Algae Products Market will be Growing at a CAGR of 7.21% in the Forecast Pe
The global algae products market to be growing at a CAGR of 7.21% in the forecast period of 2022-2029.
Algae are photosynthetic, oxygen-exhaling microorganisms that can be unicellular or multicellular. These characteristics aid algae in consuming carbon dioxide (CO2) and collecting important minerals, vitamins, and nutrients. The plant uses it as both fuel and food. Algae are commonly found in seaweed, chlorella, and kelp-based algae products. Algae products are high in protein and include necessary amino acids, which aid in the improvement of human metabolic activities like enzyme formation.
The rising consumer awareness about the health benefits associated with omega3 and mutli-industry coverage are driving the global algae products market. Furthermore, the high demand from pharmaceutical sector, increase in global population and growing demand for feed and food supplements are some macroeconomic factors that are positively impacting the worldwide algae products market. Other factors including growing demand for aquaculture feed utilized for fish breeding and rising need for healthy food products will cushion the market’s growth rate.
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Global Algae Products Market Scope and Market Size
On the basis of type, the algae products market is segmented into lipids, carrageenan, carotenoids, alginate, algal protein, and others.
Based on form, the algae products market is segmented into solid and liquid.
On the basis of source, the algae products market is segmented into brown algae, blue-green algae, red algae, green algae, and others.
Algae Products Market Country Level Analysis
North America dominates the algae products market and will continue to flourish its trend of dominance during the forecast period owing to the rising incidences of diseases and conditions including diabetes and high blood pressure, growing geriatric population and increasing healthcare awareness in this region. Asia-Pacific is expected to grow during the forecast period of 2022-2029 due to the growing demand for feed and food supplements and ongoing projects in this region.
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Competitive Landscape and Global Algae Products Market Share Analysis
Some of the major players operating in the algae products market are:
Algatech LTD, Euglena Co. Ltd., Algae Systems LLC, Cyanotech Corporation, Cargill, Incorporated, Algenol Biofuels, Bioprocess Algae LLC, Cellana Inc., Earthrise Nutritionals LLC, DuPont, ADM, DSM, BASF SE, E.I.D. – Parry (India) Limited, Corbion NV, CP Kelco U.S., Inc., BlueBioTech International GmbH, Pond Tech, Heliae Development, LLC, and SUN CHLORELLA CORP., among others.
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