Algae Products Market to Reach $5.55 Billion by 2030 at a Robust CAGR of 7.8% from 2023 to 2030

[Redding, California, January 25, 2024] - Algae products have captured global attention amid the exponential rise in vegetarianism, heightened health and environmental consciousness, and the myriad benefits offered by these products. Boasting rich nutrients, a low carbon footprint, and easy renewability, algae-sourced items are witnessing a surge in demand across various sectors, including food, cosmetics, and biofuels. Meticulous Research® has unveiled in its latest publication that the algae products market is poised to achieve a valuation of $5.55 billion by 2030, reflecting a compelling Compound Annual Growth Rate (CAGR) of 7.8% from 2023 to 2030.

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Driving the growth of the algae products market are discerning consumers gravitating towards algae-sourced products, the expanding realm of vegetarianism, an upsurge in the demand for natural food colors, and the rapid evolution of the nutraceuticals industry.

Despite these positive trends, challenges such as intricacies in algae production and insufficient awareness regarding the benefits of algae pose hindrances to market expansion. Nevertheless, opportunities abound with the escalating demand for biofuels, though the market contends with the substantial challenge of algae contamination. An overarching trend is the rising adoption of algae products in various applications.

The comprehensive report from Meticulous Research® furnishes in-depth competitive intelligence encompassing financials, growth strategies, product portfolios, and geographical presence of key players in the market. Some of these industry leaders include Algatechnologies Ltd. (A Part of Solabia Group) (Israel), BASF SE (Germany), BDI BioLife Science GmbH (Austria), Bluetec Naturals Co., Ltd (China), Cargill, Incorporated (U.S.), Cyanotech Corporation (U.S.), DIC Corporation (Japan), Lyxia Corporation (a subsidiary of Shenzhen Qianhai Xiaozao Technology Co., Ltd.)(U.S.), Seagrass Tech Private Limited (India), Tianjin Norland Biotech Co., Ltd. (China), Ingredion Incorporated (U.S.), HISPANAGAR S.A. (Spain), COMPAÑIA ESPAÑOLA DE ALGAS MARINAS S A (Spain), W Hydrocolloids, Inc. (Philippines), SNAP Natural & Alginate Products Pvt. Ltd. (India), and Harsha Enterprises (India).

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

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Geographically, the global algae products market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is poised to dominate the market, driven by the escalating demand for natural ingredients in the rapidly growing food and beverage, nutraceuticals, cosmetic, and animal feed industries. Government initiatives promoting algae cultivation, coupled with the availability of raw materials, favorable climatic conditions, and cost-effective labor, bolster the market in the region.

Segment-wise, the algae products market comprises hydrocolloids, algal proteins, lipids, and carotenoids. In 2023, the hydrocolloids segment is anticipated to hold the lion's share of the global algae products market, propelled by the increasing consumption of seaweed-based products, the surge in biofuel demand, the growing preference for natural and plant-based ingredients, and the escalating demand for hydrocolloids across diverse industries.

Further delineating the market, the algae products are categorized into macroalgae/seaweed and microalgae based on their source. In 2023, the macroalgae/seaweed segment is expected to lead the market, attributed to the abundant availability of seaweed as raw materials and the growing awareness of the health benefits associated with seaweed products. This segment is also forecasted to register the highest CAGR during the forecast period of 2023-2030.

In terms of form, the global algae products market is segmented into dry and liquid. The dry algae products segment is projected to dominate in 2023, driven by its longer shelf-life, ease of transportation, and storage advantages over liquid algae products. The increasing use of algae powder in the food, cosmetic, and feed industries further contributes to the segment's prominence, with a forecasted highest CAGR during the period of 2023-2030.

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Application-wise, the global algae products market encompasses food & beverage, nutraceuticals, cosmetics, animal feed, and other applications. The cosmetics segment is anticipated to register the highest CAGR during the forecast period of 2023-2030, driven by the flourishing global cosmetic industry, increasing demand for vegan skincare products, and growing awareness of the health benefits associated with organic cosmetic products.

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This release was published on openPR.