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Global Algae Product Market Set for Rapid Growth 2024-2033 - Emergen Research
Algae Product Market
Health & Nutrition Trends Fuel Market Growth
Consumers are increasingly seeking natural, nutrient-rich food and supplements, boosting demand for algae products. Algae-derived ingredients such as spirulina, seaweed, and chlorella offer high nutritional value, including omega-3 fatty acids, protein, minerals, and antioxidants. Additionally, seaweed types like nori and kelp are rich in iodine, which supports thyroid health.
A survey by CRN/IPSOS reveals that 74% of adults take dietary supplements, with 55% being regular users. The growing trend toward functional foods and supplements is expected to drive further demand for algae-based products.
Pharmaceutical Industry Driving Innovation
The pharmaceutical sector is recognizing the potential of algae in drug development. Algae contain bioactive compounds such as proteins, polysaccharides, fatty acids, and antioxidants that can be used in medicine.
For example, algae-derived proteins support the production of therapeutic proteins, while algal polysaccharides serve as excipients or drug delivery systems.
Compounds like phycocyanin (from spirulina) and fucoidan (from brown algae) are showing promise in clinical research for their potential health benefits.
Growing Demand for Biofuels Boosts Market Expansion
The transportation sector's rising greenhouse gas emissions are driving the search for sustainable fuel alternatives.
Algae-based biofuels offer an eco-friendly solution, helping reduce dependency on petroleum-based fuels. Biofuels derived from algae can cut hydrocarbon emissions by up to 67% and particulate matter by 47%, according to the Iowa Renewable Fuels Association.
Seaweed is also emerging as a promising biofuel source due to its rapid growth, minimal land requirement, and ability to thrive without fertilizers or freshwater. Its high carbohydrate content makes it suitable for ethanol production and biogas generation, further fueling market growth.
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Challenges: High Production Costs
Despite its promising growth, the algae product market faces challenges, particularly in production costs. Large-scale algae cultivation requires advanced infrastructure such as bioreactors and raceway ponds, leading to high capital investments.
Additionally, maintaining optimal growth conditions, including light supply and temperature control, adds to operational expenses.
Small enterprises, in particular, struggle with funding these costly production systems, potentially limiting market expansion.
Market Segmentation: Food & Beverage Sector Leads,
Personal Care Rising
The food & beverage industry remains the largest application segment, driven by consumer preference for natural ingredients. Algae-derived nutrients like carotenoids and hydrocolloids are widely used in food products due to their health benefits.
A shift towards vegetarian and vegan diets is also contributing to market growth. The Vegan Society reported that 700,000 people participated in the "Veganuary" campaign in 2023, up from 582,000 in 2021.
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Meanwhile, the personal care segment is expected to grow at the highest CAGR. Algae-based skincare and haircare products are gaining popularity due to their antioxidant, hydrating, and anti-aging properties.
A survey by Sun Pharma found that 77% of respondents follow a daily skincare routine, highlighting the increasing demand for algae-infused personal care products.
In October 2024, Life's DHA B54-0100, DSM-firmenich's newest omega-3 component, was introduced. It contains 545 mg of DHA and 80 mg of EPA per gramme, for a total of 620 mg of omega-3s per serving.
Some of the key companies in the global Algae Product market include:
DSM
BASF SE
Corbion
I.D Parry
International Flavors & Fragrances Inc
Cynotech Corporation
Earthrise Nutritionals LLC
CP Kelco U.S. Inc
Cargill Incorporated
Algea
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Algae Product Latest Industry Updates
In May 2024, Edonia, a French firm that specializes in plant-based meat substitutes made from microalgae, raised EUR 2 million from Asterion Ventures. Edonia's products emit substantially less CO2 than conventional beef and soy-based substitutes. The funding will be used for the commercialization of products and will provide a tasty, sustainable protein choice by using EU-approved microalgae like spirulina and chlorella.
In August 2022, Sea6 Energy Pvt. Ltd. received a Series B round investment from BASF Venture Capital GmbH, the corporate venture firm of BASF SE, and Aqua-Spark, a Dutch investment fund that focuses on the worldwide aquaculture industry. The goal of this investment is to create a comprehensive strategy for growing and using red seaweed as products and biomass. Sea6 Energy concluded its USD 18.5 million (INR 1,402 million) Series B transaction with this investment.
Algae Product Market Segmentation Analysis
Type Outlook (Revenue, USD Million; 2020-2033)
Carrageenan
Algal Protein
Carotenoids
Alginate
Lipids
Other Algae Products
Source Outlook (Revenue, USD Million; 2020-2033)
Green Algae
Blue-green Algae
Red Algae
Brown Algae
Other sources
Form Outlook (Revenue, USD Million; 2020-2033)
Liquid
Solid
End Application Outlook (Revenue, USD Million; 2020-2033)
Personal Care Products
Nutraceuticals & Dietary Supplements
Feed
Pharmaceuticals
Food & Beverages
Other Applications
Regional Outlook (Revenue, USD Million; 2020-2033)
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Benelux
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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The algae product market is poised for significant growth, driven by increasing health consciousness, demand for sustainable biofuels, and expanding applications in pharmaceuticals and personal care. While high production costs pose challenges, technological advancements and government initiatives promoting biofuel use are expected to create new growth opportunities in the coming years.
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