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Algae products market projects $5.17 billion by 2023

April 25, 2018
AlgaeIndustryMagazine.com

On the basis of source, brown algae products accounted for the largest market share.
Photo courtesy: Vine•vera Cosmetics

The algae products market is estimated to be USD $3.98 Billion in 2018 and is projected to reach a value of USD $5.17 Billion by 2023, at a CAGR of 5.4%, according to a new report by MarketsandMarkets: “Algae Products Market by Type (Lipids, Carrageenan, Carotenoids, Alginate, and Algal Protein), Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Personal Care, Feed, and Pharmaceuticals), Source, Form, and Region — Global Forecast to 2023.”

The market is driven by factors such as rising health concerns (which include obesity and diabetes) due to consumption of high-calorie products. The health benefits provided by algae products include anti-aging effects, supporting digestive systems, and providing gamma-linoleic acid. Algae also acts as a food supplement, containing nutrients including beta-carotene, iron, manganese, zinc, copper, selenium, and chromium.

As the adoption level of algae products by consumers increases, it helps companies innovate and develop product lines for algae products, which has further contributed to the growth of the algae products market.

On the basis of application, the food & beverage segment accounted for the largest share of algae product market in 2016. The consumption of seaweeds has been large in the food processing industry in the recent past. Algae are essential food additives in convenience food products such as soups, cakes, pastry, bread, gravies, and snacks, improving the food quality, texture, and taste, as well as enhancing nutrition.

On the basis of form, solid algae products accounted for the larger share of the market in 2017, followed by liquid form. The convenience in storage and problems associated with handling liquid algae products are the major factors driving the demand for solid ingredients, and subsequently, the growth of the algae products market.

On the basis of type, lipids accounted for the largest market share in 2017. Derived from algae, omega-3, omega-6, and omega-9 are the different types of lipids, and are a unique form of dietary fats that impart a wide range of health benefits. The demand for algae as a source of lipids is high, as they provide the same benefits as that of fish oil, but with no off-odor or taste.

On the basis of source, brown algae products accounted for the largest market share, followed by blue-green algae, in 2017. The brown algae (seaweeds) are primarily produced in China, Korea, Peru, Chile, and some European countries including Ireland, Scotland, and Norway. These brown seaweeds are mainly used in the production of high-grade alginate. Other products that can be extracted from brown algae are carotenoids and lutein, making it a highly used algae type.

North America was the largest market for algae products in 2017. This is attributed to the growing nutraceutical market in the region; factors such as the growing aging population, rising healthcare awareness, and rising incidences of health allergies have contributed to the growth of the nutraceutical industry, thereby contributing to the growth of the algae products market in the region.

This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies includes DSM (Netherlands), DowDuPont (US), Cargill (US), E.I.D Parry (India), Cyanotech Corporation (US), BASF (Germany), Kerry (Ireland), Corbion (Netherland), Ingredion (US), Roquette Freres (France), Fenchem Biotek (China), Algatechnologies (Israel), and CP Kelco (US).

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