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Navigating the Future of the Algae Products Market: Surging Demand for Healthy Food Driving Growth || BASF SE, Cargill Incorporated, DuPont de Nemours Inc., DSM Nutritional Products AG
Algae Products Market
The Business Research Company's Algae Products Global Market Report 2023 the growing demand for healthy food products as the major driver for the algae products market's growth in the forecast period. Healthy food products are those that contain nutrients that support the body's well-being and aid in energy retention. Algae products contain a variety of beneficial elements, including carbohydrates, polyunsaturated fatty acids, essential minerals, and vitamins, which are commonly utilized in healthy foods. For instance, according to BioMed Central (BMC), a UK-based open-access publisher, in 2020 16.7% of the population improved their food behavior by consuming nutritious food which helps in maintaining their immunity, while 34.4% of responders increased their appetite in consumption of nutritious food.
The global algae products market size grew from $12.12 billion in 2022 to $13.19 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The algae products market size is expected to grow to $17.89 billion in 2027 at a CAGR of 7.9%.
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Major competitors in the algae products market are BASF SE, Cargill Incorporated, DuPont de Nemours Inc., DSM Nutritional Products AG, EID Parry, Cellana Inc., BlueBioTech Int. GmbH, Corbion NV, Earthrise Nutritionals LLC, Cyanotech Corporation, AlgaeCan Biotech Ltd.
A key trend in the algae products market includes development of alternative protein sources. Developing alternative protein sources such as microalgae is a crucial step toward achieving the necessary transformation to a more equitable and resilient food system. For instance, in July 2020, Unilever, a UK-based consumer goods company partnered with Algenuity, a UK-based company operating in algae products to develop innovative microalgae products for Unilever's plant-based portfolio. Algenuity will work with the R&D team within Unilever's Foods and Refreshment (F&R) division to explore different foods with microalgae.
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The Algae Products market is segmented -
• By Type: Lipids, Carrageenan, Carotenoids, Alginate, Algal Protein
• By Form: Liquid, Solid
• By Source: Blue-Green Algae, Brown Algae, Green Algae, Red Algae
• By Distribution Channel: Online, Offline
• By Application: Food and Beverage, Nutraceutical and Diet Supplement, Animal Feed, Personal Care, Pharmaceutical, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the algae products market.
The Business Research Company's "Global Algae Products Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Algae Products Market Include:
1. Executive Summary
2. Algae Products Market Characteristics
3. Algae Products Market Trends And Strategies
4. Algae Products Market - Macro Economic Scenario
5. Algae Products Market Size And Growth
……………
27. Algae Products Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Algae Products Market
29. Algae Products Market Future Outlook And Potential Analysis
30. Appendix
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