Algae Products Market Insights
Algae are the group of plant like microorganisms that convert sunlight, carbon dioxide and nutrients into organic matter thus, replacing many commonly used oils such as fossil, fish and palm and proteins such as animal and plant protein. An estimated 200 species of algae are currently being used across various application areas including food, feed and fertilizer applications. Algae products are derived from two large broad categories of algae including, macro-algae and micro-algae. Microalgae are small single cell microorganism while the microalgae are large aquatic plants. Algae products derived from microalgae are primarily used in bio plastics, biofuels, and fertilizers, pharmaceutical applications while algae products derived from the microalgae are used in cosmetics, pharmaceuticals and food additives. Some of the commercially products algae products are derived from algae species such as, Spirulina and Chlorella. The global algae products market is expected to witness remarkable growth attributable to growing consumers demand for products with natural origin.
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Reasons for Covering this Title
Increasing prevalence of various life threatening diseases is one of the prime reasons for changing consumer’s preference for naturally derived products. After approval of spirulina and other algae for use in various food, feed, nutraceuticals and cosmetic applications, the market for these algae products started increasing. For example, in 2016, DDW Inc. launched an algae product in the form of innovative blue color made from Spirulina with light stability improved by up to 40%. Earlier form of blue color produced by the company has poor heat and light stability. Also, demand for algae products for cosmetic applications such as in skin care products including, anti-ageing, regenerant care products, emollient and as an anti- irritant in peelers is further adding up to the growing market for algae products over the forecast period.
Application of algae in fertilizer industry to improve the water binding capacity and mineral composition of soil is another factor creating market growth opportunity for algae products in the near future. Algae are also considered to be important source of plant growth regulators and are incorporated into feed for a variety of animals ranging from fish to pets and farm animals thus, strengthening the market for algae products in the near future.
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Global Algae Products Market: Key Players
Some of the key players operating in the global algae products market are, Cargill Inc., The Dow Chemical Company, BASF SE, Cyanotech Corporation, Kerry Group, Ingredion Incorporated, Corbion N.V., Roquette Frères, CP Kelco, Fenchem Biotek, Algatechnologies, Koninklijke DSM N.V., among others.
Key Developments In Algae Products Market
In 2016, Nutrex Hawaii, a U.S. based subsidiary of Cyanotech Corporation launched a plant based protein shake under the brand name “Hawaiian Spirulina”
In June 2015, Cyanotech Corp installed a new Astaxanthin extraction system at Cyanotech production facility at Kailua-Kona, Hawaii. The new extraction system is installed to reduce overall inventory cycle time as well as costs for natural Astaxanthin product due to increasing demand in the country, thus expending n global algae products market
In January 2015, Sensient Colors LLC, a Germany based subsidiary of Sensient Technologies Corp., developed proprietary technology in the extraction of Spirulina blue and started producing it from the same year thus, expanding its presence in algae products market
Opportunities for Algae Products Market Participants
Increasing manufacturer’s efforts to capture more and more share in the global food and beverages industry through partnerships and expansions is expected to result in increasing market revenue in the global algae products market. Additionally, emerging applications of algae products in pharmaceuticals/nutraceuticals, textile, chemical and biopolymer/biolistic industry will deliver significant growth opportunity for the algae products market growth in the near future.
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