Algae Products Market by Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Hydrocolloids), Source (Brown Algae, Blue-Green Algae, Red Algae, and Green Algae), Form (Solid and Liquid ) and Application (Food & Beverages, Nutraceticals & Dietary Supplements, Personal Care, Feed, Pharmaceuticals, Chemicals, and Fuel )- Global Analysis & Forecast 2019-2030
Report ID : 181 | Published Date : May 2020 | Pages : 160 | Region : Global | Report Code : FB-21
Algae Products Market Introduction & Overview
Algae are aquatic organisms which have the capability to conduct photosynthesis. Algal extracts are commonly used in preparing foods and other products. Also direct consumption of algae has been existed for centuries in the diets of East Asian and Pacific Island cultures. Algae, as processed and unprocessed food, have a significant annual commercial value.
The global algae products market is driven by the factors such as growing population leading to increased food and nutritional supplement demand, algae are rich source of vitamins and minerals. Rising demand for biofuels, as algae have the potential to produce the biomass. Increasing demand for animal feed owing to increased animal raising. Algae has a high protein content, making algae ideal as an animal feed. Algae also has numerous micronutrients that can enrich standard animal feed. These are some of the factors fueling the growth of the market. However, the cost of production of algae products is on the higher, which is negatively impacting the growth of the market to a certain extent.
The global algae products market is segmented into type, source, form, application and region.
Algae Products Market By Type
Based on type the market is segmented into spirulina, chlorella, astaxanthin, beta carotene, and hydrocolloids. Hydrocolloids accounts for largest market share as they are widely used in the food industry and has various applications in pharmaceutical and cosmetic industry. They are widely used in frozen meals, sauce & dressings, processed meat; frozen desserts, various dairy products, beverages, fruit preserves and confectionery. Hydrocolloids have a wide array of functional properties in foods including thickening, gelling, emulsifying, stabilization and coating.
Algae Products Market By Source
Based on source the market is classified into brown algae, blue-green algae, red algae, and green algae. Brown algae products are considered to account for the largest market share owing to the wide range of application. For instance, Alginates, or alginic acids, are commercially extracted from brown algae are used in ice creams to limit ice crystal formation, in syrups as emulsifiers and thickeners, and in candy bars and salad dressings as fillers.
Algae Products Market By Form
Based on form the market is bifurcated into solid and liquid. Solid algal products accounted for the largest market share owing to factors such as convenience of storage as compared to the difficulties involved in liquid algal products storage.
Algae Products Market By Application
Based on application the market is divided into food & beverages, nutraceticals & dietary supplements, personal care, feed, pharmaceuticals, chemicals, and fuel. Food & beverage accounted for the largest market share owing to wide applications of the algae products in the food industry such as used in the manufacture of creams, sauces, mayonnaise, jellies, custards, puddings, processed cheese and frozen dairy products.
Algae Products Market By Region
Based on region the market is segmented into four regions namely North America, Europe, Asia-Pacific, and Rest of the World (ROW). Asia-Pacific is expected to grow at the highest CAGR owing to factors such as rising population propelling the demand for food in the region. Along with it, countries such as China, India have high disposable income and increased awareness towards health.
Algae Products Market Prominent Players
Some of the key players operating in the global algae products market include DSM, BASF, Cyanotech Corporation, Cargill, Dowdupont, Kerry, Ingredion, CP Kelco, Corbion, Roquette Frères and others.