DUBLIN--(BUSINESS WIRE)--The "Algae Products Market by Type, Application, Source, Form, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The algae products market is estimated at USD 3.98 billion in 2018 and is projected to reach USD 5.17 billion by 2023, growing at a CAGR of 5.4% during the study period.
The market is primarily driven by trends such as growth in consumer awareness regarding the health benefits of algae-based products and its application across multiple industries such as food & beverage, pharmaceutical, and personal care. Another growth factor can be the increased preference for vegetarian and vegan foods. This will lead to the increased demand for plant-based protein and other nutrient-rich food products; this scenario has led to the demand for algae products.
Factors such as weather conditions that affect the production of algae (raw materials for the products) act as major restraints of the algae products market. The high prices of end products are also an important concern for the algae product manufacturers, and this consequently acts as a restraint to the algae products market.
On the basis of application of algae products, the nutraceuticals & dietary supplements segment is projected to grow at the highest CAGR. The demand for algae-based food & beverage products is increasing gradually; for instance, ice cream manufacturers are adding algae to their products for adding nutritive value to their products.
Based on type of products, the algae protein segment is projected to be the fastest-growing during the forecast period. In the recent years, due to factors such as fitness needs, animal health concerns, concerns about GMO products, clean labels, and organic labels, the interest and particular focus on plant proteins or alternative proteins has significantly emerged in both developed and developing countries. This trend will lead to the high growth rate of proteins derived from algae.
Based on the source of the algae products, blue-green algae products are projected to form the fastest-growing segment. Blue-green algae mainly find applications in the nutraceutical and pharmaceutical industries. The growth of these industries will lead to the high growth of the algae industry.
The key players profiled in this report are as follows:
- Cargill (US)
- DowDuPont (US)
- DSM (Netherland)
- BASF (Germany)
- Cyanotech Corporation (US)
- Kerry (Ireland)
- Ingredion (US)
- CP Kelco (US)
- Corbion (Netherland)
- Roquette Ferres (France)
- Fenchem Biotek (China)
- Algatechnologies (Israel)
E.I.D Parry (India)
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Algae Products Market, By Type
7 Algae Products Market, By Source
8 Algae Products Market, By Form
9 Algae Products Market, By Application
10 Algae Products Market, By Region
11 Competitive Landscape
12 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/twlfs6/algae_products?w=4