The Worldwide Algae Products Industry is Expected to Reach $6.4 Billion by 2026 - ResearchAndMarkets.com - vegconomist

DUBLIN–(BUSINESS WIRE)–The “Global Algae Products Market by Type (Lipids, Carotenoids, Carrageenan, Alginate, Algal Protein), Facility Type, Form (Liquid, Solid), Source (Brown Algae, Green Algae, Red Algae, Blue-green Algae), and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

According to the publisher, the global algae products market size is estimated to be valued at USD 4.7 billion in 2021 and projected to reach USD 6.4 billion by 2026, recording a CAGR of 6.3% during the forecast period.

The awareness regarding the health benefits of algae products is one of the key factors that is gaining consumer attention.

By type, lipids are projected to dominate the market during the forecast period

Lipids are energy-rich organic compounds that are insoluble in water. Certain amounts of lipids are essential for healthy body functions. They help in absorbing and using vitamins A, D, E, and K in the human body. They are also important for internal signaling systems and are a part of cell walls. Omega-3, omega-6, and omega-9 are the different types of lipids.

It is a unique form of dietary fats that impart a wide range of health benefits and are derived from algae. Algae have become the major alternative sources to produce lipids to fulfill the growing demand from the vegan population.

By source, brown algae is projected to dominate the market during the forecast period

Brown algae find application in aquatic feed and direct human consumption as food. It possesses anti-hypothyroid, antirheumatic, antibacterial, anticoagulant, and antioxidant properties; hence, it is useful in the nutraceuticals industry as well.

Simultaneously, brown seaweeds used as sea vegetables or for colloid extraction contain less than 15% protein on a dry weight basis.

The Asia Pacific region is projected to record the highest growth rate during the forecast period

The Asia Pacific region is expected to witness the fastest growth in the algae products market; this is attributed to the expected growth in consumption of algae products in food & beverage, pharmaceutical, and animal feed; and the rise in population in the region.

The algae products market is segmented region-wise, with a detailed analysis of each region. These regions include Asia Pacific, North America, Europe, South America and Rest of the World including Africa and the Middle East.

Market Dynamics

Drivers

Consumer awareness regarding the health benefits of Omega-3
Multi-industry coverage
Growth in consumer awareness regarding the health benefits of algae-based products

Restraints

Lack of R&D activities in under-developed countries
Impact of climatic conditions on algae production

Opportunities

Growing demand in the pharmaceutical industry
Government and private initiatives supporting research & development in algaculture
Growth in demand for natural ingredients by consumers

Challenges