According to a recent research report by Future Market Insights (FMI), the global market for algae-based food additives is poised for substantial growth, with sales projected to reach a value of US$ 349.1 million by 2033. The market is expected to surge at an impressive Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period from 2023 to 2033. In 2023, the market is estimated to be valued at US$ 157.3 million.
The escalating demand for algae-based food additives reflects a notable trend in the food industry, driven by increasing consumer preferences for natural, sustainable, and nutrient-rich food products. Algae-based additives have emerged as an excellent source of dietary fiber and antioxidants, offering a range of health benefits that resonate with health-conscious consumers.
“The rising awareness among consumers about the health benefits associated with algae-derived additives is a significant driver of this trend,” says by Future Market Insights. “Additionally, the growing emphasis on sustainable and eco-friendly food solutions amid environmental concerns is further bolstering the adoption of algae-based additives.”
Food manufacturers and processors are increasingly recognizing algae as a viable alternative to conventional additives, leading to a surge in demand for these natural ingredients. As the food industry continues to evolve, algae-based food additives are poised to play a pivotal role in meeting the demand for healthier and more sustainable food options.
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Key Takeaways from the Algae-based Food Additive Market Study-
- The algae-based food additive industry in the United States is poised to exhibit a CAGR of 4% in the estimated period.
- China’s strategic edge in the global algae-based food additive industry has resulted in the country expanding at a 6% CAGR through 2033.
- Germany’s increasing emphasis on well-being is expected to help the algae-based food additive market record a CAGR of 3% in the forecast period.
- Based on product type, the carrageenan segment is expected to hold a market share of 6% by 2023.
- Based on the source, the red algae segment is expected to hold a market share of 45% by 2023.
“Even though the market for food additives made from algae is niche, there is room for growth in the years to come. This is due to customers’ growing desire for natural, healthful, and sustainably derived food products. Food companies are looking for sustainable solutions to reduce their environmental effect, and algae-based food additives can be the answer.”–says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
The algae-based food additive market is characterized by the presence of several key players, each striving to gain a higher market share. These companies often engage in several strategies, such as mergers and acquisitions, partnerships, product innovations, and expansions, to strengthen their position in the market. Companies are investing in research and development to generate unique formulations targeting specific needs.
A handful of the leading companies offering algae-based food additives include Corbi, Aliga Microalga, Triton Algae Innovation, Cargil, Gino Biotec, CP Kelco U.S. Inc., AEP Colloid, KIMI, Hispanagar S, Algama Foods, and Arizona Algae Products, LLC.
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For instance,
- The AlgaeProBANOS (APB) project, initiated by The SUBMARINER Network in 2023, aims to develop novel, high-value algae-based products for a variety of industries, including textiles, cosmetics, animal feed, human food, and more.
Get More Valuable Insights into the Algae-based Food Additive Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the algae-based food additive industry, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the algae-based food additive market by product type (carrageenan, alginate, agar, spirulina, and others), source (red algae, brown algae, and green algae), functionality (thickening, gelling, stabilizing, emulsifying, and enhancing texture), application (frozen desserts & dairy products, confectionery & bakery, convenience food & snacks, beverages, and others), and regions.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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