The Algae Products Market size is projected to be worth US$ 5.41 Billion in 2023 and surpasses US$ 9.15 Billion by 2033. The sales of algae products are estimated to grow at a CAGR of 5.4% during the forecast period.
The expansion of the market has been significantly impacted by the increasing use of algae in the pharmaceutical and nutraceutical industries. The rising need for algal biomass for use in nutraceuticals is also anticipated to be a source of income for companies that produce algae-based products. The growing industrial application of algae offers business opportunities, which has spurred market growth.
Some companies now offer algae-based CO2 collection and biofuel production as a new revenue stream. By employing algal products in wastewater remediation, companies that treat wastewater for households and businesses have a significant possibility to reduce expenses. As a result of consumers’ shifting dietary preferences and a paradigm shift towards preventative health management measures in response to rising healthcare costs and the growing burden of lifestyle-related illnesses, the market for algae products is predicted to increase.
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Because algae constitute a significant source of protein, they are likely to be employed as both food and a feedstock. An increase in food industry investment is having an influence on the market for items manufactured from algae. Growing consumer health consciousness and their desire for healthier meals are having an effect on the overall market for algal goods. The availability of cheap alternatives, however, is a substantial barrier to the industry’s growth.
Key Takeaways from the Algae Products Market
- The United States dominates the market for algae products, with an expected value of US$ 2.64 billion over the projected period.
- China has the second highest market share, valued US$ 2.21 billion, and is expected to rise at a 7.9% CAGR during the projection period.
- Demand for algae products in Germany is expected to expand at a CAGR of 3.2% over the forecast period.
- The market for algae products is expected to profit considerably from an increase in protein supplement usage in Japan.
- Cosmetics applications are expected to generate more than US$ 165 million in revenue by 2032. Due to the growing number of personal care and cosmetics algae, the use of algae products in personal care goods is projected to expand.
- Through 2033, the green algae segment is expected to see the quickest CAGR of 5.5%.
- The brown algae category dominated the global market in 2033, accounting for 28% of the market, in terms of revenue share.
What are the Players in the Algae Products Industry Doing?
The majority of manufacturers are focusing on boosting their current production capacity by increasing sales in a number of these locations because the market has not yet been consolidated by significant players. The companies are also focusing on developing novel techniques for manufacturing and storing nutritional supplements. In order to make the manufacturing of algae products profitable, a number of corporations and governmental bodies are working to cut both capital and operating expenses. Many stakeholders have selected algae production, which makes use of water and terrain unsuitable for other uses.
Major Players in the Algae Products Market
- Algatechnologies, Ltd.
- BASF SE
- ADM
- Cargill, Inc.
- Corbion NV
- Corteva Agriscience
- CP Kelco ApS
- Cyanotech Corporation
- I.D. Parry India Ltd.
- Fenchem Biotek Ltd.
- Ingredion, Inc.
- Kerry Group PLC
- Roquette
- Royal DSM NV
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Recent Developments in the Algae Products Market
- The first seaweed powder product in the WavePure ADG family, WavePure ADG 8250, was available in February 2021. This “pleasant and adaptable” marine ingredient was developed to emphasize the silky and creamy dairy textures and to offer gelling and thickening properties from an organoleptic perspective.
- In October 2020, Cyanotech Corporation announced the launch of BioAstin Hawaiian Astaxanthin, a unique delivery form, water-dispersible powder, in both 1% and 2% concentrations.
- In April 2021, Yemoja released EPS-Revive, a topical external polysaccharide sulfate (EPS) beauty component derived from a red algae species, as a part of a new range of skincare products based on algae.
Segmentation Analysis in the Algae Products Market
By Form:
- Solid
- Liquid
By Source:
- Brown Algae
- Blue-green Algae
- Red Algae
- Green Algae
By Application:
- Food & Beverage
- Nutraceuticals & Dietary Supplements
- Personal Care
- Pharmaceuticals
- Animal Feed
- Other Applications
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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