Market Synopsis
According to Market Research Future (MRFR), the global algae products market is anticipated to expand at a CAGR of 7.20% while acquiring a significant CAGR during the assessment period from 2023-2032.
The rise in consumption of dietary supplement and natural products are anticipated to be significant causes that can drive the algae products market 2022. The growing need for an alternative to fossil fuel to control environmental pollution is expected to augment the market in the forecast period. The increasing demand for products derived from algae in personal care, food beverage, and pharmaceutical sector may strengthen the market in the forthcoming period. Furthermore, the rising global population and growing demand for food, and customization of functional food product portfolio by manufacturers are other salient factors that can boost the market in the assessment period.
On the other hand, high costs associated with the algae-driven fuel are anticipated to obstruct the market in the forecast period. However, the development of commercial byproducts, along with aforementioned factors can counter the restraining factors and augment the algae products industry.
Market Segmentation
The market segmentation of the global Algae Products Market is done by distribution channel, source, and application.
The distribution-channel based segments of the global algae products market are store-based and non-store based distribution channel. Among all segments, the store-based distribution channel is anticipated to dominate the market during the assessment period.
The source-based segments of the global algae products market are macro-algae, micro-algae, and others. Among all segments, the macro-algae segment is anticipated to dominate the market during the review period owing to its cheap cost.
The application-channel based segments of the global algae products market are food supplements, feed supplements, nutraceuticals, pharmaceuticals, pollution control, paints and colorants, and others. Among all, the nutraceuticals segment is expected to dominate the global market during the forecast period owing to the growing demand to boost immunity.
Regional Analysis
Based on the region, the global market for algae market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis, Europe is anticipated to dominate the global market for the algae market owing to the rising consumer awareness. The pharmaceutical and nutraceutical consumer sector are expected to be one of the major consumers of the product, which is likely to strengthen the regional market during the forecast period. Furthermore, the growing focus on RD in algae products is predicted to be another salient cause that is likely to develop the market in the assessment period.
North America expected to acquire the second position during the forecast period owing to the rising health consciousness among people. The growing demand for natural products is recognized as another potential factor that is likely to augment the regional market in the assessment period.
The APAC region is anticipated to acquire significant market value during the forecast period owing to the rising awareness about benefits of algae products. Furthermore, the significant participation of developing countries is expected to boost the regional market in the assessment period.
The MEA region is likely to procure the last position in terms of acquiring revenue owing to the sluggish economic development of the region. However, there are plenty of untapped opportunities that can boost the regional market during the assessment period.
Key Players Market Players are Parry Nutraceuticals Limited (India), Alltech, Inc. (U.S.), Cellana Inc. (U.S.), Algaetech International Sdn Bhd (Malaysia), DIC Lifetec Co. Ltd. (Japan), Cyanotech Corporation (U.S.), and BlueBioTech GmbH (Germany).
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