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%. The market is driven by factors such as rising health concerns (which include obesity and diabetes) due to consumption of high-calorie products. Also, the health benefits provided by algae products include anti-aging effects, supporting digestive systems, and providing gamma-linoleic acid.
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On the basis of application, the food & beverage segment accounted for the largest share, followed by the nutraceutical and dietary supplement segment. Algae-containing food & beverage products are gaining popularity due to greater awareness regarding the health benefits of these products. Growing consumer preference for alternative protein sources has also led to the demand for algae-based food ingredients in convenience food and health drinks. Moreover, the growing vegetarian and vegan population in North America and Europe is expected to drive the demand for algae products in food, leading to the market’s subsequent growth.
On the basis of source, brown algae-derived products accounted for a larger market share, followed by blue-green algae. Brown algae (seaweed) possess nutraceutical properties; they are anti-hypothyroid, anti-rheumatic, antibacterial, anticoagulant, and antioxidant; hence, they find applications in the nutraceutical industry as well, contributing to the growth of this market.North America accounted for the largest share of the algae products market in 2017. This market is driven by the rise in health-conscious consumers due to the growing incidences of diseases and conditions such as diabetes and high-blood pressure, and also the high demand for plant-derived protein that has been fueling the market for algae products.
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 such as DSM (Netherlands), DowDuPont (US), Cargill (US), E.I.D Parry (India), Cyanotech Corporation (US), BASF (Germany), Kerry (Ireland), Corbion (Netherland), Ingredion (US), Roquette Frères (France), Fenchem Biotek (China), Algatechnologies (Israel), and CP Kelco (US).
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