Algae Products Market is predicted to rise to USD 6,803 million by 2028, witnessing 6.3% CAGR during 2021-2028

Introduction of the Algae Products Market Report

Algae can be defined as a group of organisms having potential of photosynthesis process. These are oxygen-exhaling unicellular, or multicellular, photosynthetic microorganisms with a characteristic of storage of essential nutrients, consumption of carbon-dioxide minerals, and vitamins. It generally converts carbon dioxide into proteins and fats which can be utilized as food and fuel.

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Market Dynamic
Key Drivers and Emerging Trends

The factors driving the global algae products market include increasing health care spending with the growing awareness regarding the health and benefits of omega 3, such as lowering the risk of heart disease, protecting against cancer, dementia, and arthritis, which have boosted the growth of global algae products market. For instance, according to OECD, in 2019, the US health care spending was accounted for USD 10,948. The surging demand for algae products from nutraceutical and pharmaceutical industries, such as blue-green algae, commonly known as cyanobacteria, are being used for antibiotics and pharmacological compounds. Many other ranges of products are also being driven from algae, including therapeutic proteins, antivirals, antimicrobials, antifungals, and others. Such factors have boosted the growth of the global algae products market.

Restraint in the Algae Products Market

However, increasing concerns related to the production system which require a high setup cost may hamper the global algae products market.

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Source – Segment Analysis

Based on the source, micro-algae expected to grow at a higher CAGR in the global algae products market during the forecast period owing to its growing use in nutraceuticals industry. These are being used in the manufacturing of different products such as energy drinks and dietary supplements. Thus, this augment will boost the growth of this segment in the global algae products market.

Application – Segment Analysis

Based on the application, nutraceuticals are projected to grow at a higher CAGR in the global algae products Market during the forecast period owing to rising health and wellness trend as it helps in increasing stamina and strength. Moreover, after Covid-19 impact, the nutraceuticals such as dietary supplements have helped in the restoring the strength and stamina to recover from the health issues.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the global Algae Products Market due to the presence of developed industries such as nutraceutical, food & beverage, pharmaceutical, and dietary supplement, that have boosted the growth of the algae products market in the US. Additionally, R&D funded by the Advanced Algal Systems program focuses on a variety of algae cultivation systems in this region and presence of leading players such as Cargill, Incorporated, DuPont etc in this region has boosted the growth of this market.

Top Market Players

Various notable players operating in the market, include, Cargill, Incorporated, Algatech LTD, Fenchem, CP Kelco U.S., Inc., CP E.I.D. – Parry (India) Limited., Corbion, Base SE, DSM, Cyanotech Corporation., DuPont, among others.

Key Developments:

• • In Oct 2020, Cyanotech announced to launch BioAstin Hawaiian Astaxanthin in a new delivery form which is water dispersible powder and available in both 1% and 2% concentrations. The Astaxanthin, BioAstin, is now offering their new water dispersible powder ingredients market worldwide.
  • In Feb 2020, Cargill has introduced the WavePure ADG series which is sourced from Gracilaria red seaweed, and it is considered a traditional food ingredient in the European Union.

Segments covered in the Report:
The global Algae Products Market has been segmented on the basis of Source, Application and regions. Based on Source, the market is segmented into Micro-algae, Macro-algae, and Others. Based on Application, the market is segmented into Food & Beverages, Nutraceuticals, Pharmaceuticals and Others.

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Key questions answered in this research report:

• • At what pace is global Algae Products Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Algae Products Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Algae Products Market?
  • Which Source generated maximum revenues in 2020 and identify the most promising Source during the forecast period?
  • What are the various Application areas of global Algae Products Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2028)	USD 6,803 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Source, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Cargill, Incorporated, Algatech LTD, Fenchem, CP Kelco U.S., Inc., CP E.I.D. – Parry (India) Limited., Corbion, Base SE, DSM, Cyanotech Corporation., DuPont, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Algae Products Market by Source

• • Micro-algae
  • Macro-algae
  • Others

Global Algae Products Market by Application

• • Food & Beverages
  • Nutraceuticals
  • Pharmaceuticals
  • Others

Global Algae Products Market by Region

• • North America Algae Products Market (Option 1: As a part of the free 25% customization)
    • North America Algae Products Market by Source
    • North America Algae Products Market by Application
    • US Algae Products Market All-Up
    • Canada Algae Products Market All-Up
  • Europe Algae Products Market (Option 2: As a part of the free 25% customization)
    • Europe Algae Products Market by Source
    • Europe Algae Products Market by Application
    • UK Algae Products Market All-Up
    • Germany Algae Products Market All-Up
    • France Algae Products Market All-Up
    • Spain Algae Products Market All-Up
    • Rest of Europe Algae Products Market All-Up
  • Asia-Pacific Algae Products Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Algae Products Market by Source
    • Asia-Pacific Algae Products Market by Application
    • China Algae Products Market All-Up
    • India Algae Products Market All-Up
    • Japan Algae Products Market All-Up
    • Rest of APAC Algae Products Market All-Up
  • RoW Algae Products Market (Option 4: As a part of the free 25% customization)
    • RoW Algae Products Market by Source
    • RoW Algae Products Market by Application
    • Brazil Algae Products Market All-Up
    • South Africa Algae Products Market All-Up
    • Saudi Arabia Algae Products Market All-Up
    • UAE Algae Products Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Algae Products Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cargill, Incorporated
  • Algatech LTD
  • Fenchem
  • CP Kelco U.S., Inc.
  • CP E.I.D. – Parry (India) Limited.
  • Corbion
  • Base SE
  • DSM
  • Cyanotech Corporation.
  • DuPont