According to the current analysis
of Reports and Data, the global algae
product market was valued at USD 11.09 Billion in 2018 and is expected
to reach USD 17.99 Billion by the year 2026, at a CAGR of 6.2%. These are
plants that range from microscopic to large seaweeds. They are fastest growing
plant organisms which are converting sunlight, CO2, and nutrients into organic
matter that can replace many commonly used oils such as fish, palm. They are
having the characteristics such as consumption of carbon-dioxide, storage of
essential nutrients, minerals, and vitamins in microorganisms. These form
organic food molecules from carbon dioxide and water through the development of
photosynthesis, in which they acquire energy from sunlight. Similar to land
plants, they are at the presence of the food chain, and, agreed that plants are
virtually absent from the oceans, the existence of nearly all marine
life—including whales, seals, fishes, turtles, shrimps, lobsters, clams,
octopuses, sea stars, and worms—ultimately depends upon algae.
Increasing prevalence of various
life-threatening diseases is one of the main reasons for changing consumer's
preference for the naturally derived item. The demand for cosmetic applications
such as in skin care items including, anti-aging, regenerate care stuffs,
emollient and as an anti-irritant in peelers is further adding up to the
growing industry during the forecast period. Application in fertilizer industry
to improve the water binding capacity and mineral composition of the soil is
another factor creating industry growth opportunity for shortly. Some of the
factors such as rising demand from the nutraceuticals and pharmaceutical
industries, increase in global population and increasing usage of microalgae
pigments are driving the industry. The significant growth hampering factor for
the industry is due to the impact of bad weather on its cultivation. Increase
in global population and rise in demand for food and customization of efficient
food collection by manufacturers are the factors expected to promote the growth
of the industry. In addition, application for production of livestock for
aquaculture species such as fish for their cultivation fuels the market growth.
However, consumption of prescription drug products, such as sun chlorella,
microalgae, spirulina caused gastrointestinal, abdominal, and nausea health
problem, is expected to hamper the industry growth during the forecast period
To identify the key trends in
the industry, click on the link below: https://www.reportsanddata.com/report-detail/algae-products-market
Further key findings from
the report suggest
- These products are used in various applications such
as F&B, nutraceuticals & dietary supplements, personal care,
chemical, feed, and pharmaceuticals.
- Increasing use of these products in healthy food
items to produce natural nutrient supplements, thereby emerging as a
promising substitute for animal-based nutrition.
- The occurrence of key Phyto-ingredients like
beta-carotene, carotenoids, omega three fatty acids, and astaxanthin in
products with health benefits is experiencing a high demand from food
supplement manufacturers, pharmaceutical, and nutraceuticals industry.
- Growing application of these products in the
pharmaceutical sector for manufacturing antimicrobials, antivirals and
anti-bacterial medicines, neuroprotective products, human therapeutic
proteins, drugs for cancer treatment is another key factor expected to
fuel the market during the forecast period.
- North America is anticipated to grow due to growing
healthcare awareness and increasing incidences of health allergies.
Moreover, Asia Pacific is also expected to grow during the forecast period
owing to increasing demand from food & feed supplements and
nutraceuticals industry.
- Asia-Pacific regional segment of these product market
is expected to remain highest growing segment during 2019-2026, at a CAGR
of 6.2%; owing it to the untapped market potential offered by these
products in developing nations such as China & India.
- In 2016, DDW Inc. launched a product in the form of
made from Spirulina with light stability improved by up to 40%. Demand for
these products for cosmetic application is further adding up to the
growing market over the forecast period.
- The Pharmaceuticals segment is expected to have a 20%
market share during 2018-2026. These products are used in many pharma
industries and end-use industries for production.
- Consumption of algae-based drug products, such as sun chlorella, microalgae, spirulina caused gastrointestinal, abdominal, and nausea health problem is expected to hamper the market growth during the forecast period.
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