According to a new market report published by Credence Research “Algae Products Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the algae products market is expected to reach US$ 44.7 Bn by 2023, expanding at a CAGR of more than 5.0% from 2016 to 2023.
Browse the full Algae Products Market for Nutraceuticals, Food & Feed Supplements, Pharmaceuticals, Paints & Colorants, Pollution Control and Other Applications – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/algae-products-market
Algae are a diverse group of photosynthetic organisms which are not closely related and hence are known to be polyphyletic. They are plats which range from microalgae to macro algae. Algae are grown using water resources such as sea and waste water which are not suitable for growing agricultural crops. Microalgae grow using sunlight i.e. photosynthesis, by converting sunlight, CO2 and nutrients such as phosphorus and nitrogen into biomass. This growth is also known as autotrophic growth. Some algae can grow in the dark using sugar starch or by combining both the growth modes.
Based on application, global algae products are segmented into neutraceuticals, food & feed supplements, pharmaceuticals, paints & colorants, pollution control, and others. Among these, neutraceuticals dominated the global algae products market and is expected to retain its position in the near future. Growing use of algae biomass is expected to provide high revenue to the algae producers worldwide. Growing demand for algae products from the neutraceuticals and pharmaceutical industries is the major factor driving global algae products market worldwide. Rising health awareness among the people in both the developed and developing economies is another factor contributing to the growth of global algae products in the market. Some products derived from algae such as Carotenoids, β-Carotene, Omega 3 polyunsaturated fatty acids (PUFA) and Astaxanthin have gained high demand from the neutraceuticals and pharmaceutical industry globally. Food & feed supplements industry accounted as second largest application segment of algae products market and is anticipated to boost high demand for algae products market. Algae products provide number of health benefits such as fish oil multivitamins and supplements. Hence, food and feed industry is expected to boost market growth of global algae products market during the forecast period. Other applications are also expected to fuel market demand for algae products owing to rising algal research industries in developed regions such as North America and Europe.
Europe accounted to be the largest consumer of algae products worldwide. Growing demand for algae from the pharmaceutical and neutraceuticals industries is driving the demand for algae products in the region. North America is also expected to boost high demand for algae products in the near future due to growing algae research industries in the region. Other regions such as Asia Pacific, Latin America and Middle East and Africa are also anticipated to fuel growth of global algae products market during the forecast period from 2016 to 2023.
- Wide range of applications
- Large number of health benefits
- Growing demand from the pharmaceutical and nutraceutical industries
- Opportunities from increasing research activities on algae and its products