Home / Business / New Research on Algae Products Market says that it expanding at a CAGR of more than 5.0% from 2016 to 2023

New Research on Algae Products Market says that it expanding at a CAGR of more than 5.0% from 2016 to 2023

wildalgaeAccording to a new indusry report published by Credence Research “Algae Products indusry – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the algae products indusry is expected to reach US$ 44.6 Bn by 2023, expanding at a CAGR of more than 5.0% from 2016 to 2023.

Indusry Insights:

Algae are a diverse group of photosynthetic organisms which are not closely related and hence are known to be polyphyletic. They are plats which range from microalgae to macro algae. Algae are grown using water resources such as sea and waste water which are not suitable for growing agricultural crops. Microalgae grow using sunlight i.e. photosynthesis, by converting sunlight, CO2 and nutrients such as phosphorus and nitrogen into biomass. This growth is also known as autotrophic growth. Some algae can grow in the dark using sugar starch or by combining both the growth modes.

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Based on application, global algae products are segmented into neutraceuticals, food & feed supplements, pharmaceuticals, paints & colorants, pollution control, and others. Among these, neutraceuticals dominated the global algae products indusry and is expected to retain its position in the near future. Growing use of algae biomass is expected to provide high revenue to the algae producers worldwide. Growing demand for algae products from the neutraceuticals and pharmaceutical industries is the major factor driving global algae products indusry worldwide. Rising health awareness among the people in both the developed and developing economies is another factor contributing to the growth of global algae products in the indusry.

Some products derived from algae such as Carotenoids, β-Carotene, Omega 3 polyunsaturated fatty acids (PUFA) and Astaxanthin have gained high demand from the neutraceuticals and pharmaceutical industry globally. Food & feed supplements industry accounted as second largest application segment of algae products indusry and is anticipated to boost high demand for algae products indusry. Algae products provide number of health benefits such as fish oil multivitamins and supplements. Hence, food and feed industry is expected to boost indusry growth of global algae products indusry during the forecast period. Other applications are also expected to fuel indusry demand for algae products owing to rising algal research industries in developed regions such as North America and Europe.

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