The report titled "Global Algae Product Market - Growth, Share, Opportunities, and Competitive Analysis, 2018 - 2024" offers strategic visions into the global algae product market along with the market size (Revenue - US$ Mn and Volume - Kilo Tons) and estimates for the duration 2016 to 2024. Increasing demand for algae products such as Carotenoids, ?-Carotene, Omega 3 polyunsaturated fatty acids (PUFA) and Astaxanthin from the nutraceuticals and pharmaceutical industry is expected to boost the market growth.
The market for algae products is anticipated to expand at a CAGR of 5.7% during the forecast period from 2018 to 2024. The global algae product market was valued at US$ 31.3 Bn in 2016.
Algae product market is majorly expected to witness sustainable growth during the forecast period due to its high nutritional value as a high protein source. It is a complete protein with essential amino acid which is involved in major metabolic processes which include enzyme production. It also has an extensive fatty acid profile such as Omega 3 and Omega 6 which plays a major role in production of energy. Moreover, cosmetic industry is also expected to be one of the driving forces for the growth of the market in terms of revenue. Algae are used in cosmetics products as a raw material, specialized functional ingredient and as bulk extract formulations. Other applications such as paints & colorants, pollution control and others which include lubricants are also expected to boost strong demand for algae products in the market.
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