Algae are conventionally used in the food industry due to their spacious use of applications as functional ingredients. An alga is the rich source of essential oils like omega 3 fatty acids and PUFA, which are also used in pharmaceuticals and health food products.
Basic circumstances accounted for driving the market are boosting applications in functional food segments and pharmaceutical products; the source for raw supplies is affordable, increasing awareness regarding the benefits and demand of omega 3 fatty acids.
Although, factors like high processing and production costs and health and safety matters regarding the algae wrenching are limiting the growth of the market.
The global market concerning Algae Ingredients is categorized based on Source, Application and Ingredient Type. Based on Source it is shared into Green Algae, Red Algae, Blue Algae, and Brown Algae. Based on Application it is classified into Food, Pharmaceuticals, Animal Nutrition, Cosmetics, and Others. Based on Ingredient Type it is split into Dried Algae, Omega 3 Fatty Acids and PUFA, Carrageenan, Alginate, Agar, B-Carotene, and Others.
Geography segment
Based on the geographical study, the market is segmented into regions of North America, Latin America, Europe, the Middle East, and Africa and the Asia Pacific. North America holds the dominant share in the market due to the presence of market leaders as well as a modern food industry and algae’s wide use in food products. The Asia Pacific is the fastest expanding region due to rising demand and product innovation and increasing disposable income. Based upon Application Food application is the most widespread due to increasing demand for fortified and functional foods while a pharmaceutical segment is expected to grow the fastest due to increasing investment on drug discovery and advancement. Based on ingredient variety Omega 3 Fatty acids and PUFA are the most adapted type due to their applications in functional foods and pharmaceuticals.
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