Frutarom to Market Algae Ingredients
Frutarom Industries Ltd. has gained worldwide marketing rights for algae products from Algalo Industries Ltd. by signing an agreement to invest in Algalo. Frutarom will invest $2.5 million in exchange for the allocation of
50% of Algalo shares to build a biotechnology facility that specializes in algae cultivation, harvesting and processing.
The size of the algae-based ingredient market is estimated to be hundreds of millions of dollars and has seen a rapid growth in recent years. A further growth is to be seen in this market driven by increase in consumer trends towards healthier and more natural products.
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