Portland, OR, Sept. 26, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global algae products market is anticipated to accumulate a sum of $3.4 billion by 2025, growing at a CAGR of 4.2% from 2018 to 2025. The report offers a detailed analysis of drivers & opportunities, changing market trends, competitive landscape, key segments, and market size & estimations.
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Increase in population, rise in demand for natural ingredients, R&D of algae into essential commercial products, and several government initiatives toward Algae have driven the growth of global algae products market. On the other hand, impact on algae production due to climate change has checked the growth to some extent. However, high-end development in cultivation technology and high marketing potential in developing countries have paved the way for a number of lucrative opportunities in the segment.
By type, the market is classified into Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Hydrocolloids. By source, the report fragments the market into Brown Algae, Blue-Green Algae, Red Algae, and Green Algae. By form, the market is bifurcated into solid and liquid. By application, the market is divided into Food & Beverages, Nutraceuticals & Dietary Supplements, Personal Care, Feed, Pharmaceuticals, Chemicals, and Fuel.
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Based on application, the food & beverages segment accounted for the major market share in 2017 and is anticipated to grow at a CAGR of 4.1%. Based on type, the hydrocolloids segment contributed to nearly half of the total market in 2017 and would remain dominant during the study period. By region, the market is analyzed across various regions including North America, Asia-Pacific, Europe, and Latin America, Middle East and Africa (LAMEA). Asia-Pacific is anticipated to grow at a CAGR of 6.2% from 2018 to 2025. This is due to rise in population along with the growing surge in food demand.
Leading market players analyzed in the market report include Algae Systems LLC., euglena Co., Ltd., Cellana Inc., Incorporated, Earthrise Nutritional Cargill, Algenol Biofuels Inc., BIOPROCESS ALGAE, LLC, Corbion, Algatechnologies, and Cyanotech Corporation. They have embraced a number of top stratagems to retain their top status in the industry.
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