Algae is used as an ingredient to make animal feeds, nutraceuticals and medical products, personal care, fine chemical etc. The global algae products market report has been segmented on the basis of application, source, and region.
Increasing government spending on R&D to develop commercial biofuels from algae is expected to drive the growth of the market over the forecast period. In addition, increasing spending in R&D activities to develop medicine using algae for treatment of several diseases such as Parkinson, Alzheimer’s, and dementia is other factor expected to propel the growth of the market over the forecast.
However, high processing cost and impact of climatic conditions on algae production are major factors expected to limit the growth of global algae products market over the forecast period.
Based on application, the global algae products market is segmented based food & beverages, dietary supplements, feed, personal care products, pharmaceuticals and others (pet food, and infant food). The food & beverages segment is expected to contribute major share of the market. This is attributes to the growing consumer preference and demand for alternative protein sources. Furthermore, pharmaceutical segment is expected to witness rapid growth rate over the forecast period
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Regional segmentation includes North America, Europe, Latin America, Asia Pacific and Middle East and Africa. North America contributes major market share and expected to maintain its dominance over the forecast period region. Asia Pacific region is expected to witness rapid growth rate over the forecast period. Countries like India and China is expected to support the growth of Asia Pacific market, owing to the increasing prevalence of chronic diseases as well as growing awareness regarding the health benefits of algae-based products among the people in the region.
Some prominent players in the global algae products market are Koninklijke DSM N.V., BASF SE, Cyanotech Corporation, Cargill, The Dow Chemical Company, Kerry Group, Ingredion Incorporated, Sapphire Energy Inc., AlgaTechnologies Ltd., and Kent BioEnergy Corporation.