Market Definition
Algae are the class of micro-organism, which can convert carbon dioxide in the presence of sunlight into proteins and fats. It is used in the food and fuel industry. Algae products comprise of food or feed prepared by macro or micro-algae. Algae products are loaded with proteins and have wide range of applications in food and feed supplements, nutraceuticals, pharmaceuticals, and pollution control. Commonly screened algae products consist of seaweed, kelp, chlorella, and spirulina.
Market Scenario:
Algae products are contains proteins and essential amino acids, which boost human metabolic process for instance, enzyme production. In addition, high content of Omega-3 and Omega-6 fatty acids in algae products makes it a good source of energy in the food and feed. Owing to these nutritional benefits an elevated requirement for algae products are been observed from the food and feed industry.
Furthermore, algae products are a rich source of photo-ingredients like beta-carotene, carotenoids, omega 3 fatty acids, and astaxanthin, which add up to elevated health benefits and is observed to have a high demand from food supplement manufacturers, pharmaceutical, and nutraceuticals industry. In addition, high demand for algae products from paints and colorants industry is adding fuel to growth of the global algae products market. Additionally, all these factors are projected to contribute to the estimated CAGR of 5.3% of algae products market during the forecast period 2017-2023.
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Downstream analysis:
Algae products are segmented on the basis of the source, which includes macro-algae, micro-algae, and others. In this segment, the macro-algae source is dominating the market. Macro-algae is inexpensive and engages less expenditure in growing. Furthermore, extraction of phyto-ingredients from macro-algae is comparatively easy than micro-algae. However, micro-algae products in the nutraceutical industry like supplements and energy drinks are anticipated to grow during the forecasted period.
On the basis of product application, the algae products market is segmented in food supplements, feed supplements, nutraceuticals, pharmaceuticals, pollution control, paints and colorants, and others. Among all the applications, nutraceuticals are dominating the market because of rising health consciousness in the population. However, the demand for food supplements is likely to experience a high demand owing to health benefits connected with the consumption of algae products.
On the basis of the distribution channel, the algae products are segmented into store-based and non-store based distribution channel. However, store-based distribution channel is dominating the market based on one-stop shopping experience.
Competitive Analysis
The major players in the Algae Products Market
- Cellana Inc. (U.S.)
- Alltech, Inc. (U.S.)
- Algaetech International Sdn Bhd (Malaysia)
- Cyanotech Corporation (U.S.)
- DIC Lifetec Co. Ltd. (Japan)
- BlueBioTech GmbH (Germany)
- Parry Nutraceuticals Limited (India)
Regional Analysis
The global algae products market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). In the global algae products market, Europe is dominating among all the regions followed by North America. Europe has been accounted for an elevated consumption of algae products supplements and food owing to increasing consumer awareness. Furthermore, the high requirement for algae in pharmaceutical and nutraceutical industry is considered as a motivating factor in this region.
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In addition, rising health consciousness and high demand for food and feed supplements from the countries like India and China are likely to boost the growth of the market in Asia Pacific region. Furthermore, a high inclination towards R&D in algae products for pollution control is observed, which is expected to support the global algae products market.
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