Dublin, Jan. 18, 2023 (GLOBE NEWSWIRE) -- The "Global Algae Product Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Source, Application, and Region" report has been added to ResearchAndMarkets.com's offering.
According to publisher estimates, the Global Algae Product Market grew from approximately US$ 3 Billion in 2017 to approximately US$ 5 billion in 2022.
The market is forecasted to grow further into approximately US$ 8 Billion opportunities by 2028, owing to the extensive usage of algae into various end-products including cakes, ice-creams, aquatic-feed agents, moisturizer, and other agriculture products.
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.
Surging demand for healthy food products, is likely to propel the growth of the algae products market. Healthy food products are those which contain nutrients that help in to improve the individual immune system. Algae products conclude various beneficial elements such as carbohydrates, polyunsaturated fatty acids, essential minerals, and vitamins.
According to BioMed Central (BMC), an open-access publisher mentioned that in 2020, 16.7% of the population improved their food behavior by consuming nutritious food which helps in maintaining immunity. The increasing demand for healthy food drives the algae product market.
Lack of research and development activities in underdeveloped countries is restraining the growth of the algae products market. The majority of players are having production facilities, where consumption of algae products end-users significantly higher such as food, beverages, pharmaceuticals, and others.
COVID-19 has decelerated the growth of the algae product market. This is because of the temporary shutdown of manufacturing plants, country-wide lockdowns, and disruption in the supply chain. But as the market is recovering, restrictions are easing down, and people are more aware of the health regime, is likely to be estimated that the algae product market will gain healthy returns within the forecast period.
Key Trends by Market Segment
By Application: The food and beverages segment held the largest market in 2021, owing to the growing usage of algae in food, functional food, and food additives.
By Type: The spirulina segment held the largest market share of the global algae product market in 2021, owing to the rich source of minerals and proteins.
By Source: The brown algae segment accounted for the largest market share in 2021, because of its extensive usage in the food and beverages industry.
By Geography: North America accounted for the largest market share within the global algae product market in 2021, owing to regular product improvement, and houses the major global companies operating in algae products.
Presence of leading companies operating in algae products, like Cargill Incorporated, ADM, Cellana Inc., and others, will catalyze the expansion of this market.
The global algae product market is moderately competitive with ~100 players which include globally diversified players, country-niche, and players as well as a majority number of regional players having their niche in producing, manufacturing, and distributing algae products
Regional players constitute the largest by type. While large global players control about 25%. Some of the major players in the market include Cargill Incorporated, ADM, Kerry Group, DSM, Cyanotech Corporation, Caldic B.V., TBK Manufacturing Corporation, Cellana Inc., Algatech Ltd, Corbion, and others
The global algae product market witnessed significant growth during the period 2017-2021, owing to the awareness among people regarding health and various other infectious diseases.
The growth rate is expected to remain significant during the forecast period. Though the market is significantly competitive with ~100 participants, the majority of regional players dominate the market share by type, and global players hold a significant share.
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
TBK Manufacturing Corporation
Scope of the Report
Food and Beverage
TBK Manufacturing Corporation
Algal Bio Co., Ltd.
Primary Ocean Producers
For more information about this report visit https://www.researchandmarkets.com/r/khxc2z
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