+91-8668442535

Algae Products Market By Type (Lipids, Carrageenan, Carotenoids, Algae protein, Alginates, Other types) By Application (Food & beverage, Nutraceutical & diet supplement, Animal feed, Personal care, Pharmaceutical, Other applications) By Source (Brown algae, Blue-green algae, Green algae, Red algae, Other sources) By Form (Solid, Liquid) - Growth, Share, Opportunities & Competitive Analysis, 2016 – 2028

Why is there a Strong Demand for Algae-Based Products in Hair Care Industry?

The ability of algae to act as a gentle clarifying ingredient in shampoos while successfully eliminating excess sebum and styling product residue is expected to drive demand. It also aids in the prevention of hair loss by minimizing the irritation caused by bacterial infections on the scalp. Algae promote hair growth by adding volume and a glossy sheen to it. Algae, which include trace elements, minerals, and vitamins, aid in the restoration and strengthening of hair. The use of chlorella in hair care products is expected to increase since it increases keratin levels and strengthens hair roots. Thus the aforementioned factors are likely to drive the growth of the market in the hair care industry in the approaching years.

algae-products-market

What is the Market Size of the Algae Products Market in terms of value?

Global Algae Products Market is projected to increase at a significant CAGR of 5.9 % in the coming years. In 2021, the global Algae Products Market was valued at USD 4.5 billion and was projected to reach a value of USD 6.3 billion by 2028. The demand for Algae Products is projected to increase substantially in the coming years and is presumed to generate revenue opportunities for the key industry players worth USD 40 billion during the forecast period between 2022 and 2028.

How will Hydrocolloids Boost Market Growth?

The hydrocolloids are expected to provide the most lucrative growth during the forecast period. Hydrocolloids are high-molecular-weight polysaccharides derived from plants and algae or synthesized by microbes. The increased use of hydrocolloids in food items to improve shelf-life, quality, and other aspects is directly influenced by rising consumption and demand for convenience foods. The increasing awareness of natural and clean-label food consumption has influenced the demand for hydrocolloids in the food and beverage industry.

Interesting Facts about Algae Products Industry

  • The top 5 countries for Algae Products exports are China, Ireland, South Korea, France, and Brazil.
  • The top 5 countries for Algae Products imports are Mexico, Saudi Arabia, Egypt, the United States, and Aruba.
  • The shifting dietary choices of consumers, as well as the paradigm change toward preventative health management methods in the face of growing healthcare expenditures and the increasing burden of lifestyle-related disorders, are driving the algae products market in the forecast period.
  • Consumption of algae-based prescription medication items such as sun chlorella, microalgae, and spirulina causes gastrointestinal problems, abdominal pain, and nausea, which can stymie market expansion.
  • North America will be the largest market for algal products in the forecast period, owing to population growth and rising food consumption in the region.
  • Brown algae will be the dominant sector in the global market due to its high carrageenan and algal protein content, as well as its wide range of uses.

Key Market Insights

“High demand for algae from the nutraceuticals and pharmaceutical industries growing the algae products market”

The rising application of algae in nutraceuticals & pharmaceutical industries has influenced the market growth in the recent past. The growing use of algae biomass for nutraceutical purposes is expected to provide an attractive revenue stream for algae producers. Further, the growing industrial application of algae is providing business opportunities to companies that have further impacted the market growth. Some companies are offering algae-based CO2 capturing and biofuel production, which has opened a new revenue stream for their company. Wastewater remediation by algae presents high opportunities to lower wastewater treatment costs for companies working on industrial and domestic wastewater treatment.

Moreover, algae have high protein content and nutritional values, which can be used as feedstock and food. Growing investment from food industries is influencing the demand for algae-based food products. Rising consumer health awareness and their growing demand for healthy food products are influencing the overall algae products market. However, the easy availability of cheap alternatives has a major challenge to the growth of the industry.

Furthermore, companies are extracting oil from algae and utilizing the rest of the algae to create biofuel. This has helped to reduce the consumption of coal and natural gas for powering the system. Additionally, companies are also producing plastic from algae. For instance, Algotek LLC, based in Oregon, USA, developed an algae-based plastic from brown algae powder that is sustainable and biodegradable. Growing innovation in the application of algae is expected to grow in the market in the near future. 

