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Algae products market growth projections 2018-2023

May 20, 2018
AlgaeIndustryMagazine.com

One factor for the projected growth in algae products, according to the report, is the increased interest in vegan and vegetarian diets, which leads to increased demand for plant-based protein and other nutrient-rich food products.

The algae products market is estimated at USD $3.98 billion in 2018 and is forecast to reach USD $5.17 billion by 2023. It is projected to grow at a CAGR of 5.4% during the 5-year period. These predictions are based on a Research and Markets study of major international companies whose work is significant in and to the algae industry. Companies studied included Cargill (US), DowDuPont (US), DSM (Netherland), BASF (Germany), Cyanotech Corporation (US), Kerry (Ireland), Ingredion (US), CP Kelco (US), Corbion (Netherlands), Roquette Frères (France), Fenchem Biotek (China), Algatechnologies (Israel), and E.I.D Parry (India).

The research noted that the algae market is primarily driven by trends such as growth in consumer awareness regarding the health benefits of algae-based products and its application in multiple industries such as food & beverage, pharmaceutical, and personal care. Another growth factor is the increased preference for vegetarian and vegan foods, which leads to the increased demand for plant-based protein and other nutrient-rich food products.

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.

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 for additional 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.

Asia Pacific is projected to be the fastest-growing market between 2018 and 2023. Industrial growth and improvements in the food industry have opened new opportunities for the algae products market in this region. Also, conventional algae food items are already popular in Asia, with algae used extensively in Asian cuisine such as sushi.

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