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Algae Products Market to Reach $3.45 Billion by 2025
Minnesota Ag Connection - 11/08/2018

Growing population coupled with increasing demand for convenience food products, nutritional food additives, aquaculture feed used for fish breeding, and omega3 fatty acid is expected to boost the growth of the algae products market.

Allied Market Research published a report, titled, Algae Products Market by Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Hydrocolloids), Source (Brown Algae, Blue Green Algae, Red Algae, and Green Algae), and Form (Solid and Liquid), and Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Personal Care, Feed, Pharmaceuticals, Chemicals, and Fuel): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers in-depth analyses of the global algae market by closely monitoring the market trends, drivers & opportunities, top investment pockets, key growth strategies, and competitive landscape. According to the report, the global algae products market was valued at $2.47 billion in 2017 and is projected to reach $3.45 billion by 2025, registering a CAGR of 4.2% from 2018 to 2025.

Increase in global population and rise in demand for convenience food products such as pasta, drinks, cakes, bread, gravies, and pastry drive the growth of the market. Moreover, increased demand for nutritional food additives due to the growing requirement for healthy food products, aquaculture feed for fish breeding, and omega3 fatty acid supplement the market growth. However, changes in calcium level and fluctuation in blood pressure due to the consumption of algae-based pharmaceutical products is expected to hamper the market growth. Nevertheless, promotion of algae research and production by government organizations worldwide to reduce carbon footprint, technological advancements to bring down the cost of biofuels manufactured using algae as a raw material, and use of byproducts of the process as a stimulator or fertilizer for soil as well as feedstock for animals would offer lucrative prospects to the market.

The hydrocolloids segment captured nearly half of the total market revenue in 2017 and is expected to remain dominant during the study period. This is due to the fact that hydrocolloids are extensively used in the food & beverage industry for manufacturing products such as bakery, confectionery, among others. However, the spirulina segment would grow at the fastest CAGR of 6.2% through 2025. The other types analyzed in the report include chlorella, astaxanthin, and beta carotene.

The brown algae segment dominated the global market in terms of revenue in 2017, accounting for 35% of the global market. It is expected to continue its lead through 2025, because brown algae is available with competitive quality and better properties at lower cost compared to the other types. However, the green algae segment would witness the fastest CAGR of 6.0% through 2025. The report also analyzes other sources such as red algae and blue green algae.

The solid form algae products segment captured the highest share of 63% and would maintain its lion's share through the forecast period. However, the liquid segment is expected to manifest the fastest CAGR though 2025, due to its extensive use in nutraceuticals and supplements.

In 2017, North America contributed around more than one-third of the global market revenue and would maintain its lion's share through the forecast period. However, Asia-Pacific would exhibit the fastest CAGR of 6.2% through 2025, due to increasing population and growing health awareness of naturally extracted products. The other regions analyzed in the report are Europe and Latin America, Middle East and Africa (LAMEA).

The leading companies in the global algae products market include euglena Co., Ltd., Algae Systems LLC., Cyanotech Corporation, Cargill, Incorporated, Algenol Biofuels Inc., BIOPROCESS ALGAE, LLC, Corbion, Algatechnologies, Cellana Inc., and Earthrise Nutritional.

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