Market Research Future (Food and Beverages) Algae Products Market Research Report | Page 3

Algae Products Market Research Report- Forecast till 2023
2 Market Overview
Giving an insight to its extensive report, Market Research Future (MRFR) states that the global algae products
market is set to expand steadily during the forecast period (2017-2023). The progress can be attributed to growing
end-use industries such as food & beverage, nutraceutical, personal care, and pharmaceutical. Furthermore, growing
vegan population has set the market growth in motion. In addition, growing health concerns due to rising cases of
diabetes and obesity drive the market growth. Also, algae products offer various health benefits such as anti-aging
effects and improvement of digestive system on account of which the demand has increased among health
conscious population across the globe. Owing to its increased demand, market players are innovating and
developing product lines for algae products, thus further contributing to the market growth. Apart from these factors,
emergence of new application areas, elevating use of microalgae in aquaculture, and growing use of algae in bio-
fuel production open new avenues for various stakeholders in this market.
However, low awareness about the health benefits of algae products could potentially consolidate the market growth.
But keeping in mind its high demand and extensive use in numerous industries, it is safe to say the global market is
set to soar high in the coming years.
Popular trend penetrating the global market currently is using algae for production of bio-fuel, an alternative to liquid
fossil fuels. Algae are used to produce large amounts of fat, which can be further converted into biodiesel which is
the most common form of bio-fuel.
Industry News:
Israeli biotechnology company Algatech has developed a new product for the treatment of fatty liver disease. The
new product is based on the pigment fucoxanthin, which is found in high concentration in algae and has great efficacy
in treating fatty liver. The products will be distributed via food additives companies in the United States and Japan
and then will expand to other countries.
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