Algae are range from microalgae to macro algae and can be grown anywhere in water resources such as sea, brackish, and wastewater that is unsuitable for cultivating agricultural crops. Algae has various applications in various forms such as algae butter, algae oil, algae bio fuel, etc. Algae butter is a non-hydrogenated, palm-free, vegan solution for the bakery, confectionery and spreads applications. The algae butter is being employed in the food & beverage industry as a natural source of the fatty acids, omega-3, proteins and antioxidants. Moreover, the properties of algae butter are also similar to the real butter, which leads the uses of the algae butter to the confectionery and baking applications. Furthermore, the algae butter can be further processed to use for plastics and other applications such as elimination of problematic aspects of the fossil fuel consumption and extraction. Confectionery manufacturers now prefer algae butter over conventional butter because the algae butter has a sharp consistent melting curve, which gives an enhanced sensory experience to the consumer.
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Global Algae Butter Market: Drivers and Restraints
Rising demand for algae butter from the food & beverage industry owing to its low fat content is anticipated to expect a positive impact on the global algae butter market during the forecast period. Moreover, the increasing consumer awareness for the natural dietary supplements is expected to fuel demand for algae butter in the global dietary supplements market owing to its low fat properties. Moreover, it has natural taste, which is also increasing its demand in among the consumers. Furthermore, the increasing applications of algae butter due to extensive research and developments by the various manufacturers is further fuelling the growth of the global algae butter market. Increasing demand for algae butter from bakery and confectionery manufacturers is owing to its melting properties is also catalysing the growth of the global algae butter market.
Although, the global algae butter market is growing but the higher prices of algae than the conventional butter may challenge the growth of the global algae butter market over the forecast period. Moreover, the specific parameters that are required for growth of algae, implies high production cost, which further results into increased price of the product. These factors may limit the growth of the global algae butter market during the forecast period.
Global Algae Butter Market: Segmentation
On the basis of applications, the global algae butter market is segmented into:-
- Food and beverages industry
- Spreads and confectionery
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Global Algae Butter Market: Region wise Outlook
The global algae butter market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). ). In Asia pacific rising demand for health supplements and low fat substitutes of food products due to increasing health consciousness behaviour of consumers, is also anticipated to witness an above average CAGR over the forecast period. North America is also expected to witness a high growth in algae butter market owing to rising demand from growing food and beverages industry in the region. Moreover, the demand for algae butter is also expected to increase from developing countries due to growing food and beverages industry owing to increasing g per capita income, during the forecast period. However, the global algae butter market is expected to witness a steady growth by the end of 2027. Some of the prominent players in the market include TerraVia Holdings, Inc., SB Oils and Solazyme, Inc.