Algae products refer to simple plants that can range from the microscopic (microalgae), to large seaweeds (macroalgae), such as giant kelp more than one hundred feet in length. Algae products could be classified as eucheuma, laminaria japonica, gracilaria, undaria pinnatifida, porphyra and others, and mainly be applied in animal & aquaculture feed, biofuels & bioenergy, food, chemicals and others. At present, food industry is largest consumer of algae products, which occupied 33.60% market share in 2017.
The algae products industry is developing fast in last five years. The global production increased from 24580.7 K MT in 2013 to 28073.1 K MT in 2017, with the CAGR of 3.38%.
For aquaculture environment factor, this industry is distributed around coastline. As a result, China is the largest production base. As for the consumption region, China is also the largest consumer of algae products. In 2017, China consumed 11338.0 K MT algae products. Indonesia is the follower with about 20% consumption share.
The global revenue of algae products was valued at 6594.03 million USD in 2017, increase from 6387.42 million USD in 2013. Currently, as the downstream demand is rising, algae products are developing in steady growth.
Backed with the downstream industry, market participants think that global algae products market will be worthy of 7723.03 million USD in the year of 2024, with the CAGR of 2.28% during the period of 2017 to 2024.