ALGAE MARKET ANALYSIS

Market Challenges And Opportunities

Global Algae Market- Drivers:

Increasing consumption of protein-rich products

Increasing consumption of protein products is expected to boost the growth of the global algae market during the forecast period, owing to evolving living standards of people, and growing health awareness among consumers. Algae protein prevents weight gain, relieves fatigue and anxiety,  and treats Attention Deficit-Hyperactivity Disorder (ADHD), and diabetes, among others. Algae is enriched in nutrient content, has positive effect on t immune system, and has other health-related benefits, all these factors are driving the market growth globally. Furthermore, rising sustainability concerns such as increased greenhouse gas emissions, and biodiversity loss during meat production, has shifted consumer preference toward plant-based and other alternative sources. Due to health awareness people around the globe are prefering  fit lifestyle.Furthermore, people are  consuming products such as algae, meat, eggs, and supplements in order to strengthen their muscles, and to improve their physique. As a result, the global demand for protein-rich products is increasing, and thisis expected to boost the global market growth.

Increasing  demand for algea in the pharmaceutical industry

Rising demand of algae from the pharmaceutical industry is expected to fuel the growth of global algae market during forecast period. Algae is used in the pharmaceutical industry as antimicrobials, therapeutic proteins, antivirals, drugs, and antifungals. Polyphenols, phycobiliproteins, and vitamins are powerful water-soluble antioxidants that are present in algae. Antioxidants prevents tumor growth by regressing premalignant lesions. Algae and algae-derived materials are allowed to be used in fertilizing products under the European Union Fertilising Products Regulation 2019/1009 (FPR), either in CE(Conformite Europeenne) -marked products or in products that are authorized under national legislation.

Global Algae Market- Restraints

Lack of Research & Development activities in underdeveloped countries

Lack of research and development activities in African countries has led to low adoption of algae in this region. North American countries has witness the highest algae-based products consumption, and this has led to increase in product innovation and exploration of new applications of algae in the region.  Underdeveloped countries in Africa such as North Africa, South Africa, Central Africa has low penetration for algae and no R&D activities are performed to improve the techniques for extracting seaweeds. Also, the capital investment and operational costs are considerably high, and this is expected to  hinder the market growth.

According to WHO (World Health Organization), on December 2020, In South Africa, the Government has developed a public-private partnership, called The BioVac Institute, geared towards ensuring communities have access to locally made affordable medicines and vaccines. Through technology transfer from pharmaceutical companies in the North, patented medicines are produced locally. The Institute is now exploring new vaccines to tackle conditions specific to the African context which would otherwise not be commercially attractive. This is going a long way towards ensuring equitable and affordable access to medicines.