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Soaring Demand Set to Propel Algae Products Market to $21.64 Billion by 2029
Algae Products
What Is the Expected CAGR for the Algae Products Market Through 2025?
The market size of algae products has seen significant growth in past years. The market is expected to expand from $14.03 billion in 2024 to $15 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. The growth during the historical period can be linked to factors such as sustainability considerations, nutritional attributes, alternative protein sources, applications in cosmetics and personal care, and environmental rules and regulations.
What's the Projected Size of the Global Algae Products Market by 2029?
The market size for algae products is anticipated to see a significant increase in the coming years, expanding to $21.64 billion by 2029 with a compound annual growth rate (CAGR) of 9.6%. This growth during the projected period can be linked to factors such as mitigating climate change, use in aquaculture and animal feed, application in plant-based foods, contribution to biofuels and renewable energy, and circular economy efforts. Key trends for the predicted period include the surge in plant-based food consumption, the use of sustainable protein sources, the incorporation of marine ingredients in cosmetic products, carbon sequestration applications, and developments in biotechnology.
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Top Growth Drivers in the Algae Products Industry: What's Accelerating the Market?
The surge in preference for nutritious foodstuffs is forecasted to accelerate the expansion of the algae products market. Nutritious food items are those packed with nutrients that maintain the body's health and enhance energy conservation. Algae products, with their versatile benefits, enrich the food with carbohydrates, polyunsaturated fatty acids, essential minerals, and vitamins, making them a popular choice in health foods. For example, the Good Food Institute (GFI), a non-profit organization in the US, and the Plant Based Foods Association (PBFA), a food association based in the US, reported in March 2022 that an increasing trend towards healthier substitutes led 27% of consumers to reduce their meat intake and opt for plant-based foods. Hence, the escalating demand for nutritious food products fuels the progression of the algae products market.
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What Trends Will Shape the Algae Products Market Through 2029 and Beyond?
Creating alternative protein sources like microalgae is a significant emerging trend in the algae products market. The generation of such alternative proteins, like microalgae, is vital for the transition to a more fair and durable food structure. For example, Unilever, a consumer goods corporation from the UK, collaborated with Algenuity, a company from the UK specializing in algae products. Their aim is to create unique microalgae products for Unilever's plant-based range. Algenuity will cooperate with Unilever's Foods and Refreshment (F&R) division's R&D team to investigate various foods incorporating microalgae.
What Are the Main Segments in the Algae Products Market?
The algae productsmarket covered in this report is segmented -
1) By Type: Lipids, Carrageenan, Carotenoids, Alginate, Algal Protein
2) By Form: Liquid, Solid
3) By Source: Blue-Green Algae, Brown Algae, Green Algae, Red Algae
4) By Distribution Channel: Online, Offline
5) By Application: Food and Beverage, Nutraceutical and Diet Supplement, Animal Feed, Personal Care, Pharmaceutical, Other Applications
Subsegments:
1) By Lipids: Omega-3 Fatty Acids (EPA, DHA), Phospholipids, Triglycerides
2) By Carrageenan: Kappa Carrageenan, Iota Carrageenan, Lambda Carrageenan
3) By Carotenoids: Beta-Carotene, Astaxanthin, Lutein
4) By Alginate: Sodium Alginate, Calcium Alginate, Potassium Alginate
5) By Algal Protein: Spirulina Protein, Chlorella Protein, Other Microalgae Proteins
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Which Top Companies are Driving Growth in the Algae Products Market?
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
Which Regions Will Dominate the Algae Products Market Through 2029?
North America was the largest region in the algae products market in 2024. The regions covered in the algae products market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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