Who are the Top 10 players/companies in the Algae Products market in terms of value and volume?

The key players in the global Algae Products Market in terms of value and volume include DuPont (US), Cargill (US), DSM (Netherlands), BASF (Germany), Corbion (Netherlands), E.I.D Parry (India), CP Kelco (US), Fenchem Biotek (China), Algatech (Israel), and Cyanotech Corporation (US).

These key players are concentrating on new product developments as well as technological innovation to enhance their production of Algae Products to gain competitive market share at a global level. Moreover, some regional and country-level players are also investing heavily to expand their product portfolio and enhance their sales. For instance, in April 2021, EPS-Revive, a novel algae-based skincare component with external polysaccharide sulfate (EPS) topical beauty ingredient developed from a red algae species, was released by Yemoja.

Red algae contain a high concentration of protein, vitamins, and antioxidants, all of which help the skin retain moisture and replace its natural hydration. For instance, in March 2021, Triton Algae Innovations introduced its plant-based algae ingredients as well as its first retail product, a tuna mimic. The plant-based algae used by the company is Chlamydomonasreinhardtii, a single-celled algae species. It is created by a scalable, cost-effective heterotrophic method. These goods are naturally non-GMO.

Who are the Top 10 Countries in the Algae Products Market?

In the global Algae Products market, the major countries are US, Canada, China, Japan, Australia, New Zealand, Brazil, Germany, France, and Spain. The United States dominates the North American market because of the existence of large businesses in that region. With the quick rate of technological advancements and supportive government laws, the United States has emerged as the most attractive market for the food and beverage, healthcare, and personal care sectors. Consumers in the United States are adopting a healthier lifestyle and prefer products that provide health benefits. As a result, the region’s algae-based products market is expanding due to rising consumer health concerns. The rising demand for algae in medicines and nutraceuticals is propelling the United States algae-based products market forward.

Which is the Key Application Area in the Algae Products Market?

The key applications of Algae Products include Food & Beverage, Nutraceutical & diet supplement, Animal feed, Personal care, pharmaceuticals, and Other applications (infant food, fortified food, and pet food). In the forecast period, the nutraceuticals and diet supplements sector will lead the algal product market. The expansion of the nutraceuticals business in China, Japan, and India, as a result of increased domestic use of nutritional supplements, is expected to boost demand for the product throughout the forecast period. Spirulina and chlorella are popular algae protein-based nutritional supplements in the sector and around the world in liquid, powder, tablet, pill, and paste forms. Changing lifestyles, along with an increase in chronic diseases, have resulted in a significant increase in global demand for diverse diet supplements. Diet supplement makers incorporate more algae-based products into their product offerings; this trend is projected to help the global market.

What are the Major Driving Factors for Algae Products Market?

Algae is increasingly being used in the pharmaceutical industry to produce antimicrobials, antivirals, neuroprotective compounds, and antifungal drugs. Constant population increase and rising food demand, as well as the customization of functional food product portfolios by major key companies, are driving market growth. The growing use of algae in livestock production for aquaculture variations such as fish rearing is moving the algal product market forward. Growing public awareness of the health benefits provided by algae-based goods, as well as an increase in the number of research efforts aimed at producing algae-based products, are projected to drive market expansion.

What are the Major Restraints for Algae Products Market?

The algal production system has a high setup cost, and the impact of climatic factors on algae production is expected to limit growth during the review period. The use of algae-based prescription medicine commodities such as chlorella, microalgae, and spirulina may cause abdominal, gastrointestinal, and nausea health problems, which is a key impediment to market expansion. Aside from that, a lack of R&D efforts in undeveloped countries and a lack of awareness are also factors impeding market expansion.

Which Region Dominated the World Algae Products Market?

