Algae Products Market Expected to Grow at CAGR 5.3% During 2019 to 2023

Market Analysis

Global Algae Products Market is projected to grow at a CAGR of 5.3% over the Forecast Period. Algae can convert carbon dioxide in the presence of sunlight into proteins and fats, which has a potential application in food and fuel. Algae Products include food or feed, prepared by macro or micro-algae. Algae products are rich in protein content and have a wide range application in food supplements, pharmaceuticals, feed supplements, nutraceuticals, and pollution control. Commonly screened algae for algae products include Seaweed, Kelp, Chlorella, and Spirulina.

Algae is a group of organisms having potential of photosynthesis process. It converts carbon dioxide in the presence of sunlight into proteins and fats which can be utilized as food and fuel. Algae products are food or feed formulations prepared by macro or micro-algae. Commonly used algae in algae products comprise seaweed, kelp, chlorella, and spirulina. Due to high nutrient excellence, algae products have a potential application in the food and feed supplements, nutraceuticals, pharmaceuticals, and pollution control. North America is expected to show a higher growth rate in the algae products market over the forecast period 2017-2023. Europe is dominating the market followed by North America. Considering all these factors, North American algae products market is projected to grow at a CAGR of 5.0% during the forecast period 2017-2023.

Major Key Players

This report includes a study of strategies such as mergers, acquisitions, and product launches by the major algae product’s players. It further includes product portfolios, developments of leading players, which includes

Some of the key players profiled in the Global Algae Products Market Cyanotech Corporation (U.S.), Cellana Inc. (U.S.), Alltech, Inc. (U.S.), Algaetech International Sdn Bhd (Malaysia), DIC Lifetec Co. Ltd. (Japan), BlueBioTech GmbH (Germany), Parry Nutraceuticals Limited (India)

Key Findings

The demand for algae products is increasing from nutraceuticals industry

Aquaculture segment has massive opportunity

Biofuels made from algae has potential for better alternative to conventional energy

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Regional Analysis

The Global Algae Products Market is segmented into Europe, Asia Pacific, North America, and rest of the world (RoW). Europe is dominating the in the algae products market followed by North America. Europe has been accounted for a higher consumption of algae products supplements and food products owing to increasing consumer awareness. Furthermore, high demand for algae in pharmaceutical and nutraceutical industry is considerd to be a key driving factor in this region.

Moreover, increasing consumer awareness and high demand for food and feed supplements from countries like India and China, a huge growth is anticipated in the algae products market in Asia Pacific region. Additionally, high focus on R&D in algae products for pollution control is observed, which is expected to encourage the growth of the global algae products market.

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At Market Research Future (Mrfr), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (Crr), Half-Cooked Research Reports (Hcrr), Raw Research Reports (3R)