Chicago, July 12, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, The global algae products market is estimated to be valued at USD 4.7 billion in 2021. It is projected to reach USD 6.4 billion by 2026, recording a CAGR of 6.3% during the forecast period. Microalgae-based products are gaining immense traction, predominantly due to its composition of omega-3 fatty acids such as DHA and EPA. Microalgae’s trend in health and wellness is driving the market, especially because it is a source of functional metabolites.
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Algal proteins are high in demand for the use within nutraceuticals and animal feed industry
Plant-based protein are seeing high demand presently, and since algal proteins have numerous health benefits, it is a prospective protein source. Algal protein promotes weight loss, reduces anxiety & fatigue, and is also effective in tackling diabetes, attention deficit hyperactivity disorder (ADHD), and heart ailments. Microalgae is a superfood and algal protein is gaining more importance as an alternative plant protein due to its balanced proportion of all amino acids and positive effects on the immune system that improve the nutrient content of the food, which drives the growth of the algal protein market. Over the past few years, there has been a clear shift in consumer inclination towards plant-based food and with many people turning vegan, algal proteins have high growth potential. Algal protein is used for animal feed, including aquaculture, farm animals, and pets, owing to its nutritional profile.
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Solid form dominates the algal proteins market
Algae-derived ingredients are processed in both solid and liquid forms. However, the preference for a particular form of algae ingredients is based on its end use. For food and nutraceutical industries, dry algae products are mostly manufactured in the form of powder and tablets. Liquid or aqueous form is predominantly used for the personal care industry. Easy material handling has resulted in the solid form being consumed more than the liquid form. Dry algae ingredients are estimated to grow across the nutraceutical & diet supplement industry because of their stability and ease of mixing.
Nutraceuticals & dietary supplements are the major end-use for algae products
The growing food manufacturing base, expansion of production abilities, and growing demand for vegan and organic products are factors propelling the market size of algae products. Algae products industry is on a high and is being used in food, personal care, and nutraceutical products, because of the demand for natural functional ingredients. Algae-based ingredients have wide applications in the food industry as thickeners & gelling agents, texturizing & stabilizing agents, and as supplements. Significant demand for health drinks is another driving factor for the algae products market growth. Aligned to such demand, manufacturers are focusing on innovations and new product developments in beverage sector.
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North America to be the largest market for algae products during the forecast period
North America is the largest market for algae products, owing to the rise in health-conscious consumers, demand for plant-based protein food products, increased interest in marine sources as an ingredient in personal care products, and the use of microalgae as an ingredient in baby food. Algae-based food products are suitable alternatives for animal- and vegetable-based protein. The growth of non-animal protein ingredients in food products has offered considerable scope for algae products market players. Terravia (US), a manufacture and subsidiary of Corbion (Netherlands), received regulatory approval from Health Canada for its whole algal protein ingredients for its applications in food products. Additionally, the demand for gluten-free and non-GMO products are the factors expected to drive the growth of algae products.
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