Algae Products Market Overview, Scope, Trends and Industry Research Report 2028

The algae products market is estimated at USD 5.3 billion in 2023 and is projected to reach USD 7.3 billion by 2028, at a CAGR of 6.4% from 2023 to 2028. Algae products have diverse applications across various industries, including food and beverages, pharmaceuticals, cosmetics, animal feed, biofuels, and wastewater treatment. The versatility of algae and their ability to be processed into different forms, such as powders, extracts, and oils, make them attractive ingredients for a wide range of products, driving market growth.

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Based on type, lipids is estimated to account for the largest market share of the algae products market

Based on type, lipids segment is estimated to account for the largest market share. The presence of lipids in algae products allows for their incorporation into functional foods and nutraceuticals. Lipids provide a source of energy and enhance the absorption of fat-soluble vitamins and bioactive compounds. Algae-based lipid ingredients are used in the development of various products, including dietary supplements, protein bars, beverages, and fortified foods.

Blue green algae segment of the algae products market by source is projected to witness the highest CAGR during the forecast period.

Based on source, the blue green algae segment estimated to account for the highest growth rate. Blue-green algae are considered a valuable source of plant-based protein. They have a higher protein content compared to traditional plant sources, such as soybeans and wheat. The protein from blue-green algae is of high quality, containing all the essential amino acids required by the human body. This makes blue-green algae an attractive option for protein supplementation in the form of powders, protein bars, and beverages.

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Based on end application, personal care segment is projected to witness the highest CAGR during the forecast period.
Algae extracts and compounds are known to possess various beneficial properties for skin and hair health. They are rich in vitamins, minerals, antioxidants, and bioactive compounds that nourish and protect the skin and hair. Algae-based ingredients are often used in skincare products, such as moisturizers, serums, masks, and cleansers, to provide hydration, improve skin elasticity, promote cell regeneration, and offer anti-aging effects. In hair care products, algae extracts can enhance hair strength, shine, and manageability.

The North America market is projected to contribute the largest share for the algae products market.

There is a growing awareness among consumers in North America regarding the health benefits and sustainability aspects of algae-based products. Consumers are becoming more conscious of their dietary choices and are actively seeking natural, plant-based alternatives for various applications. This awareness has resulted in a rising demand for algae-derived products, including food and beverages, dietary supplements, personal care items, and biofuels.

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According to the CRN's 2021 Consumer survey on Dietary supplements, showed that 80% of Americans are now using dietary supplements, an increase of 7% from 2020. Also the number of Americans viewing the dietary supplements industry as trustworthy has increased: 79% in 2021, compared to 74% in 2020. This leads to higher demand for algae-infused nutraceuticals in the country.

Algae Products Market Size, and Share

Key Players in Algae products Market
The key players in this include DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), E.I.D Parry (India), International Flavors & Fragrances Inc (US), Cynotech Corporation (US), Earthrise Nutritionals LLC (US), CP Kelco U.S., Inc (US), Cargill, Incorporated (US), and Algea (Norway).

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