Published On : 01 Nov 2018
With the culinary industry witnessing dramatic changes, a rising demand for different recipes is occurring all over the globe. One particular group of ingredients that is being used on a large-scale perspective is extracted from algae, thereby giving rise to the algae ingredients market. These ingredients are mainly referred as chemical components that can be added to specific food recipes. This depicts a widespread functionality of algae when it comes to their utilization in the culinary industry.
Increasing potential of algae in the form of ingredients that provide numerous nutritional benefits is primarily driving the global algae ingredients market. Moreover, availability of these components is substantially less expensive at least in regions where a large proliferation of algae organisms exists. Moreover, the ingredients depict a high concentration of Omega 3 fatty acids, which are highly necessary to maintain a healthy body. In addition, rising concerns regarding safer and sustainable production and environmental concerns regarding eco-friendly consumption of sea food too is making the market substantially proliferate in recent times. Furthermore, with rapid advancements occurring in biotechnology and other efficient extraction technologies, a decent expansion-based opportunity exists in the market.
However, notable fluctuations are present in the market regarding supply of raw materials in many regions hinders the global algae ingredients market’s growth. Even though the raw material that includes algae organisms can be extracted at a substantially cheap rate, the latter part of processing might be expensive. This could also hinder the market’s expansion up to a certain extent. Moreover, lack of availability of the finished algae-based food products in remote and underdeveloped regions also poses as a key obstacle present in the path of progress of the global algae ingredients market. Nonetheless, several companies are expected to introduce cost-regulated products in the near future. This could certainly offset most restraints affecting the global algae ingredients market.
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The global algae ingredients market depicts the presence of a consolidated vendor landscape. This is mainly due to the presence of a handful of players which comprise maximum revenue percentage. However, with increasing number of players increasing in the market, the competition is expected to highly intensify in the near future. Solazyme In., ADM, Fuji Chemicals, Cargill, BASF, DuPont, TerraVia, DSM, Algavia, Roquette, DIC, FMC, Cyanotech, Omega Protein, and Algae Tech, are key players operating in the global algae ingredients market. Most companies are focused on facilitating product differentiation, regulating product costs, and improving geographical reach in order to maximize their revenue gains.
Geography-wise, the global algae ingredients market is spread across North America, South America, Europe, the Middle East and Africa, and Asia Pacific. Of these, Asia Pacific exhibits a leading edge in the market thanks to the easy availability of algae organisms in the form of raw materials for further use in foodstuffs.
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