Global Algae Products Market to Reach $ 15 Billion by 2024 – TechSci Research

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.

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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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According to TechSci Research “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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