Algae Products Market to be Worth $3.92 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled 'Algae Products Market by Type (Hydrocolloids, Carotenoids, Lipids, Algal Protein), Source (Seaweed, Microalgae {Chlorella, Spirulina}), Form (Dry, Liquid), Application (Food & Beverage, Nutraceuticals, Cosmetic), and Geography - Global Forecast to 2030.'

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According to this latest publication from Meticulous Research®, the algae products market is projected to reach $3.92 billion by 2030, at a CAGR of 5.4% from 2023 to 2030. Increasing preference for algae-sourced products as a source of high nutrients and minerals, increasing vegetarianism, and rising demand for natural food colors are some of the factors driving the growth of the algae products market. Moreover, the growing demand for biofuels is expected to offer significant growth opportunities for players operating in the algae products market. However, the lack of R&D activities in underdeveloped countries and the complex production process of algae products are expected to hinder the growth of the global algae products market to some extent.

The global algae products market is segmented by type (hydrocolloids {carrageenan, agar, alginate, and other hydrocolloids}, carotenoids {beta carotene, astaxanthin, lutein, and other carotenoids}, lipids, algal protein), source (seaweed/macroalgae {red seaweed, brown seaweed, and green seaweed}, microalgae (chlorella, spirulina, Dunaliella salina, Haematococcus pluvialis, nannochloropsis, and other sources), form (dry form and liquid form), application (food & beverage products {food products [dairy products, bakery and confectionery products, other food products], beverages products}, nutraceutical products, cosmetics products {skin care products, hair care products, other applications}, animal feed products, other applications), and geography (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa). The study also evaluates industry competitors and analyses the market at the regional and country level.

Based on type, the algae products market is segmented into hydrocolloids, carotenoids, lipids, and algal proteins. The carotenoids segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising awareness about the health benefits of carotenoids in preventing heart disease and cancer and treating eye disorders, Parkinson's disease, Alzheimer's disease, and macular degeneration. Additionally, consumers' inclination towards clean-label products due to rising concern over using synthetic ingredients in food has propelled the demand for natural colorants in the food industry. Furthermore, carotenoid is a red pigment widely used in the food industry to impart color, which also drives the growth of this segment.

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Based on source, the algae products market is segmented into seaweed/macroalgae and microalgae. The microalgae segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing health & wellness trends and dietary supplements industry; rising demand for natural food colors; growing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; and rising investments from leading color houses in microalgae.

Based on form, the algae products market is segmented into dry form and liquid form. In 2023, the dry form segment is expected to account for the larger share of the global algae products market. The large market share of this segment is mainly attributed to its higher shelf life and convenience in storing dry formulations of algae products.

Based on application, the algae products market is segmented into food and beverage products, nutraceutical products, cosmetic products, animal feed products, and other applications. The cosmetic product segment is projected to register the highest CAGR during the forecast period. The growth of this market is mainly driven by the growing global cosmetic industry, increasing demand for vegan skincare products, and rising awareness about the health benefits of organic cosmetic products.

Geographic Review

This research report also analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Chile, Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global algae products market. The large share of this market is mainly attributed to the increasing demand for natural ingredients from rapidly growing food and beverage, nutraceuticals, cosmetic, and animal feed industries. The huge number of stakeholders engaged in providing algae products for these industries due to the abundant availability of the raw materials, favorable climatic conditions for algae production, and availability of cheap labor are further expected to support the growth of this market. The various government initiatives to promote the cultivation and usage of algae in several industries and the growing demand for healthy food products are further expected to boost the growth of the algae products market in the region.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3-4 years. The key players profiled in the global algae products market report are Algatechnologies Ltd. (Israel), Arizona Algae Products, LLC (U.S.), BASF SE (Germany), BDI-BioLife Science GmbH (Austria), BlueBioTech International GmbH (Germany), Bluetec Naturals Co., Ltd (China), Cargill, Incorporated (U.S.), Cyanotech Corporation (U.S.), DIC Corporation (Japan), Koninklijke DSM N.V. (Netherlands), Lyxia Corporation (China), Pond Technologies Inc. (Canada), Seagrass Tech Private Limited (India), Shaivaa Algaetech LLP (India), and Tianjin Norland Biotech Co., Ltd. (China).

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Key Questions Answered in the Report-

Which are the high-growth market segments in terms of type, source, form, application, and region/country?
What was the historical market size for algae products across the globe?
What are the market forecasts and estimates for 2023-2030?
What are the major drivers, restraints, opportunities, and challenges for the global algae products market?
Who are the major players in the global algae products market?
How is the competitive landscape, and who are the market leaders in the global algae products market?
What are the recent developments in the global algae products market?
What are the geographical trends and high-growth regions/countries?
Who are the local emerging players in the global algae products market, and how do they compete with the global players?

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