Algae Product Market by Region – Global Opportunities & Forecast, 2020-2027

 Algae Product Market

Based on the GMI Research report, the Algae Product Market will encounter a boom of 7.2% over the forecast period (2021 to 2028). The increasing usage of algae in pharmaceutical industries for the production of antivirals, antimicrobials, and antifungal medicines has propelled the market growth.

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Algae Product Market Dynamics

The algae products market is propelled by the increasing expenditure on healthcare guided by the augmenting awareness about the health benefits of Omega-3. Omega 3 helps in reducing the chances of heart diseases and protects against arthritis, dementia, and cancer. For example, as per the OECD, the healthcare expenditure in US was USD 10,948 in 2019. Also, the increasing usage of algae products, such as blue-green algae, commonly known as cyanobacteria, in the pharmaceutical and nutraceutical industries to make pharmacological and antibiotic compounds will elevate the market size. Several other varieties of products driven from algae, which include, antimicrobials, antivirals, antifungals, and therapeutic proteins has boomed the market growth. However, the growing agitation towards the production system because of their high installation cost might restrain the market growth.

Source Segment Drivers

Based on the source, the micro-algae segment is projected to witness a faster growth in the global algae products market over the forecast period. This is attributed to its increasing usage in nutraceuticals industry. Further, they help in the production of different products such as energy drinks and dietary supplements. Thus, this will strengthen the market size.

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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