Market Trends of Algae Products Industry
This section covers the major market trends shaping the Algae Products Market according to our research experts:
Health Benefits Associated With Algae Products' Consumption
Algae, including microalgae, are photosynthetic organisms for the production of dietary foods claimed to offer high protein content, along with other nutritional benefits, making it an ideal ingredient in the production of dietary supplements, cosmetics, functional food and beverage products, and animal feed, among other applications. Apart from being a source of protein, the presence of various bioactive components in algae and microalgae provides an added health benefit. Moreover, compared to various plant and floral species, microalgae contain higher amounts of pigments. Algae-derived proteins have completed essential amino acids (EAA) profiles, and their protein content is higher than conventional sources, such as meat, poultry, and dairy products. Numerous microalgae species are reported to be rich in proteins, carbohydrates, lipids, and other bio-active compounds. Antioxidative, antihypertensive, immunomodulatory, anticancerogenic, hepato-protective, and anticoagulant activities have been attributed to some microalgae-derived compounds, such as peptides. Furthermore, according to Becker et al., microalgae are excellent sources of vitamins, such as vitamins A, B1, B2, B6, B12, C, and E, and minerals, such as potassium, iron, magnesium, calcium, and iodine. They also contain potent probiotic compounds that enhance health by strengthening the immune system, helping cleanse the body of toxins, and boosting energy.
Asia-Pacific is the Fastest-growing Market
Asia-Pacific is anticipated to record the fastest growth in the market during the forecast period. Algae products used in food processing are mostly grown in the Philippines, Vietnam, and Indonesia. The region is anticipated to account for a large share of the carrageenan production industry due to the possibility of cultivating high-quality carrageenan. The algae-based superfoods like Spirulina and Chlorella provide nutritious, vegan supplements for human consumption. In the Asia-Pacific region, the rising consumption of nutraceuticals, mainly in China and Japan, is assisting the market's growth. Additionally, the Indian government-funded open-access research and policy stimulus is expected to help drive further innovation and entrepreneurship in food applications of algal protein. According to the Good Food Institute (GFI), in March 2021, the Indian government has already pledged around USD 87 million to develop an algae economy.
