Driven by the increasing consumption of algae-based products from food, beverages, and other related industries. The Global Algae Products Product Market is forecasted at approximately US$ 8 Bn by 2028 says Ken Research Study.
Algae is a photosynthetic organism found in both marine and freshwater habitats. Algae is the fastest-growing creature, as it has a short doubling time. Algae term is used to describe a wide collection of photosynthetic, eukaryotic organisms. Red algae, green algae, golden algae, blue-green algae, and others are the multiple types of algae.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study.”
1. Health Benefits of Intaking Algae-based Products, are Driving this Market.
According to Ken Research Analysis, the Global Algae Products Product Market was valued at US$ 3 billion in 2017, it is estimated to be ~US$ 5 billion in 2022 and is forecasted to reach a market size of ~US$ 8 billion opportunity by 2028, owing to increasing demand for supplement products and health benefits associated with the consumption of algae products are fuelling the growth in this market.
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According to the Department of Energy, algae have the potential to provide at least 30 times more energy than land-based crops that are currently utilized to make biofuels. Algae has wide applications such as functional ingredients in various food products as they are rich in oil such as omega-3 fatty acids and poly-unsaturated fatty acids. The surging usage of algae in a variety of food applications and having health benefits associated with it is likely to drive this market.
2. Growing Popularity of Vegetarianism Worldwide is Likely to Boost the growth of the Algae Product Market
As people are shifting towards the vegetarian food option, it is likely to help in the growth of the market. As the majority of the population is shifting towards vegetarian products, considering health-related benefits associated with consuming those products, are helping the algae-based product to boost.
Government initiatives, along with players’ regular upgradation in the technology to launch new algae-based products in the market, are also benefiting the algae product market.
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3. High Production Costs in the Extraction of Algae is Restricting the Expansion of this Market.
Leading players such as Cargill, DSM, and a few others are dominating the algae products market. The production process of algae is complex and costly, as it involves multiple steps such as extraction, concentration, and purification processes. Furthermore, after extraction and purification, algae must be articulated for further application. The usage of algae is based on the type of application, they’re being used in including food, beverages, and others. The formulation and other complex processes of algae make production cost increase and restrict the local and regional players, which is likely to hamper the growth of this market.
Key Topics Covered in the Report
- Snapshot of the Global Algae Product Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Algae Product Market
- Historic Growth of the Overall Global Algae Product Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Algae Product Industry
- Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Algae Product Market
- Future Market Forecast and Growth Rates of the Total Global Algae Product Market and by Segments
- Market Size of Source / Application Segments with Historical CAGR and Future Forecasts
- Analysis of the Global Algae Product Market
- Major Production/Supply and Consumption/Demand Hubs in Each Major Region
- Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Continent
Notable Emerging Companies Mentioned in the Report
- Algal Bio Co., Ltd.
- Affiliate Nutra
- Primary Ocean Producers
- Redono
- SMPNutra
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Algae Product Manufacturing Companies
- Algae Product Distribution Channels
- Algae Product Oil Extracting Companies
- Potential Investors in Algae Product Companies
- Algae Additives Manufacturing and Extracting Companies
- Supplements Manufacturing & Distributing Company
- Algae and Vegetable Oil Extracting Companies
- Consulting Companies in the Algae Product Market
- Government And Research Organizations Working in Food Industry
- Investment Banks Targeting Food Industry
- Company Research and Development Institutes
- Market Research & Consulting Firms
- Banking and Financial Service Providers
- Government & Regulatory Authorities
- Packaging Material Suppliers
- Investors in Food Start-ups
- Start-ups & Incumbents in Food Sector
- Certification & Inspection Companies
- F&B Marketing Agencies
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022-2028F
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