Please Wait.....
Report
Algae Products Market - Growth, Trends, and Forecast (2023 - 2028)
Market Report I 2023-01-23 I 120 Pages I Mordor Intelligence
The algae products market is projected to register a CAGR of 4.99% in the upcoming five years.
The algae products market is driven by changing dietary preferences and the paradigm shift toward preventive health management practices amid rising healthcare costs and the increasing burden of lifestyle-related diseases.? The growing geriatric population, coupled with the rising prevalence of chronic conditions, is anticipated to drive the growth of algae products worldwide. Moreover, consumer awareness about botanical variants and their functional properties has been a critical driver. As algae also support immunity development, the post-COVID-19 situation is predicted to witness steep sales of algae supplements
Algae have wide applications as functional ingredients in various food products as they are rich in essential oils such as omega-3 fatty acids and poly-unsaturated fatty acids (PUFA). Omega-3 fatty acids and PUFA are widely used in health food products and pharmaceuticals. Algae products are also being used in renewable raw materials for biofuels. According to the Department of Energy, algae can provide at least 30 times more energy than land-based crops currently utilized to make biofuels. Algae may also effectively recycle atmospheric carbon, making them an ideal environmentally beneficial energy source. Moreover, with the discovery of the potential of algal oil as a renewable fuel source, many petro-based companies, including Exxon, Shell, BP, Statoil, ENAP, and Chevron, are investing in biofuel R&D to produce methanol, ethanol, bio-butanol, biodiesel, and biocrude, as well as bio-based chemicals, thereby, augmenting the market growth.
North America holds the largest share of the algae products market due to a high level of consumer awareness about the nutritional benefits of the ingredient. By source, brown algae account for the largest market share.
Algae Products Market Trends
Health Benefits Associated With Algae Products' Consumption
Algae, including microalgae, are photosynthetic organisms for the production of dietary foods claimed to offer high protein content, along with other nutritional benefits, making it an ideal ingredient in the production of dietary supplements, cosmetics, functional food and beverage products, and animal feed, among other applications. Apart from being a source of protein, the presence of various bioactive components in algae and microalgae provides an added health benefit. Moreover, compared to various plant and floral species, microalgae contain higher amounts of pigments. Algae-derived proteins have completed essential amino acids (EAA) profiles, and their protein content is higher than conventional sources, such as meat, poultry, and dairy products. Numerous microalgae species are reported to be rich in proteins, carbohydrates, lipids, and other bio-active compounds. Antioxidative, antihypertensive, immunomodulatory, anticancerogenic, hepato-protective, and anticoagulant activities have been attributed to some microalgae-derived compounds, such as peptides. Furthermore, according to Becker et al., microalgae are excellent sources of vitamins, such as vitamins A, B1, B2, B6, B12, C, and E, and minerals, such as potassium, iron, magnesium, calcium, and iodine. They also contain potent probiotic compounds that enhance health by strengthening the immune system, helping cleanse the body of toxins, and boosting energy.
Asia-Pacific is the Fastest-growing Market
Asia-Pacific is anticipated to record the fastest growth in the market during the forecast period. Algae products used in food processing are mostly grown in the Philippines, Vietnam, and Indonesia. The region is anticipated to account for a large share of the carrageenan production industry due to the possibility of cultivating high-quality carrageenan. The algae-based superfoods like Spirulina and Chlorella provide nutritious, vegan supplements for human consumption. In the Asia-Pacific region, the rising consumption of nutraceuticals, mainly in China and Japan, is assisting the market's growth. Additionally, the Indian government-funded open-access research and policy stimulus is expected to help drive further innovation and entrepreneurship in food applications of algal protein. According to the Good Food Institute (GFI), in March 2021, the Indian government has already pledged around USD 87 million to develop an algae economy.
Algae Products Market Competitor Analysis
Major global players account for a significant market share, such as Kerry, Cargill, ADM, and ACCEL Carrageenan. Most manufacturers are focusing on expanding their current production capacities by increasing sales in various developing regions as the market in these regions is not consolidated by major players. The companies are also focusing on developing new techniques of storage and production in the market's dietary supplement segment. The key players are also planning to strengthen their distribution relationships with firms across various regions to leverage the customer base for future product launches. For instance, in October 2021, CP Kelco announced the expansion of its distribution relationship with Azelis in Europe and Middle East & Africa. The new distribution scope extension names Azelis as the exclusive distribution partner of CP Kelco across numerous countries and market segments.?
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Source
5.1.1 Brown Algae
5.1.2 Red Algae
5.1.3 Green Algae
5.1.4 Blue-green Algae
5.2 Product Type
5.2.1 Algal Protein
5.2.2 Alginate
5.2.3 Carrageenan
5.2.4 Carotenoids
5.2.5 Lipids
5.2.6 Other Product Types
5.3 Application
5.3.1 Personal Care
5.3.2 Food and Beverage
5.3.3 Dietary Supplements
5.3.4 Pharmaceuticals
5.3.5 Animal Feed
5.3.6 Other Applications
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 Spain
5.4.2.2 United Kingdom
5.4.2.3 Germany
5.4.2.4 France
5.4.2.5 Italy
5.4.2.6 Russia
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East
5.4.5.1 South Africa
5.4.5.2 United Arab Emirates
5.4.5.3 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Archer Daniels Midland Company
6.3.2 ACCEL Carrageenan Corporation
6.3.3 Cargill Incorporated
6.3.4 BASF SE
6.3.5 Yemoja Ltd.
6.3.6 Source Omega LLC
6.3.7 DuPont de Nemours Inc.
6.3.8 Koninklijke DSM N.V.
6.3.9 Aliga Microalgae Company
6.3.10 Progress Biotech BV
6.3.11 Algenol Biotech LLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security