Global algae product market offers strategic visions into the global algae product market along with the market size (Revenue – US$ Mn and Volume – Kilo Tons) and estimates for the duration 2016 to 2024. Increasing demand for algae products such as Carotenoids, β-Carotene, Omega 3 polyunsaturated fatty acids (PUFA) and Astaxanthin from the nutraceuticals and pharmaceutical industry is expected to boost the market growth. The market for algae products is anticipated to expand at a CAGR of 5.7% during the forecast period from 2019 to 2024. The global algae product market was valued at US$ 31.3 Bn in 2016.
Algae product market is majorly expected to witness sustainable growth during the forecast period due to its high nutritional value as a high protein source. It is a complete protein with essential amino acid which is involved in major metabolic processes which include enzyme production. It also has an extensive fatty acid profile such as Omega 3 and Omega 6 which plays a major role in production of energy. Moreover, cosmetic industry is also expected to be one of the driving forces for the growth of the market in terms of revenue. Algae are used in cosmetics products as a raw material, specialized functional ingredient and as bulk extract formulations. Other applications such as paints & colorants, pollution control and others which include lubricants are also expected to boost strong demand for algae products in the market.
Global algae product market is segmented based on the nutritional value, type, application and geography. Based on the nutritional value, the market is segmented into high value products, medium value products and low value products. On the basis of type, the market is segmented into Eucheuma, Laminaria Japonica, Gracilaria, Undaria Pinnatifida, Porphyra and others. In terms of application, the global algae product market is segmented into nutraceuticals, food and feed supplements, pharmaceuticals, paints and coatings, pollution control and others. Among these, nutraceuticals dominated the global algae products market in 2016. Algae are a very rich source of active natural products and nutraceuticals. The nutraceuticals and pharmaceutical content in the algae strain is very diminutive, but the current value of these products in the market is very high.
Geographically, Europe accounted as the largest market for algae product, globally. In 2016, the region accounted for around 38% of the overall algae product market’s revenue. Growing demand for algae products from nutraceuticals and pharmaceutical industries in Europe has led to growth of algae products in the market. Furthermore, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for algae product market in this region. Growing health awareness among the people is another factor driving the growth of algae products market in the region.
The algae product market is moderately fragmented; it is dominated by large and medium algae product companies. Many small and medium companies involved in the production of algae product and process algae are located across the globe. Key players in the market include Algaetech International, Cellana Inc., DIC LIFETEC Co. Ltd., Cyanotech Corporation, Taau Australia Pty. Ltd., Fuqing King DnarmsaSpirulina Co., Ltd., Alltech Algae, Parry Nutraceuticals, and BlueBioTech International. Companies are adopting aggressive marketing tactics to remain competitive in the market. Additionally, companies are carrying out strategic acquisition and merger activities to increase their market share.