North America Algae Products Market, By Type (Hydrocolloids, Lipids, Carotenoids, Algal Protein, Algal Antioxidants and Other Types), Source (Macroalgae and Microalgae), Form (Solid and Liquid), Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Personal Care, Feed, Pharmaceuticals, Specialty Chemical, Biofuel, Pollution Control, Paints and Colorants, Fertilizers and Others), Distribution Channel (Indirect and Direct), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2027
Algae products market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 5.9% in the forecast period of 2020 to 2027 and is expected to reach USD 1,890.77 million by 2027. Rising awareness of health benefits of algae products and increased vegan population are the major drivers which propelled the demand of the market in the forecast period.
Algae products can be described as the products derived from various algae such as blue-green algae, red algae and brown algae among more. The algae derived products are rich in ingredients as algal protein, algal antioxidants, lipids, hydrocolloids, carotenoids. Multiple industries make use of algae derived ingredients in order to form a natural finished goods used in food and beverage, pharmaceuticals, nutraceuticals and dietary supplements to name few.
Algae products demand has increased as compared to the precise year with increased demand of plant based proteins along with need for alternative food for meeting the demand of growing worldwide population. In addition, the demand of algae products has increased because of increased awareness about the health benefits of natural ingredients derived from algae. Further, high cost of extraction and processing of algae derived products is expected to restraint the usage of algae products and is expected to slow down the growth of the algae products market in the forecast period.
The algae products market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Algae products market is segmented on the basis of type, source, form, application and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the algae products market is segmented into hydrocolloids, lipids, carotenoids, algal protein, algal antioxidants and other types. In 2020, hydrocolloids segment is dominating the market as it has wide applications in various sectors such as food and beverage, pharma and many others due to which its demand is high in the market. This product is in demand in market as it has multiple functional properties due to which it is one of the important ingredients in market. Along with this, manufacturers are highly inclined towards its development and in providing it in market.
- On the basis of source, the algae products market is segmented into macroalgae and microalgae. In 2020, macroalgae segment is dominating the market as it is highly preferred source for the production of the algae products such as hydrocolloids and others. It has also been observed that the cost is also low and production is high which ultimately give high productivity of desired product.
- On the basis of form, the algae products market is segmented into solid and liquid. In 2020, the solid segment is dominating the market as wide number of manufacturers provides their product in powdered form for which leads to high revenue generation. Another advantage of solid form is its transportation from one place to other.
- On the basis of application, the algae products market is segmented into food & beverages, nutraceuticals & dietary supplements, personal care, feed, pharmaceuticals, specialty chemical, biofuel, pollution control, paints and colorants, fertilizers and others. In 2020, nutraceuticals and dietary supplements segment is dominating the market as these products are highly manufactured from algal component and fulfils the required nutrient level in end products.
- On the basis of distribution channel, the algae products market is segmented into indirect and direct. In 2020, direct segment is dominating the market as demand for products such as hydrocolloids, carotenoids are high from end products manufacturers as it has wide applications for various products such as dietary supplement, bakery, confectionary, personal care and many others. This leads to high revenue generation from direct sector due to which direct sector is dominating the market.
Algae Products Market Country Level Analysis
The algae products market is analysed and market size or volume information is provided by country, type, source, form, application and distribution channel as referenced above.
The countries covered in the North America algae products market report are the U.S., Canada, and Mexico.
North America is expected to dominate the market due to the high adoption of algae products due to increased health consciousness in the region and increasing number of product launch in the region. The U.S. is dominating in the North America market due to presence of major players in that region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Acquisition and Merger for Algae Products is Creating New Opportunities for Players in the Algae Products Market
Algae products market also provides you with detailed market analysis for every country growth in particular industry with algae products sales, impact of advancement in the algae products and changes in regulatory scenarios with their support for the algae products market. The data is available for historic period 2010 to 2018
Competitive Landscape and Algae Products Market Share Analysis
Algae products market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to algae products market.
The major players covered in the North America algae products market report are Cyanotech Corporation, BASF SE, DSM, ALGENOL, Corbion, DuPont, Cargill, Incorporated, DIC CORPORATION, Cellana Inc., FENCHEM, Algatech LTD, Parry Nutraceuticals, CP Kelco U.S., Inc., Kemin Industries, Inc., AlgaeCan Biotech Ltd., Arizona Algae Products, LLC among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launch and agreement are also initiated by the companies’ worldwide which are also accelerating the algae products market.
- In October 2019, Corbion and BioMar underwent feed partnership with the Norwegian-based salmon group, a family owned fish farming and aquaculture company by including AlgaPrime DHA. This partnership done by Corbion increased its credibility in the market with increased demand of its algae based product leading to increased sales in future.
Collaboration, joint ventures and other strategies by the market player is enhancing the company in the algae products market which also provides the benefit for organisation to improve their offering for algae products.
Customization Available: North America Algae Products Market
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