According to the latest report by IMARC Group, titled, “Algae Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global algae products market size reached US$ 1.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.3% during 2023-2028.
Algae are rich in vitamins, minerals, omega-3 fatty acids, protein, polysaccharides, lipids, and antioxidants. They are added to meat products, such as pasty, steaks, frankfurters, and sausages to improve their quality. They are also employed in the preparation of agar, alginate, and carrageenan on account of their gelling, thickening, and stabilizing properties. At present, they are widely utilized in the nutraceuticals and dietary supplements, personal care, feed, pharmaceuticals, and chemical industries across the globe.
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Algae Products Market Trends and Drivers:
The growing global population and increasing awareness about the health advantages of consuming food rich in omega-3 fatty acids represent one of the key factors positively influencing the market. In line with this, an extensive range of pharmaceutical products comprises algae due to their antimicrobials, antiviral, antifungal, and therapeutic properties. This, in confluence with the rising need for algae in food supplements and the easy availability of algae products across various distribution channels, is propelling the growth of the market. Additionally, the increasing adoption of algae in aquaculture feeds for livestock on account of their low cost is fueling the market growth. Furthermore, increasing investments in research and development (R&D) activities to produce biofuels from algae for reducing expenses on the import of fossil fuels is projected to stimulate the growth of the market.
Algae Products Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- ACCEL Carrageenan Corporation
- Algatechnologies Ltd
- Archer-Daniels-Midland Company
- BASF SE, Caldic B.V.
- Cargill Incorporated
- Cellana Inc
- Corbion N.V.
- Cyanotech Corporation
- DuPont de Nemours Inc
- Koninklijke DSM N.V.
- TBK Manufacturing Corporation.
The report has segmented the market based on type, source, form, distribution channel and application.
Breakup by Type:
- Algal Protein
Breakup by Source:
- Brown Algae
- Blue-Green Algae
- Red Algae
- Green Algae
Breakup by Form:
Breakup by Distribution Channel:
Breakup by Application:
- Food and Beverages
- Nutraceuticals and Dietary Supplements
- Personal Care
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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