Global Algae Ingredients Market - Growth, Trends and Forecasts (2017 - 2022)

Published - Jan 2017 | Category - Food & Beverages | No. of Pages - 167 | Published By - Mordor Intelligence

Report Highlights

The global algae ingredient market stands at USD XX million in 2016 and is expected to reach USD XX million by 2021 at a CAGR of 7.6% during the forecasted period 2016-2021.

Global Algae Ingredients Market Dynamics

Algae are generally used in the food industry due to its wide range of different functional ingredients. Algae are rich in essential oils such as omega 3 fatty acids and PUFA which is mainly used in pharmaceutical and health food products.

The major drivers for the market are the increased potential applications in food, cheaper source of raw material for industrial production, increased demand of Omega3 fatty acids, sustainable source of production and environmental concerns. The advancement in biotechnology and other feasible extraction technologies has created a good opportunity for the market.

The restraining factors of the algae ingredient market are the high production, downstream processing costs and health safety issues of algae-based products. The extraction of algae requires expensive, energy intensive processing technology which increases the cost of production. Also, the products obtained from algae have a low sensory quality that is less acceptable to the end-user which is also affecting the market growth.

Global Algae Ingredients Market Segmentation

The ingredient type market is segmented into omega 3 fatty acids, carrageenan, alginate, agar, beta-carotene, and others which include astaxanthin chlorophyll. Omega 3 fatty acids and PUFA is growing at a faster rate due to its high nutritional facts and increased demand for health foods. Carrageenan and alginate have wide applications in the food industry. Market segmentation on the basis of application type includes food, pharmaceuticals, animal nutrition, cosmetics and others. Food consists of the largest segment due to its increased demand for functional food products. By source, the market is segmented into green algae, red algae, blue-green algae, brown algae and others.

Market segmentation according to geography includes North America, Europe, Asia-Pacific, South America and Africa. North America holds the largest share in the market followed by Europe and Asia-Pacific. However, the new emerging markets of Asia-Pacific such as China, Japan and India are growing at a faster rate.

Key Players in the Global Algae Ingredients Market

The key players in the market are Solazyme Inc, Cargill, ADM, BASF and Cyanotech amongst others.  

 

Quick Buy

Latest Publications