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Algae Products Market is Projected to Reach $5.17 Billion by 2023

(Food-Beverage-News.Com, February 12, 2021 ) The report “Algae Products Market by Type (Lipids, Carrageenan, Carotenoids, Alginate, and Algal Protein), Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Personal Care, Feed, and Pharmaceuticals), Source, Form, and Region – Global Forecast to 2023“, published by MarketsandMarkets™, the market is estimated to be USD 3.98 Billion in 2018 and is projected to reach a value of USD 5.17 Billion by 2023, at a CAGR of 5.4%. The market is driven by factors such as rising health concerns (which include obesity and diabetes) due to consumption of high-calorie products. Also, the health benefits provided by algae products include anti-aging effects, supporting digestive systems, and providing gamma-linoleic acid. It also contains nutrients such as beta-carotene, iron, manganese, zinc, copper, selenium, and chromium and acts as a food supplement. Furthermore, as the adoption level of algae products by consumers is increasing, it helps companies innovate and develop product lines for algae products, which has further contributed to the growth of the Algae Products Market.

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The food & beverage segment accounted for the largest share of the Algae Products Market, by application

On the basis of application, the food & beverage segment accounted for the largest share of algae product market in 2016. The consumption of seaweeds has been large in the food processing industry in the recent past. Algae are essential food additives in convenience food products such as soups, cakes, pastry, bread, gravies, and snacks, improving the food quality, texture, and taste, as well as enhancing nutrition.

Solid algae products accounted for the largest market share

On the basis of form, solid algae products accounted for the larger share of the market in 2017, followed by liquid form. The convenience in storage and problems associated with handling liquid algae products are the major factors driving the demand for solid ingredients, and subsequently, the growth of the Algae Products Market.

On the basis of type, lipids accounted for the largest market share

On the basis of type, lipids accounted for the largest market share in 2017. Omega-3, omega-6, and omega-9 are the different types of lipids. They are a unique form of dietary fats that impart a wide range of health benefits and are derived from algae. The demand for algae as a source of lipids is high, as they provide the same benefits as that of fish oil, but with no off-odor or taste.

Brown algae products accounted for the largest market share

On the basis of source, brown algae products accounted for the largest market share, followed by blue-green algae, in 2017. The brown algae (seaweeds) are primarily produced in China, Korea, Peru, Chile, and some European countries such as Ireland, Scotland, and Norway. These brown seaweeds are mainly used in the production of high-grade alginate. Other products that can be extracted from brown algae are carotenoids and lutein, thus making it a highly used algae type.

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North America dominated the Algae Products Market

North America was the largest market for algae products in 2017. This is attributed to the growing nutraceutical market in the region; factors such as the growing aging population, rising healthcare awareness, and rising incidences of health allergies have contributed to the growth of the nutraceutical industry, thereby contributing to the growth of the Algae Products Market in the region.

This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such as DSM (Netherlands), DowDuPont (US), Cargill (US), E.I.D Parry (India), Cyanotech Corporation (US), BASF (Germany), Kerry (Ireland), Corbion (Netherland), Ingredion (US), Roquette Frères (France), Fenchem Biotek (China), Algatechnologies (Israel), and CP Kelco (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441


Mr. Aashish Mehra


Source: EmailWire.Com
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