Asia Pacific Algae Ingredients Market was worth USD XX million in 2022 and estimated to be growing at a CAGR of XX%, to reach USD XX million by 2027.
Algae are a varied group of aquatic organisms capable of performing photosynthesis. Primary factors accounted for driving the market are increasing applications in functional food segments and pharmaceutical products, the source of raw materials is cheaper, and increasing awareness regarding the benefits and necessity of omega-3 fatty acids. However, factors like high processing and production costs and health and safety concerns regarding algae extraction are hindering the growth of the market. Algae are mostly used in the food industry due to their wide use of applications as functional ingredients. Algae are a rich source of essential oils like omega 3 fatty acids and PUFA, which are also used in pharmaceuticals and health food products.
Asia Pacific market for Algae Ingredients is segmented based on
Source
Application
Ingredient Type
Based on Source it is divided into
Green Algae
Red Algae
Blue Algae
Based on Application
Food
Pharmaceuticals
Animal Nutrition
Cosmetics
Based on Ingredient Type it is divided into
Dried Algae
Omega 3 Fatty Acids and PUFA
Carrageenan
Alginate
Agar
B-Carotene
China
India
Japan
South Korea
Australia
China holds the major share in the market due to the presence of market leaders as well as a sophisticated food industry and algae’s extensive use in food products. India is the fastest-growing region due to increasing demand and product innovation and increasing disposable income. Based on Application Food application is the most widespread due to increasing demand for fortified and functional foods while the pharmaceutical segment is expected to grow the fastest due to increasing expenditure on drug discovery and development. Based on ingredient type Omega 3 Fatty acids and PUFA are the most used type due to their applications in functional foods and pharmaceuticals.
Archer Daniels Midland Company,
DSM
BASF
DuPont
Cargill
Cyanotech
Roquette
Fuji Chemicals
FMC Corporation
Omega Protein Corporation
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