Global Algae Products Market Revenue

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Driven by the increasing consumption of algae-based products from food, beverages, and other related industries. The Global Algae Products Product Market is forecasted at approximately US$ 8 Bn by 2028 says Ken Research Study.

Algae is a photosynthetic organism found in both marine and freshwater habitats. Algae is the fastest-growing creature, as it has a short doubling time. Algae term is used to describe a wide collection of photosynthetic, eukaryotic organisms. Red algae, green algae, golden algae, blue-green algae, and others are the multiple types of algae.

“Ken Research shares 3 key insights on this high-opportunity market from its latest research study.”

1. Health Benefits of Intaking Algae-based Products, are Driving this Market.

According to Ken Research Analysis, the Global Algae Products Product Market was valued at US$ 3 billion in 2017, it is estimated to be ~US$ 5 billion in 2022 and is forecasted to reach a market size of ~US$ 8 billion opportunity by 2028, owing to increasing demand for supplement products and health benefits associated with the consumption of algae products are fuelling the growth in this market.

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According to the Department of Energy, algae have the potential to provide at least 30 times more energy than land-based crops that are currently utilized to make biofuels. Algae has wide applications such as functional ingredients in various food products as they are rich in oil such as omega-3 fatty acids and poly-unsaturated fatty acids. The surging usage of algae in a variety of food applications and having health benefits associated with it is likely to drive this market.

2. Growing Popularity of Vegetarianism Worldwide is Likely to Boost the growth of the Algae Product Market

As people are shifting towards the vegetarian food option, it is likely to help in the growth of the market. As the majority of the population is shifting towards vegetarian products, considering health-related benefits associated with consuming those products, are helping the algae-based product to boost.

Government initiatives, along with players’ regular upgradation in the technology to launch new algae-based products in the market, are also benefiting the algae product market.

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3. High Production Costs in the Extraction of Algae is Restricting the Expansion of this Market.

Leading players such as Cargill, DSM, and a few others are dominating the algae products market. The production process of algae is complex and costly, as it involves multiple steps such as extraction, concentration, and purification processes. Furthermore, after extraction and purification, algae must be articulated for further application. The usage of algae is based on the type of application, they’re being used in including food, beverages, and others. The formulation and other complex processes of algae make production cost increase and restrict the local and regional players, which is likely to hamper the growth of this market.

Key Topics Covered in the Report

Snapshot of the Global Algae Product Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Algae Product Market
Historic Growth of the Overall Global Algae Product Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of the Global Algae Product Industry
Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
COVID-19 Impact on the Overall Global Algae Product Market
Future Market Forecast and Growth Rates of the Total Global Algae Product Market and by Segments
Market Size of Source / Application Segments with Historical CAGR and Future Forecasts
Analysis of the Global Algae Product Market
Major Production/Supply and Consumption/Demand Hubs in Each Major Region
Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Continent