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Algae Products Market Potential Analysis, Key Drivers, Emerging Growth, Trends And Forecast To 2033
Algae Products Market Analysis
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the algae products industry. This report on algae products market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The algae products market size has grown strongly in recent years. It will grow from $13.01 billion in 2023 to $14.03 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to sustainability concerns, nutritional benefits, alternative protein sources, cosmetics and personal care, environmental regulations.
The algae products market size is expected to see strong growth in the next few years. It will grow to $19.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to climate change mitigation, aquaculture and animal feed, plant-based foods, biofuels and renewable energy, circular economy initiatives. Major trends in the forecast period include plant-based food revolution, sustainable protein sources, marine ingredients in cosmetics, carbon sequestration applications, biotechnology advancements.
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Key Market Players:
BASF SE, Cargill Inc., E. I. du Pont de Nemours and Company, DSM Nutritional Products AG, East India Distilleries & Parry Limited, Cellana Inc. are prominent players in the algae products industry.
Market Drivers:
The growing demand for healthy food products is expected to propel the growth of the algae products market going forward. 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, in March 2022, according to Good Food Institute (GFI), a US-based non-profit organization and Plant Based Foods Association (PBFA), a US-based food association, due to the increased interest in healthy alternatives, 27 % of people chose to consume less meat and prefer plant-based foods. Therefore, growing demand for healthy food products drives the growth of the algae products market.
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Market segments for algae products include:
1) By Type: Lipids, Carrageenan, Carotenoids, Alginate, Algal Protein
2) By Form: Liquid, Solid
3) By Source: Blue-Green Algae, Brown Algae, Green Algae, Red Algae
4) By Distribution Channel: Online, Offline
5) By Application: Food and Beverage, Nutraceutical and Diet Supplement, Animal Feed, Personal Care, Pharmaceutical, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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The global Algae products market was valued at USD 2,276.0 Million in 2020, and is projected to reach USD 4286.8 Million by 2031, growing at a CAGR of 4.88% from 2022 to 2031.
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