Algae Products Market
The global algae products market is projected to expand at a CAGR of 6.3% during the forecast period (2021-2028). Due to the increasing incidences of chronic diseases and changing lifestyle of individuals, there is a remarkable surge in the consumption of healthy foods. This is one of the major factors driving the algae products market size.
Algae Products Market Dynamics
The growth of the global algae products market is fuelled by the increasing application of algae in pharmaceutical industries to produce antimicrobials and antifungal medicines. Also, the increasing awareness pertaining to health benefits produced by algae-based products will bolster the market growth. As per the algae products market report, ongoing surge in the global population and growing demand for food with the personalization of functional food portfolios are other factors attributable to the market growth. Omega-3 helps in reducing the chances f heart diseases, protection against cancer, arthritis, and dementia. For example, as stated by OECD, the US health care expenditure gauged for USD 10,948, in in 2019. The growing demand for algae products across pharmaceutical and nutraceutical industries, such as blue-green algae or cyanobacteria, are being used for pharmacological compounds. Apart from this, several other varieties of products driven from algae, including antivirals, therapeutic proteins, antifungals, and antimicrobials will add to the market share. However, the rising agitation towards the production system which may demand a huge installation cost is a prime factor restraining the algae products market share.
Source Segment Drivers
Based on the source, the micro-algae segment is projected to expand at a faster rate over the forecast period. The increasing application of micro-algae in nutraceutical industry has propelled the market growth. Also, they are used to produce different products, such as energy drinks and dietary supplements. Thus, this will supplement the global algae products market growth.
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland