Algae Derived Products Market Outlook
Algae are plant like microorganisms that convert carbon dioxide, sunlight, and essential nutrients into organic matter thus, replacing many commonly used oils such as fossil, fish and palm and proteins such as animal and plant protein. Algae derived products are derived from two large broad categories of algae including, macro-algae and micro-algae. An estimated 200 species of algae are currently being used across various application areas including food, feed and fertilizer applications. Microalgae are small single cell microorganism while the microalgae are large aquatic plants. Algae derived products derived from microalgae are primarily used in bio plastics, biofuels, and fertilizers, pharmaceutical applications while algae products derived from the microalgae are used in cosmetics, pharmaceuticals and food additives. Some of the commercially available algae derived products are manufactured from algae species such as, Spirulina and Chlorella. The global algae derived products market is expected to witness remarkable growth attributable to growing consumers demand for products with natural origin.
Growing consumer preference for Organic and Natural Products is Driving the Market Demand for Algae Derived Products:-
Demand for algae derived product is inevitable as they are widely used as an ingredient in functional food which consists of the highest amount of protein found in any naturally grown food. For every 100 grams of Spirulina in raw form, around 60 grams is protein i.e. 60% of the whole food, which makes it the highest protein rich food in the world. Also, alage derived products contain high quantities of vitamins, minerals, and other nutrients which make it an ideal food. Alage derived products consists of Vitamin A, B, C, E and K and also contain calcium, iron, magnesium, manganese, phosphorus, potassium, sodium and zinc
Growing occurrence of life threatening diseases is one of the main reasons for changing consumer’s preference for algae derived products. After approval of various ingredients and other algae for its application in various feed, nutraceutical, food, and cosmetic applications, the market for these algae derived products started increasing.
Algae derived products play an important role in agriculture where they are used as biofertilizer and soil stabilizers. Algae derived products, particularly the seaweeds, are used as fertilizers, resulting in less nitrogen and phosphorous runoff than the one from the use of livestock manure. This in turn, increases the quality of water flowing into rivers and oceans.
Global Algae Derived Products: Market Segmentation
The global algae derived products market has been segmented on the basis of type into –
The global algae derived products market has been segmented on the basis of form into –
The global algae derived products market has been segmented on the basis of application into –
The global algae derived products market has been segmented on the basis of sales channel into–
Global Algae Derived Products Market: Key Industry Players
The key market players in algae derived products business are, Ingredion Incorporated, Corbion N.V., BASF SE, Cyanotech Corporation, Cargill Inc., Koninklijke DSM N.V., The Dow Chemical Company, Kerry Group, Roquette Frères, CP Kelco, Fenchem Biotek, Algatechnologies, among others. The market players are focusing on tapping the business opportunities through expansions and investments by developing new plants for enhancing the production capacity. Some of the key developments in Algae derived products marker are:-
Market Opportunities for Algae Derived Products Market Participants
The key stakeholder are focusing on development in food and beverage business segment through partnership and joint ventures to cater the upcoming opportunities. Additionally, emerging applications of algae derived products in, textile, chemical, pharmaceuticals/Nutraceutical and biopolymer/biolistic industry will deliver significant growth opportunity for the algae derived products market growth in the near future.
The report covers exhaustive analysis on:
Regional analysis includes: