According to the latest report by IMARC Group, titled, “Algae Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global algae products market size reached US$ 1.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2.4 Billion by 2027, exhibiting a growth rate (CAGR) of 5.49% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Algae products refer to the essential sources of minerals, vitamins, fatty acids, etc., that are widely utilized in the preparation of dietary supplements. They have numerous beneficial properties, including being antioxidant, antihypertensive, anticoagulant, antiproliferative, immunostimulatory, etc. These products help in increasing dopamine, preventing diseases, healing wounds, promoting healthy skin, etc. Moreover, algae products find extensive applications in food products and beverages as stabilizers, emulsifiers, thickeners, main ingredients, flavoring agents, etc.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Algae Products Market Trends and Drivers:
The elevating global population levels, coupled with the rising prevalence of chronic diseases, are among the primary factors driving the algae products market. Moreover, the changing consumer lifestyles and the rising popularity of healthy food products and dietary supplements are further augmenting the market growth. Besides this, algae products are being increasingly used in the sequestering and removing of pollutants, such as nutrients, heavy metals, xenobiotics, etc., from wastewater. Additionally, their surging adoption in the beauty and personal care sector for detoxifying, cleansing, and toning the skin, as well as for improving skin elasticity and suppleness, aiding the renewal of damaged skin cells, etc., is bolstering the product demand. Furthermore, due to their abundant, resilient, and cost-effective nature, they are being utilized in biologic drugs across the globe, which is also stimulating the market. Apart from this, the growing product adoption for producing livestock for aquaculture varieties, including fish for cultivation, is expected to catalyze the algae products market over the forecasted period.
Global Algae Products Market2022-2027 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
The report has segmented the market based on type, source, form, distribution channel and application.
Breakup by Type:
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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