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Algae Products Market Research Report- Forecast till 2027

Algae Products Market Information: by Source (Macro-Algae- Edible Seaweed, Kelp; Micro-Algae- Chlorella, Spirulina; others), Application (Food Supplements, Feed Supplements, Nutraceuticals, Pharmaceuticals, Pollution Control, Paints and Colorants others), Distribution Channel (Store-Based and Non-Store Based) and Region Forecast till 2027

ID: MRFR/F-B & N/3308-HCR | February 2021 | Region: Global | 110 pages

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Algae Products Market Overview


In 2020, the global algae products market size is witnessed at USD 11.2 billion and is estimated to exhibit the highest CAGR of 7.2% along with the market size of USD 19.56 billion during the forecast period 2021-2028.


A group of organisms having a photosynthesis process is called Algae which can be unicellular or multicellular, oxygen-exhaling, microorganisms. Algae can convert carbon dioxide into proteins and fats using the sunlight and these are used as food and fuel. These products are formed by micro or macro-algae. These algae are generally used in algae products made of chlorella, seaweed, kelp, and spirulina. As the algae products have high nutrient excellence, it has a huge application in food and feed supplements, pharmaceuticals, nutraceuticals, and pollution control. Its high protein including the essential amino acids content helps in boosting human metabolic functions like enzyme production.


Moreover, algae are grown for huge protein and oil content to produce biofuels or animal feeds. Apart, it also contains Omega-3 and Omega-6 fatty acids in high amounts which makes it a good source of energy in food and fuel. Hence, we can say that the demand for algae products is high in the food and feed industry. Furthermore, microalgal biomass which is abundant in micronutrients is used in dietary supplements for enhancing human health. It is also used for pollution curbs and provides a larger yield compared to biofuel feedstock. Marine algae contain a high source of minerals, vitamins, and proteins which are considered superfoods. Algae are produced in the form of tablets, powder, and liquids.


 


COVID-19 Analysis:


 The COVID-19 outbreak has drastically reduced the world economy and people's health care. Almost all the sectors are influenced by this pandemic. In the same way, it also created multiple challenges in the food & beverages industry.  But there are also a few positive things in this pandemic regarding algae products. The marine red algae help in preventing the spread of coronavirus as biocompatible compounds which are extracted from algae can be used as a coating material on sanitary items.


 Moreover, Canadian researchers use algae for developing serological test kits which are used for COVID-19 available at low cost. These kits help to determine virus infection in a suspect. Hence it accelerates the demand for the market. In such a way, the pandemic has moderately impacted the algae products market.


 
Market Dynamics:


Drivers:


Rising use of algae in pharmaceutical industries for producing antimicrobials, antivirals, neuroprotective products, and antifungal medicines. Constant growth in the global population and growing demand for food and the customization of functional food product portfolios by the major key players are the factors fueling the growth of the market. The rising application of algae in the livestock production for aquaculture varieties like fish for their cultivation is propelling the algae products market growth.


Growing awareness among the people regarding the health benefits produced by algae-based products and a surging number of research activities for developing algae-based products is expected to escalate the market growth.


 Restraint:


The production system of algae requires a high setup cost and the impact of climatic conditions on the algae production is anticipated to limit the growth in the review period.


Opportunities:


 Enhancing the commercial byproducts, algae-based biofuel production technology, and untapped potential in emerging markets is creating promising opportunities to boost market growth.


Challenges:


Abdominal, gastrointestinal, and nausea health disorders may arise due to the consumption of algae-based prescription drug commodities like chlorella, microalgae, and spirulina which is the major challenge to the market growth. Apart, the dearth of R&D activities in developing nations and lack of awareness are also the factors challenging the market growth.


Study Objectives -



  • To offer information about the algae products market structure along with various forecast segments for the next 7 years.

  • To provide the growth factors of the algae product's market value.

  • To analyze the algae products market industry analysis based on factors-price analysis, supply chain analysis, etc.

  • To offer previous and review revenue segments and sub-segments of the algae products market revenue for the four main geographies.

  • To provide the country-level analysis of the present global market size and assessment perspective. 

  • To provide country-level analysis of the market industry growth by region, source, and distribution channel.

  • To provide a strategic profile of the prominent key players in the market, evaluate their core competencies, and draw a global market competitive landscape.