North America will be the largest market for algal products in the forecast period. The North American market was driven by the United States. Growing industries such as food and beverage, nutraceutical, pharmaceutical, and dietary supplements have all contributed considerably to the market’s expansion in the United States. Another factor that is projected to increase demand for algal products is the country’s growing population. With an increase in health-conscious consumers, the use of lipids such as omega-3 in nutraceutical and dietary supplement products has expanded, creating a market opportunity for algae-based omega-3 products.

During the projected period, Asia-Pacific is expected to develop at the quickest rate in the market analyzed. Algae products used in food processing are largely farmed in Asian nations such as the Philippines, Vietnam, and Indonesia. With the capability of cultivating high-quality carrageenan, the region is expected to account for a significant share of the carrageenan production industry, thus driving the growth of the market. The rising consumption of nutraceuticals, particularly in China and Japan, is helping market expansion in the Asia-Pacific region.

Segmentation of Global Algae Products Market-

Algae Products Market- By Type

  • Lipids
  • Carrageenan
  • Carotenoids
  • Algae protein
  • Alginates
  • Other types (agar, algal flour, and dried algae)

Algae Products Market- By Application

  • Food & beverage
  • Nutraceutical & diet supplement
  • Animal feed
  • Personal care
  • Pharmaceutical
  • Other applications (infant food, fortified food, and pet food)

Algae Products Market- By Source

  • Brown algae
  • Blue-green algae
  • Green algae
  • Red algae
  • Other sources (yellow-brown and golden algae)

Algae Products Market- By Form

  • Solid
  • Liquid 

Frequently Asked Questions:

During the Covid-19 pandemic period, the market faced a significant reduction in sales due to supply chain disruptions, lack of labor, partial or complete closure of manufacturing facilities, and difficulties in the procurement of raw materials. However, the COVID-19 disease has raised consumer health attention and expenditure on healthy food goods. As a result, the post-COVID period is likely to have a beneficial impact on market growth.

North America will be the largest market for algal products in the forecast period. Growing industries such as food and beverage, nutraceutical, pharmaceutical, and dietary supplements have all contributed considerably to the market's expansion in the United States.

The worldwide algae products market is being driven by increased consumer knowledge about the health benefits of omega3 and multi-industry coverage.

Brown algae were the leading segment in the global market in 2020, owing to its high carrageenan and algal protein content, as well as a wide range of applications.

The nutraceuticals market is the most profitable due to rising health consciousness. Meanwhile, due to the health benefits connected with the intake of algal products, the demand for dietary supplements is predicted to expand rapidly.

Dengue - Pipeline Insights, Recent Developments, Major Players and Review

Dengue fever is a virus-borne illness that is basically caused by the mosquitos carrying one of the dengue viruses.

Glamping Market By Type (Motor Homes, Tree Houses, Eco-pods, Yurts, Tipis) By Consumer Orientation (Male, Female, Kids) By Age Group (Below 18 years, 18-35 years, 35-50 years, Above 50 years) By Size (Less than two people, 2-5 people, More than five people) - Growth, Future Prospects & Competitive Analysis, 2016 - 2028

The global glamping market is growing at a substantial CAGR of 10.50% in the upcoming years. The global glamping industry was estimated to be worth USD 2.3 billion in 2021 and was expected to be worth USD 4.18 billion by 2028.

Ultra-low Temperature (ULT) Freezers Market : Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Ultra-low temperature freezers (ULT freezers) are among the most crucial equipment used in healthcare sector to preserve biological samples, drugs, pathogens and others. ULT freezers are designed to operate between -460C to -860C. Thus, ultra-low temperature freezers have become highly popular in medical and R&D sectors to effectively preserve drugs, body organs and blood samples among others. Rising incidences of cancer and other infectious diseases is one of the prominent factors stimulating the market growth.

Algae Products Report Scope

Report Attribute Details
Market Value in 2021 USD 4.5 billion
Market Value in 2028 USD 6.3 billion
CAGR 5.9% between 2021 and 2028
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Choose License Type
Trusted By
Godaddy
Published Date:  Jun 2022
Category:  Food & Beverage
Report ID:   57848
Report Format:   PDF
Pages:   190
Rating:    4.7 (65)
Delivery Time: 24 Hours to 48 Hours   
Connect With Us
+91-8668442535
24/7 Research Support