Press release
Algae Based Ingredients Market Set to Reach $5.81 Billion by 2029 with 7.7% Yearly Growth
Algae Based Ingredients Market
The escalation in the intake of functional foods is anticipated to catalyze the growth of the algae-based ingredient industry. Functional foods denote a type of food that offers more than just basic nourishment, contributing extra health advantages. Algae-based constituents in these foods are consumed for their considerable supply of vital nutrients such as omega-3 fatty acids, antioxidants, vitamins, and minerals, helping overall health and welfare. As an illustration, a report released by Agriculture and Agri-Food Canada, a section of the Canadian Government, in February 2022, predicted that these ingredients will hit a market value of $79.1 billion in 2025, an increase of 3.5% from 2021. Thus, the escalating demand for nutraceuticals and functional foods is poised to stimulate growth in the algae-based ingredient industry. Algae-Based Ingredients Market Driver: A Rise in Personal Care Products Fuels The Algae-Based Ingredients Market Growth
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What growth opportunities are expected to drive the algae based ingredients market's CAGR through 2034?
In recent times, the market size of algae-based ingredients has seen robust growth. Its size is projected to increase from $4.04 billion in 2024 to $4.32 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. Factors that contributed to the growth during the historic period include rising demand for environmental sustainability, increasing needs from the cosmetics and personal care sector, government initiatives, and heightened consumer awareness.
The market size for ingredients derived from algae is predicted to experience significant expansion in the forthcoming years. The value is projected to reach $5.81 billion in 2029, with a compound annual growth rate (CAGR) of 7.7%. The upsurge during the forecast period is tied to heightened awareness of health and wellness, growth in vegan and vegetarian lifestyles, as well as demand for organic pigments. The period is expected to see key trends such as improvements in algae farming and processing technology, governmental aid for algae-related studies and production, widening uses for ingredients made from algae, and new product developments.
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What are the emerging trends shaping the future of the algae based ingredients market?
Prominent enterprises in the algae-based ingredient market are putting efforts into creating natural and sustainable beauty products. They incorporate algae extracts into their product formulation to boost the natural attraction and maintain their market position. Environmentally-friendly methods are employed to produce these cosmetic products, which are created from natural materials. Upwell Cosmetics Inc., a US-based company, introduced an inventive algae-derived cosmetic wax in April 2023. It served as a sustainable and renewable replacement for petroleum-based waxes in cosmetic and personal care items. This flexible and eco-friendly sourced component can be utilized in products like lipsticks, sunscreens, and hair care products. It meets the increasing customer requirement for environmentally-friendly components in their products.
Which growth-oriented segments of the algae based ingredients market are leading the industry's development?
The algae based ingredients market covered in this report is segmented -
1) By Ingredients: Carrageenan: Alginates, Algae Protein, Beta Carotene, Algae Oil, Agar, Other Ingredients
2) By Source: Red Algae, Green Algae, Brown Algae, Other Sources
3) By Form: Liquid, Dry
4) By Application: Food And Beverages, Personal Care, Nutraceuticals, Pharmaceuticals, Animal Feed, Other Applications
Subsegments:
1) By Carrageenan: Kappa Carrageenan, Iota Carrageenan, Lambda Carrageenan
2) By Alginates: Sodium Alginate, Calcium Alginate, Potassium Alginate
3) By Algae Protein: Spirulina Protein, Chlorella Protein, Other Algal Protein Sources
4) By Beta Carotene: Natural Beta Carotene, Synthetic Beta Carotene
5) By Algae Oil: Omega-3 Algal Oil, Omega-6 Algal Oil
6) By Agar: Agar Powder, Agar Flakes
7) By Other Ingredients: Phycocyanin, Algal Sugars, Algal Extracts
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What regions are leading the charge in the algae based ingredients market?
North America was the largest region in the algae-based ingredients market in 2024. The regions covered in algae-based ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What companies are at the forefront of innovation in the algae based ingredients market?
Major companies operating 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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What Is Covered In The Algae Based Ingredients Global Market Report?
• Market Size Forecast: Examine the algae based ingredients market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the algae based ingredients market for a structured understanding.
• Key Players Overview: Analyze major players in the algae based ingredients market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the algae based ingredients market.
• Segment Contributions: Evaluate how different segments drive overall growth in the algae based ingredients market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the algae based ingredients market.
• Industry Challenges: Identify potential risks and obstacles affecting the algae based ingredients market.
• Competitive Landscape: Review strategic developments in the algae based ingredients market, including expansions, agreements, and new product launches.
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