LONDON, Jan. 15, 2018 (GLOBE NEWSWIRE) -- A new report from Meticulous Research™, titled as ‘Algae Products Market– Global Opportunity Analysis and Industry Forecast (2017-2022)’, cites the worldwide algae products market to reach USD $3,318.1 Million by 2022, growing at a CAGR of 6.7% during the forecast period.
The global algae products market is driven by growing demand for algae products from the pharmaceutical and nutraceuticals industries, increasing utilization of pigments from microalgae due to strict regulations regarding the use of synthetic colors and flavors, and growing consumer preference for algae sourced products. Moreover, emergence of new application areas and increasing use of algae in biofuel production provides significant opportunity in this market.
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The global algae products market is segmented by product (hydrocolloids, carotenoids, omega-3 PUFA, spirulina, chlorella, and others), value (medium value, high value, and low value), application (food andfeed, nutraceutical, cosmetic, chemicals, and others), and geography.
On the basis of product type, algal hydrocolloid commanded the largest share in this market in 2017, due to the growing demand from food, pharmaceutical, medicinal, and biotechnology industries with their distinct physico-chemical properties such as hydrophilicity, biodegradability, biocompatibility, non-toxicity, pleasant taste & odor; and low cost. However, algal omega-3 PUFA is expected to witness a fastest growth, as there are many shortcomings of fish derived omega-3 PUFA, an alternative to algal omega-3 PUFA, such as undesirable taste & odor, diminishing supplies, objections by vegetarians, its chemical processing methods, and presence of contaminants such as mercury, dioxins, and polychlorinated biphenyls.
Geographically, Asia Pacific region is expected to witness a significant growth during the forecast period due to growing health food industry, pharmaceutical sector, demand of personal care products; high investments; and various government initiatives for microalgae production in the region.
The key players operating in the global algae products market are DIC Corporation (Japan), Cellana Inc. (U.S.), Taiwan Chlorella Manufacturing Company (China), Algaetech International Sdn Bhd (Malaysia), Cyanotech Corporation (U.S.), BlueBioTech Int. GmbH (Germany), Algatechologies ltd. (Israel), Pond Technologies Inc. (Canada), E.I.D. - Parry (India) Limited (India), Tianjin Norland Biotech Co., Ltd., (China), AlgaeCan Biotech Ltd. (Canada), Corbion NV (The Netherlands), Qponics Limited (Australia), Royal DSM (The Netherlands), Heliae Development, LLC (U.S.), and SUN CHLORELLA CORPORATION (Japan).
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