Gurugram, India, April 20, 2023 (GLOBE NEWSWIRE) -- 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$ 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.
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.
Interested to Know More about this Report, Request a Sample Report
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.
Visit this Link :- Request for custom report
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.
Market Taxonomy
By Type
- Spirulina
- Chlorella
- Astaxanthin
- Beta-carotene
- Hydrocolloids
- Others
By Source
- Brown Algae
- Red Algae
- Green Algae
- Blue-green Algae
- Others
By Application
- Personal Care
- Food and Beverage
- Dietary Supplements
- Pharmaceuticals
- Animal Feed
- Others
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy)
- Asia Pacific (China, Japan, South Korea, India, Australia)
- LAMEA (Latin America, Middle East, Africa)
Key Players
- Cargill Incorporated
- ADM
- Kerry Group
- DSM
- Cyanotech Corporation
- Caldic B.V.
- TBK Manufacturing Corporation
- Cellana Inc.
- Algatech Ltd
- Corbion
For more insights on the market intelligence, refer to below link:-
Global Algae Product Market
According to Ken Research Analysis, the Global Dietary Fibers Market was valued at ~US$ 5 billion in 2017. Increased product demand due to growing consumer awareness of eating a healthy diet and leading an active lifestyle is likely to fuel the market expansion of dietary fibers in the forecasted period. It is estimated to be ~US$ 8 billion in 2022 and is expected to reach a market size of ~US$ 15 billion by 2028 growing at a CAGR of ~11% during 2022-2028.
The Organic Baby Food market in North America is expected to witness strong growth over the next five years, owing to the increasing awareness among parents regarding the intake of nutrition, with the health benefits associated with organic food. The Organic Baby Food market in North America is expected to grow at a rate of more than 10% CAGR over the next five years. The increasing awareness among parents regarding the intake of nutrition, with the health benefits associated with organic food products which includes vitamins, minerals, fiber, carbohydrates, and calcium is driving the market growth in the North America. The organic baby food segment in the North America is expected to be driven by brand promotions and the involvement of international players in altering the known offerings into organic tags, thereby, increase sales.
In the near future it is anticipated that the demand will grow at a double digit CAGR on the basis of revenue between FY2022P and FY2027F. Drone Technology, Voice Ordering, Processing Centre Automation and Innovative Product Category is anticipated to drive the Online Meat Delivery Market in future. Demand Prediction and Customer Behaviour Analysis is crucial to ensure sufficient availability of meat products and to ensure minimum spoilage of these products.
The pudding market in Vietnam witnessed a double-digit growth of 10.8% CAGR during the year 2015 to 2020. The market is currently at growth stage and entry of international bakeries and food service joints along with increasing disposable income and westernized cultures boosted the sales of pudding. Most of the pudding demand for urban consumers are met by local bakery shops due to ease of availability and affordable prices. However, the closure of foodservice outlets during lockdown along with the strict government restrictions on gatherings during COVID 19 has seriously affected the sales of puddings. Consumer footfall to bakery shops and retailing stores has also decreased significantly post COVID due to safety and health concerns. Because festivals are major sales drivers for cakes and puddings in Vietnam, the sales performances of bakeries in 2020 as a whole proved to be weaker than expected.
Follow Us –
LinkedIn | Instagram | Facebook | Twitter | YouTube
Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249
