Algae Products Market is anticipated to grow at a 5.2% of CAGR from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Algae Products Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Algae Products Market is estimated to be over US$ 4.1 billion in 2019. It is anticipated to grow at a 5.2% of CAGR from 2019 to 2030.

The boom in the algae products market is attributed to the factors such as benefits of algae over the conventional crops such as fast growth of algae helps in extraction of more yields of proteins and oils. Thus, algae are harvested and used in nutrition Worldwide. For instance, dried Spirulina biomass contains about 68% of biomass present proteins, which is a threefold higher content than in beef. Also, algae has high fiber contents, thus agar, alginates and carrageenans are economically the most important products from algae, which are widely used in the food industry as gelling or thickening agents in marmalade, ice-creams, jellies, etc. Algae also has high source of vitamins and minerals, and are used in nutritional supplements. Rising demand for fuel in everyday use, is giving rise to need for developing renewable energy source, algal biomass is used in the biofuel production owing to the benefits of algae such as ability to grow throughout the year with minimum use of water and no requirement of pesticides and fertilizers.

Other factors such as algae products are used in animal feed industry as consist of high mineral additives. Algae also act natural colorants and are used in food industry. For instance, chlorophyll used as a natural colorant is obtained from spinach with the content of approximately 0.06 mg/g, whereas the Spirulina sp. biomass contains 1.15 mg/g of chlorophyll. These factors are positively impacting the growth of the algae products market.

However, factors impacting negatively to the growth of market are health problems caused by the consumption of the algal products such as gastrointestinal, abdominal, nausea problems and many others.

Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:

Asia Pacific is estimated to account for the highest CAGR in algae products market over forecast period. Majorly driven by the perpetually growing demand from food and feed supplement due to growing population in the region. In addition to this, growth in Asia Pacific can be attributed to government funding for the development of algae products to various public-private partnerships. Moreover, an increasing number of partnerships among the leading companies are boosting in the development of algae products by leveraging advancements in technologies and penetration in the region. Long term trade winds favor large-scale production supplies of algae from the Americas, the Middle East and Asia with increasing demands for algal biofuels, products and technologies from China and India.   As a result, the algae products market is likely to expand in this region during the forecast period.

The prominent players in the global algae products market are include DSM, BASF, Cyanotech Corporation, Cargill, Dowdupont, Kerry, Ingredion, CP Kelco, Corbion, Roquette Frères and others.

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