  • To track and analyze new product developments, mergers, acquisitions, strategic alliances, and global market research.


Segment Overview:


The global algae products market has been divided into four segments based on source, product application, distribution channel, and region.


Based on Source


The algae products market based on the source is partitioned into a few forms such as macro-algae, micro-algae, and others. Among them, macro-algae is holding the largest market share due to its low cost in growing. Moreover, when compared to micro-algae, the extraction of Phyto ingredients from macro-algae is relatively simple. Anyway, micro-algae products are preferred in the nutraceutical industry in the manufacturing of several products like energy drinks and supplements.


Based on Product Application


By product application, the algae products are categorized into various types such as feed supplements, pharmaceuticals, pollution control, food supplements, paints & colorants, nutraceuticals, and others. Due to growing health awareness, the nutraceuticals segment is accounting for the highest share. Meanwhile, the food supplement demand is expected to grow at a high rate due to the health benefits associated with the consumption of algae products. 


 Based on Distribution Channel


Based on the distribution channel, the algae products are bifurcated into store-based and non-store-based distribution channels. Among them, the store-based distribution channel is holding the largest market share as it provides a one-stop shopping experience.


Based on Region


The global algae products based on the regions are divided into four major regions like Asia-Pacific, Europe, North America, and the Rest of the World. Out of these regions, Europe is dominating the largest market share due to the growing consumer awareness as the consumption of algae products, supplements, and food products is high.


 


Regional Analysis -


Geographically, the algae products market is analyzed into four major regions like Asia-Pacific, Europe, North America, and the Rest of the World.  Among them, Europe is holding the highest algae products market share because of the consumption of high algae products supplements, and food products due to the rising consumer awareness. Moreover increasing demand for algae in both the nutraceuticals and pharmaceutical industry is expanding the market growth in this region.


 Asia-Pacific is predicted to grow at a significant value due to the rising consumer awareness, high demand for food and feed supplements from emerging countries like India and China. Furthermore, rising the focus on R&D in algae products for controlling pollution is projected to boost the market growth in this region. 


 


Competitive Landscape


The prominent key players in the algae products market outlook are the following:



  • Cellana Inc

  • Algaetech International Sdn Bhd

  • DIC Lifetec Co.Ltd

  • Parry Nutraceuticals Limited

  • BlueBio Tech, and

  • Alltech Inc.

  • Cyanotech Corporation


 


Recent Developments



  • In September 2018, a famous key player Cyanotech Corporation took membership with Algae Biomass Organization (ABO), and by this membership and ABO’s assistance, their efforts were reduced in marketing and educating consumers about algae products.

  • In January 2018, one of the popular companies Parry Nutraceuticals took a joint venture with the well-known company Synthite Industries Ltd for enhancing their company as a value-added algae company. Both of the companies established a manufacturing facility in Tamil Nadu with approximately 400 million investment for phycocyanin production which is a natural blue pigment extracted from Spirulina. This joint venture broadened company's geographic reach and is predicted to grow in the Asia market.


Report Overview:


This global algae products market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the algae products market drivers, restraints, challenges, and opportunities. The algae products market forecast segments into four forms: source, product application, distribution channel, and region.


 


Segmentation Table


The algae products market trends have been segmented into four sections globally based on the source, product application, distribution channel, and region.


 


By Source


Macro-algae, micro-algae, and others are a few sources of the market.


By Product application


Food supplements, feed supplements, nutraceuticals, pharmaceuticals, pollution control, paints & colorants, and others are the various product applications.


By Distribution Channel


Store-based and non-store-based distribution channels are two distribution channels.


By Region


Asia-Pacific, Europe, North America, and the Rest of the world are the four main regions in the global market.



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Frequently Asked Questions (FAQ) :

Massive demand from the nutraceutical industry is the major driver of the global algae products market.

By ‘source’, macro-algae can dominate the global algae products market.

By ‘source’, the micro-algae segment can display a stellar growth rate from 2020 to 2027.

Europe can dominate the global algae products market till 2023 due to high consumption rate of nutraceuticals and food supplements.

DIC Lifetec Co. Ltd., Cellana Inc., Cyanotech Corporation, Algaetech International Sdn Bhd, Parry Nutraceuticals Limited, Alltech, Inc., and BlueBioTech GmbH are major players of the global algae products market.