Home / Press Release / Global Algae Products Market Projected To Reach US$ 53.43 Bn By 2026

Global Algae Products Market Projected To Reach US$ 53.43 Bn By 2026

According to the latest report published by Credence Research, Inc. “Global Algae Products Market - Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global algae products market was valued at US$ 32.60 Bn in 2017, expected to grow at a CAGR of 5.8% from 2018 to 2026.

Browse the full report Global Algae Products Market - Growth, Future Prospects and Competitive Analysis, 2018-2026 report at  https://www.credenceresearch.com/report/algae-products-market

Market Insights

Algae consist of large and diverse group of phototrophic, oxygenic, eukaryotic microorganisms. Algae are eukaryotic, which means they have a nucleus. This differentiates them from bacteria and photosynthetic cyanobacteria. Algae also use light as their source of energy for growth and produce oxygen as a byproduct, like plants. However, algae are different from plants as they do not have any tissue. While on the other hand plants can differentiate their tissues into roots, trunks, and leaves, all very different tissue types. Algae in contrast are composed of cells which are generally all the same. In spite of the differences between plants and algae, many algal species are closely related to plants. But the algae are very diverse. Some algae, such as euglena, are closer evolutionarily to single-celled protozoa than to plants. The main unifying characteristic that determines if a species is considered algae is that all algae contain or have a very recent ancestor that contained chlorophyll a. Algae are available in different shapes and sizes and contain different valuable substances. Algae are one of the most useful organisms. Algae are responsible for consuming most of the CO2 and releasing the most amount of oxygen that keeps us alive, algae are also being used in diverse industries and applications. One of the most important products that can be made from algae is biofuels and there are a number of companies working towards it.

Rising health awareness among consumers is a key factor driving market demand for algae products. People all over the world are becoming more health conscious and focused on preventative health care. Many health risks are associated with the use of products made from synthetic ingredients due to the presence of petroleum based chemicals, acids, salts etc. This has resulted in consumers preferring products made from natural ingredients which are non-toxic and also environment friendly. To meet this rising demand the manufacturers need to focus on innovative information-based advertising campaigns. Thus the increase in consumer health awareness will continue to drive the growth of the algae products market during the forecasted period.

However, wide availability of substitutes is a key factor resulting in market slowdown at present. At present algae has been used for many products and applications, and new ones are constantly being discovered. It is use in nutraceuticals, pharmaceuticals, cosmetics, hydrocolloids, biopolymers and bio-plastics, animal and fish feed, dyes and colorants, chemicals, lubricants and papers among others. In each industry where algae can be used their synthetic counterparts is easily available and is likely to be less expensive when compared to algae derived products. Algae products are premium priced and their prices are 3 to 5 times higher than that of their counterparts. However, algae products are more effective than their alternatives.

Based on application, the nutraceuticals segment dominated the global market for algae products in 2017, and expected to display similar trend in the coming years as well. High demand for algae products in nutraceutical applications is a key factor driving market growth.

Europe is expected to retain its dominant position throughout the forecast period as well. Germany, France and U.K. are expected to lead the algae products market in Europe throughout this period. North America accounted for the second largest market share in the field of algae products, with U.S. driving the growth of the market in North America.

The global market for algae products is marked by intense competition from the major players operating in this market. Tactical mergers & acquisitions, joint ventures & partnerships, product developments and expansions among others are some of the key strategies adopted by these players in order ensure long term sustenance in this industry. Key players operating in the global algae products market include Algaetech International Sdn Bhd, Aurora Algae, Cellana Inc., DIC Corporation, Cyanotech Corporation, Taau Australia Pty Ltd., Fuqing King Dnarmsa Spirulina Co. Ltd., Alltech Algae, Parry Nutraceuticals and BlueBio Tech International among others.

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