Algae are oxygen-exhaling, photosynthetic, multicellular or unicellular microorganisms. These unique characteristics enable these microorganisms to consume carbon-dioxide, store vital nutrients, vitamins, and minerals. Algae products market caters to a wide range of industries due to their large number of applications.
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Some of these applications include food for cattle, food for diet, fodder, fertilizers, medicinal iodine, and purification of water as well. Moreover, algae products market also serves the demand for production of kelp, agar, algin and for the supply of additional oxygen during emergencies in the aviation sector. The algae products market is also riding high on its growth potential as an alternative to fossil fuels.
The Transparency Market Research (TMR) report provides an intelligent analysis of the global algae products market, which includes an in-depth analysis of development indicators and demand parameters that could influence the growth of this market. Main market parameters such as demand drivers and challenges of global algae products market are discussed at length in this report.
The Global Algae Products Market: Key Trends
The use of algae as a food source in coastal cultures dates is quite prominent. Algae is also known as sea lettuce and it is cultivated in the Philippines as a food source. Similarly, Japanese menu consists of over 25% algae-based diet. Furthermore, blancmange, a popular dessert in Denmark and France is prepared using red algae. Algae’s familiarity in coastal regions and growing demand for its enriching diets filled with nutrients and vitamins are expected to drive the growth of the global algae products market.
Algae products market is also riding high due to algae’s growing demand in agriculture. Algae-based fodder helps improve the milk-content of cows and can enrich butter and fat content. Similarly, kelp, food for poultry is produced using algae. The algae products market serves an essential commercial need and its enriching potential as a fodder material are expected to drive its growth during 2018-2026.
Algae products market also promises to offer solutions to the growing demand for energy and sustainability. Algae products have shown promise in the creation of various alternative sources of fuels including biodiesel, biobutanol, biogasoline, methane, ethanol, green diesel, jet fuel and others. As fuel prices continue to grow, the global algae products market is expected to grow significantly due to rising applications in one of the most lucrative applications around the world.
The high costs associated with the production of algae-driven fuel can pose a challenge to the growth of the global algae products market. However, increasing investments by private and public entities around the world are expected to create new opportunities for growth in the global algae products market.
The Global Algae Products Market: Regional Outlook
The global algae products market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa by region. The algae products market in the North America region held the largest share of the global market in 2018. The algae products market in North America is witnessing growth due to growing awareness about the benefits of a vegetarian lifestyle, an increasing number of vegans, and high demand for algae-based minerals, nutrients.
Similarly, Asia-Pacific is expected to register the fastest growth in the global algae products market during 2018-2026. The region is predicted to witness growth due to rise in population, increasing demand for food cultivation, the rise in health awareness along with a rise in disposable income.
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The Global Algae Products Market: Competitive Dynamics
The main players in the global algae products market are Algae Systems LLC., euglena Co., Ltd., Cargill, Incorporated, Cyanotech Corporation, BIOPROCESS ALGAE, LLC.