Global Algae Products Market to Reach $ 15 Billion by 2024
Increasing demand from healthy food sector, particularly from manufacturers of healthy foods and supplements coupled with rising demand from pharmaceutical and cosmetic sectors for manufacturing therapeutic drugs and natural cosmetic products to drive global algae products market through 2024
According to TechSci Research report, “Global Algae Products Market By Source, By Application, By Region, Competition,
Forecast & Opportunities, 2024”, global algae products market is projected to
reach $ 14.99 billion by 2024, backed by rising demand in healthy food
products, pharmaceutical and cosmetic sectors. Moreover, increasing
application of algae products for generating biofuel is expected to drive the market
during forecast period. According to CIA factbook, humans consume 11 billion
tonnes of oil from fossil fuels, annually, across the globe. Crude oil reserves
are expected to vanish by 2060. Algae can be used to produce biofuels, such as ethanol
and biodiesel. Under the photosynthesis process, algae can create
15 times more oil per acre than what can be achieved from other
plants used for producing biofuels, such as corn and switchgrass.
Browse 2 market data Tables and 114
Figures spread through 116 Pages and an in-depth TOC on "Global
Algae Products Market"
DIC Corporation, BASF SE,
Koninklijke DSM N.V., Corbion N.V., Cyanotech Corporation, AlgaTechnologies
Ltd., Algaetech International Sdn Bhd and Tianjin Norland Biotech Co., Ltd. are
some of the leading players in global algae products
market. North America dominated global algae products market in 2018 and is
expected to maintain its dominating market position in coming years as well. Global algae products
market can be broadly categorized on the basis of source into microalgae and
microalgae. The microalgae segment
dominated
the market in 2018, backed by the high value proposition of algae products in
the pharmaceutical sector, replacing several synthetically manufactured
pharmaceutical products.
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“Algae are highly sensitive to change in
environmental conditions. The production hubs for different types of algae are
fragmented across the world. China, Japan, South Korea and other eastern
countries are the production hubs for macroalgae, while North America and South
America are the production hubs for microalgae. The market is highly fragmented in terms of number of
players and type of algae products offered. Since different end use industries
require different grades of algae, manufacturers in global algae products
market are focusing on specific industries by developing specific types of
strain of algae. The leading players in the market are microalgae product
manufacturers, majorly for the pharmaceutical and food & beverage industries.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Algae Products Market By Source, By Application,
By Region, Competition, Forecast & Opportunities, 2024” has
evaluated the future growth potential of global algae products market and
provides statistics and information on market structure, size, share and future
growth. The report is intended to provide cutting-edge market intelligence and
help decision makers to take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities present in global algae products market.
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