Algae Products Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 – 2030
Algae Products Market: Overview
The algae products market has been anticipated to experience significant growth avenues in the forthcoming years. This increasing market growth is on the back of various factors. Algae possess different properties, which make them useful for diversified end products, for example, moisturizers, toothpaste, aquatic feed ingredients, anti-diabetic & anti-obesity agents, cakes, and ice-creams. Their cultivation using both aquaculture and agriculture practices make these algae special among various other agricultural products.
Primary and secondary metabolites, for example, fatty acids, carotenoids, proteins, and vitamins, have been extracted from these algae as nutritional compounds. In addition to this, some other products including, hydrocolloids, alginate, and agar, are used as stabilizing suspending, thickening, and gelling agents. Owing to this extensive range of applications, the algae products market has been expected to experience significant growth avenues in the upcoming years.
Algae Products Market: Key Trends
During the past few years, there has been a significant increase in healthcare costs across the world. Further, there has been rising prevalence and consumer awareness related to omega-3 in order to provide preventive healthcare solutions. Owing to these factors, the algae products market has been predicted to experience noteworthy growth prospects in the upcoming years.
The potential applications of algae are antifungals, drugs, therapeutic proteins, antivirals, and antimicrobials in the pharmaceutical industry. For instance, powerful water-soluble antioxidants that are found in algae include vitamins, phycobiliproteins, and polyphenols. These antioxidants are helpful in the inhibition of the growth of cancer by causing the regression of premalignant lesions.
In recent years, novel technologies have been adopted for the production of low-cost algae. The rising concentration on various R & D activities is also contributing to boost growth avenues in the algae products market. The production cost of the algae is comparatively higher, and it includes purification, concentration, and extraction processes. This formulation includes a complicated process that is expected to curtail the growth opportunities among regional and local players.
Algae Products Market: Competitive Dynamics and Key Developments
The key players operating in the algae products market have been incorporating various strategies to bolster growth opportunities in the forthcoming years. Collaborations, product approvals, mergers, acquisitions, partnerships, and novel product launches are some of the prominent strategies that are incorporated by the key companies to generate expansion avenues in the market.
For instance, Cyanotech Corporation has announced the launching of BioAstin Hawaiian Astaxanthin in October 2020. It is a novel delivery form that has been available in 1% and 2% concentrations. BioAstin Hawaiian Astaxanthin has been a powerful antioxidant that is derived from the natural Harmatococcus Pluvialis microalgae. This is manufactured on the Kona Coast from the Big Island of Hawaii.
Cargill has introduced the WavePure ADG series in February 2020. The source of this series is Gracilaria red seaweed that has been considered a traditional ingredient in the European region.
Some prominent players in the global algae products market include:
Algae Products Market: Regional Assessment
The algae products market is spread across various geographical locations around the world including North America, Asia Pacific, Europe, the Middle East & Africa, and South America. Among these, the North America region has been predicted to experience significant growth opportunities in the forthcoming years. The U.S. has acquired a major share in the regional market. Various growing industries, for example, dietary supplement, pharmaceutical, nutraceutical, and food & beverage, are putting significant impact on the growth prospects in the algae products market in the North America region. Further, the increasing population of the country is likely to bolster demand opportunities in the market. In addition to this, growing health consciousness among regional people is also estimated to create sales avenues in the market.
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