The report "Algae Products Market by Type (Lipids, Carrageenan, Carotenoids, Alginate, and Algal Protein), Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Personal Care, Feed, and Pharmaceuticals), Source, Form, and Region - Global Forecast to 2023", The algae products market is estimated to be USD 3.98 Billion in 2018 and is projected to reach a value of USD 5.17 Billion by 2023, at a CAGR of 5.4%. The market is driven by factors such as rising health concerns (which include obesity and diabetes) due to consumption of high-calorie products. Also, the health benefits provided by algae products include anti-aging effects, supporting digestive systems, and providing gamma-linoleic acid. It also contains nutrients such as beta-carotene, iron, manganese, zinc, copper, selenium, and chromium and acts as a food supplement. Furthermore, as the adoption level of algae products by consumers is increasing, it helps companies innovate and develop product lines for algae products, which has further contributed to the growth of the algae products market.

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The nutraceutical & dietary supplement segment is projected to grow at the highest rate during the forecast period

On the basis of application of algae products, the nutraceuticals & dietary supplements segment is projected to grow at the highest CAGR. The demand for algae-based food & beverage products is increasing gradually; for instance, ice cream manufacturers are adding algae to their products for adding nutritive value to their products.

Algae protein is projected to be the fastest-growing segment during the forecast period

Based on type of products, the algae protein segment is projected to be the fastest-growing during the forecast period. In the recent years, due to factors such as fitness needs, animal health concerns, concerns about GMO products , clean labels, and organic labels, the interest and particular focus on plant proteins or alternative proteins has significantly emerged in both developed and developing countries. This trend will lead to the high growth rate of proteins derived from algae.

On the basis of source, blue-green algae products are projected to form the fastest-growing market during the forecast period

Based on the source of the algae products, blue-green algae products are projected to form the fastest-growing segment. Blue-green algae mainly find applications in the nutraceutical and pharmaceutical industries. The growth of these industries will lead to the high growth of the algae industry.

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Asia Pacific is projected to register the highest growth rate during the forecast period
Asia Pacific is projected to be the fastest-growing market between 2018 and 2023. Industrial growth and improvements in the food industry have opened new opportunities for the algae products market in this region. Also, conventional algae food items are already popular in Asia, with algae used extensively in Asian cuisine such as sushi. This makes the Asia Pacific region, the fastest-growing potential for algae products.

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