Demand From Pharma: Pushing Algae Products Revenues to Cross $3B by 2022, Says Meticulous Research®

PUNE, India, May 17, 2019 (Newswire.com) - A report into the projected growth of the current algae products market by Meticulous Research® has produced some incredible forecasts for the industry. By 2022, it’s expected to have grown at a CAGR of 6.7%, reaching over $3.3 billion.​​

Algae are emerging as important sources of proteins and value-added compounds with pharmaceutical and nutritional importance, and as a result, pharmaceutical and nutraceutical companies are increasingly demanding algae and algae products to be added into their products. This growing demand from nutraceutical and pharmaceutical industries drives the global algae products market.

As proper nourishment is a growing concern with increasing world population, sustainable sources of nutritional value are needed. Algae can form numerous compounds that are currently present in nutraceuticals. Physiologically-active nutraceuticals from algae include food supplements, dietary supplements, value-added processed foods, as well as non-food supplements, such as tablets, soft gels, capsules etc. The range of algae products are in demand from nutraceutical industry, such as spirulina, chlorella, polyunsaturated fatty acids (DHA, ARA, GAL, and EPA), beta carotene, astaxanthin, among others, owing to their health benefits. Much more attention has focused on omega-3 PUFAs from algae, especially eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), due to their association with the prevention and treatment of several diseases (atherosclerosis, thrombosis, arthritis, cancers, etc.).

Furthermore, carotenoids can serve several important functions. The most widely studied and well-understood nutritional role for carotenoids is their provitamin A activity. Thus, as algae products have shown viability in meeting nutritive demands due to their health benefits, the role of algae in human health and nutrition will continually increase, expanding their use by nutraceutical companies.

Further, the use of algae, especially the cyanobacteria (blue-green algae), for antibiotics and pharmacologically active compounds, has received ever-increasing interest. There is a range of pharmaceutical products derived from algae. Some of them include: antimicrobials, antivirals and antifungals, neuroprotective products, therapeutic proteins, and drugs. Various strains of algae are known to produce intracellular and extracellular metabolites with diverse biological activities, such as antibacterial, antifungal, and antiviral activity. The biological activities of the algae may be attributed to the presence of volatile compounds, some phenols, free fatty acids, and their oxidized derivatives. Among the various microalgal species, spirulina is most commonly referred to as a neuroprotective agent. Spirulina platensis may be useful in the development of novel treatments for neurodegenerative disorders, such as Alzheimer’s or Parkinson diseases.

Increasing usage of pigments from microalgae over strict regulations for the inclusion of synthetic colors and flavors

Country-specific various regulatory and legislation system for food colors and flavors is leading food manufacturers to use natural food colors. For instance, the U.S. prevents the permission of colors and flavors if they're found to be carcinogenic. In Australia and New Zealand, all colors and flavors go through safety assessment before they get approval for its use. Similarly, the Food Safety and Standards Authority of India (FSSAI), an autonomous body established under the Ministry of Health & Family Welfare, Government of India also restricts the use of coloring matter in food until it is free from any harmful impurities. Moreover, the European Food Safety Authority (EFSA), the regulatory agency of EU countries for food safety has banned the use of synthetic colors in the products consumed in EU countries.

Furthermore, increasing awareness of the harmful effects of synthetic dyes and the inclination of consumers towards the natural/ plant/microbial-based colors has led to the exploitation of microalgae as a source of natural colors. Microalgae are the major photosynthesizers on Earth and produce important pigments that include chlorophyll a, b and c, β-carotene, astaxanthin, xanthophyll, and phycobiliproteins. Algal pigments have commercial value as natural colorants in the nutraceutical, cosmetics, and pharmaceutical industry, besides their health benefits. They also have applications in foods that include the coloring of fermented milk products, ice creams, chewing gum, soft drinks, alcoholic drinks, desserts, sweet cake decoration, and milkshakes.

Increasing preference for algae products, especially omega-3 fatty acids

Omega-3 is majorly found in fish oils, and a small amount can be found in plant sources. However, the flavor and the cost are the major obstacles with these sources of omega-3 oils. Due to the many shortcomings of fish-derived oil, including undesirable taste and odor, diminishing supplies, objections by vegetarians, its chemical processing methods, and presence of contaminants such as mercury, dioxins, and polychlorinated biphenyls, the omega-3 fatty acids production has been diverted towards microalgae, which offers a promising non-polluted resource of omega-3 fatty acid as an alternative to fish oil. Compared to terrestrial crop plants, microalgae have advantages as an omega-3 fatty acids source, such as commonly occurring genes for the biosynthesis of these nutrients, simpler acid profiles and higher growth rates. Also, the vegan population prefers products based on algal sourced omega-3.

Thus, owing to consumer demand and superior properties of algal omega-3, they are increasingly preferred by nutraceutical, chemical and food industries as a raw material for the production of numerous products over other alternatives, thereby fueling the demand of algae omega-3 fatty acids across the globe, which is driving the algae products market.

Authoritative Research on the Algae Products Market

Need more information? Meticulous Research®’s new report covers each of the top companies in much more detail, providing analysis on the following:

• Recent financial performance
• Key products
• Significant company strategies
• Partnerships and acquisitions

The comprehensive report provides global market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends.

Please download the report and learn more: https://www.meticulousresearch.com/download-sample-report/cp_id=3579​

Source: Meticulous Market Research Pvt. Ltd.