The algae products market is estimated at USD 3.98 Billion in 2018 and is projected to reach a value of USD 5.17 Billion by 2023, growing at a CAGR of 5.4%.

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The key market players adopted various growth strategies such as acquisitions & mergers, expansions & investments, and new product launches in order to cater to the increasing demand for algae products and expand their business. The companies in this market focus on increasing their research & development expenditure to develop new algae products with better food-grade quality; the companies also focus on expanding their manufacturing capacities by increasing production capacities of existing plants or by establishing new production plants.

The core strengths of the key players in this market are expansions and investments, which help to increase their presence in the algae products market. The companies are investing in new technologies to create nutrient-fortified algae ingredients to match the requirements of food and nutraceutical ingredients manufacturers. Companies such as Cargill (US), Cyanotech Corporation (US), and Fenchem Biotek (China) are expanding their production facilities. Companies such as Kerry (Ireland) are expanding its operations in Dubai, UAE, by opening a New Regional Development & Application Center.

Cargill (US) has been one of the major players in the global algae products market. It offers algae products in Europe, Africa, the Middle East, Asia, and the Americas. In September 2013, as an expansion strategy, Cargill upgraded and expanded its alginate business in France. The main objective of this expansion was to provide a sustainable supply of high-quality alginates for the food and pharmaceutical markets.

Cyanotech Corporation (US) strengthened its position in the algae products market, mainly through expansion. In 2015, Cyanotech installed a new astaxanthin extraction system in Hawaii, US to meet the increasing demand for astaxanthin products.

Market Dynamics

Drivers
• Multi-Industry Coverage
• Growth in Consumer Awareness Regarding the Health Benefits of Algae-Based Products
• Alternate Food Source and Food Ingredient

Restraints
• Impact of Climatic Conditions on Algae Production

Opportunities
• Government and Private Initiatives to Support Research & Development in Algaculture
• Growth in Demand for Natural Ingredients By Consumers
• Easy Cultivation of Algae

Challenges
• High Processing Cost

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