlands), Heliae Development, LLC (U.S.), and SUN CHLORELLA CORPORATION (Japan).
These vendors employed various strategies to expand their product and application offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global algae products market were collaborations, agreements, & partnerships; new product launches; and acquisitions, expansions, and approvals.
Key questions answered in the report-
Who are the local emerging players in the global algae products market and how do they compete with the global players?
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