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Global Algae Products Market Comprehensive Study: Forecasted Market Size And Growth Rate
Algae Products Market
The Business Research Company offers in-depth market insights through Algae Products 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 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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Market Segmentation:
The main types of algae products are lipids, carrageenan, carotenoids, alginate, and algal protein. Algal lipids are extensively used for the production of biofuel. The different forms include liquid, and solid and involve various sources such as blue-green algae, brown algae, green algae, and red algae. These are distributed online, and offline, and are used in food and beverage, nutraceutical and diet supplementation, animal feed, personal care, pharmaceutical, and other applications.
Major Driver - Growing Demand For Healthy Food Drive The Algae Products Market
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.
Competitive Landscape:
Major companies operating in the algae products market include BASF SE, Cargill Inc., E. I. du Pont de Nemours and Company, DSM Nutritional Products AG, East India Distilleries & Parry Limited, Cellana Inc., BlueBioTech International GmbH, Corbion NV, Earthrise Nutritionals LLC, Cyanotech Corporation, AlgaeCan Biotech Ltd., Bioprocess Algae LLC, Algenol Biofuels Inc., Euglena Co. Ltd., Kerry Group plc, DIC Corporation, CP Kelco ApS, Algae Systems LLC, Acadian Seaplants Limited, Wild Irish Seaweeds Ltd., Beijing Leili Marine Bioindustry Inc., Archer Daniels Midland Company, ACCEL Carrageenan Corporation, Koninklijke DSM N.V., International Flavors & Fragrances Inc., Algae Bio-Tech India (P) Ltd., Algaen Corp, Algaeventure Systems (AVS), Algaetech International, Algarithm Ingredients Inc., Algix LLC
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Top Trend - The Rise Of Microalgae As An Alternative Protein Source In The Algae Products Market
The development of alternative protein sources such as microalgae is a key trend gaining popularity in the algae products market. 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, 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.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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