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Algae Based Ingredients Market Outlook 2024: Exclusive Report By The Business Research Company | Cargill Inc., Corbion N.V., CP Kelco U.S. Inc., Bioriginal Food & Science Corp., Cynotech Corporation, Algenol Biofuels Inc
Algae Based Ingredients Market Size
The Business Research Company offers in-depth market insights through Algae Based Ingredients Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The algae based ingredients market size has grown strongly in recent years. It will grow from $3.77 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to growing demand environmental sustainability, demand from cosmetic and personal care industry, government initiatives, consumer awareness.
The algae based ingredients market size is expected to see strong growth in the next few years. It will grow to $5.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increasing health and wellness awareness, rising vegan and vegetarian populations, demand for natural colorants. Major trends in the forecast period include technological advancements in algae cultivation and processing, government support for algae production and research, expanding applications of algae-based ingredients, product innovations.
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Market Segmentation:
The main types of algae-based ingredients are carrageenan, alginates, algae protein, beta-carotene, algae oil, agar and others. Carrageenan is a natural hydrocolloid derived from red seaweed used as a thickener, stabilizer and gelling agent in various food products, including dairy alternatives. The ingredients are produced from red algae, green algae, brown algae and other sources in liquid and dry forms. These are used in applications such as food and beverages, personal care, nutraceuticals, pharmaceuticals, animal feed and others.
Algae Based Ingredients Global Market Report 2023 provides data on the global algae based ingredients market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The algae based ingredients market report identifies opportunities and strategies based on market trends and leading competitors' approaches.
Major Driver - Rising Demand For Functional Foods Powers Growth Of Algae-Based Ingredient Market
The growing consumption of functional foods is expected to propel the growth of the algae-based ingredient market. Functional foods are a category of food that goes beyond essential nutrition and provides additional health benefits. Algae-based ingredients in functional foods are used for their high content of essential nutrients, including omega-3 fatty acids, antioxidants, vitamins and minerals, which can support overall health and well-being. For instance, in February 2022, according to the report published by Agriculture and Agri-Food Canada, a department of the Government of Canada, the retail sales value of fortified or functional foods and beverages in the United States increased to $68.9 billion in 2021, compared to $67.9 billion in 2020. In addition, they are projected to reach $79.1 billion in 2025, up 3.5% compared to 2021. Therefore, the growing consumption of nutraceuticals and functional foods will drive the growth of the algae-based ingredient market.
Competitive Landscape:
Major players in the algae based ingredients market are Cargill Inc., Corbion N.V., CP Kelco U.S. Inc., Bioriginal Food & Science Corp., Cynotech Corporation, Algenol Biofuels Inc., Earthrise Nutritionals LLC, Algenol Biotech, Provectus Algae, Hispanagar SA, TerraVia Holdings Inc., AEP Colloids Inc., Algae Systems LLC, AlgaEnergy S.A., AlgaeCan Biotech Ltd., Algatechnologies Ltd., Algaetech International Sdn Bhd, Henan Gino Biotechnology Co. Ltd., Manta Biofuel LLC, B&V srl, Taiwan Chlorella Manufacturing Company Limited, LUS Health Ingredients B.V., Roquette Klötze GmbH & Co. KG, Triton Algae Innovations Ltd., AlgaeCytes Ltd., Sophie's Bionutrients Pte. Ltd., AgarGel Industria e Comercio Ltda.
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Top Trend - Algae-Based Ingredients Innovation With Natural And Sustainable Cosmetics Products
Major companies operating in the algae-based ingredient market focus on natural and sustainable cosmetic products by incorporating algae extracts into formulations to enhance their natural appeal and sustain their position in the market. Natural and sustainable cosmetics are cosmetic products derived from natural materials and produced using environmentally friendly methods. For instance, in April 2023, Upwell Cosmetics Inc., a US-based cosmetics company, launched an innovative algae-derived cosmetic wax as a sustainable and renewable alternative to petroleum-based wax for cosmetic and personal beauty care products. This versatile and sustainably sourced ingredient can be used in lipsticks, sunscreens and hair care products. This innovative ingredient meets the growing consumer demand for environmentally friendly components in product options.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Algae Based Ingredients Market Characteristics
3. Algae Based Ingredients Market Trends And Strategies
4. Algae Based Ingredients Market - Macro Economic Scenario
5. Algae Based Ingredients Market Size And Growth
…..
27. Algae Based Ingredients Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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