Overview and Scope
Algae-based ingredients refer to ingredients derived from various types of algae, which are photosynthetic organisms that grow in aquatic environments like oceans, lakes and ponds. Algae-based ingredients are rich sources of nutrients, including proteins, carbohydrates, lipids, vitamins, minerals and bioactive compounds, making them valuable for various applications in the food, pharmaceutical, cosmetic and biofuel industries.
Sizing and Forecast
The algae based ingredients market size has grown strongly in recent years. It will grow from $3.77 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to growing demand environmental sustainability, demand from cosmetic and personal care industry, government initiatives, consumer awareness
The algae based ingredients market size is expected to see strong growth in the next few years. It will grow to $5.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increasing health and wellness awareness, rising vegan and vegetarian populations, demand for natural colorants. Major trends in the forecast period include technological advancements in algae cultivation and processing, government support for algae production and research, expanding applications of algae-based ingredients, product innovations.
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Segmentation & Regional Insights
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
North America was the largest region in the algae-based ingredients market in 2023. The regions covered in algae-based ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing consumption of functional foods is expected to propel the growth of the algae-based ingredient market. Functional foods are a category of food that goes beyond essential nutrition and provides additional health benefits. Algae-based ingredients in functional foods are used for their high content of essential nutrients, including omega-3 fatty acids, antioxidants, vitamins and minerals, which can support overall health and well-being. For instance, in February 2022, according to the report published by Agriculture and Agri-Food Canada, a department of the Government of Canada, the retail sales value of fortified or functional foods and beverages in the United States increased to $68.9 billion in 2021, compared to $67.9 billion in 2020. In addition, they are projected to reach $79.1 billion in 2025, up 3.5% compared to 2021. Therefore, the growing consumption of nutraceuticals and functional foods will drive the growth of the algae-based ingredient market.
Key Industry Players
Major players 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.
The algae based ingredients market report table of contents includes:
1. Executive Summary
2. Algae Based Ingredients Market Characteristics
3. Algae Based Ingredients Market Trends And Strategies
4. Algae Based Ingredients Market – Macro Economic Scenario
5. Global Algae Based Ingredients Market Size and Growth
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26. South America Algae Based Ingredients Market
27. Brazil Algae Based Ingredients Market
28. Middle East Algae Based Ingredients Market
29. Africa Algae Based Ingredients Market
30. Algae Based Ingredients Market Competitive Landscape And Company Profiles
Top Major Players:
- Cargill Inc
- Corbion N.V.
- CP Kelco U.S. Inc
- Bioriginal Food & Science Corp
- Cynotech Corporation
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