The global algae products market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period (2022-2028). Chlorella and spirulina are examples of microalgae nutrients that are well-known as healthful superfoods high in protein, antioxidants, and plant-based vitamins and minerals including omega-3 fatty acids. In February 2020, the Danish Ministry of Education and Science awarded $109,300 to the Danish research project Microalgae for food, which is the product of a partnership between small and medium-sized firms and academics, to examine the use of microalgae as a sustainable protein source. One of the key factors that are fueling the market is the growing competitiveness between the market players. With several key players in the market, companies are advancing, innovating, and launching new products to stay in the competition. For instance:
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The COVID-19 pandemic had impacted most of the industries in the market. The spread of the virus led most governments across the globe to impose a lockdown that strictly restricted the uses of the hypermarkets, and supermarkets and shut down most of the supply chain, and logistics for a while. All this led to a decrease in the demand, and production activities in the algae products market. It caused market players a resistance in their regular sales. However, health awareness in the pandemic period has seen significant growth in the consumption of supplements which resulted in growth of global algae products market.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Algae Products Market Report by Segment
By Form
- Powder
- Liquid
By Source
- Brown Algae
- Red Algae
- Green Algae
- Blue-green Algae
By Product Type
- Algal Protein
- Alginate
- Carrageenan
- Carotenoids
- Lipids
- Other
By Application
- Personal Care
- Food and Beverage
- Dietary Supplements
- Pharmaceuticals
- Animal Feed
- Other
Global Algae Products Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global algae products market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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