Algae Products Market Size, Restraints, Drivers, Trends, and Analysis 2024-2033

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Overview and Scope

The algae products refer to a class of photosynthetic organisms found in both marine and freshwater habitats and are used in various industries for different purposes. As these organisms have a short doubling time, they are considered among the fastest-growing creatures. Algae are oxygen-exhaling, unicellular, or multicellular microorganisms that consume carbon dioxide and store essential nutrients, minerals, and vitamins.

Sizing and Forecast

The algae products market size has grown strongly in recent years. It will grow from $13.01 billion in 2023 to $14.03 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to sustainability concerns, nutritional benefits, alternative protein sources, cosmetics and personal care, environmental regulations.

The algae products market size is expected to see strong growth in the next few years. It will grow to $19.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to climate change mitigation,aquaculture and animal feed, plant-based foods, biofuels and renewable energy, circular economy initiatives. Major trends in the forecast period include plant-based food revolution, sustainable protein sources, marine ingredients in cosmetics, carbon sequestration applications, biotechnology advancements.

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Segmentation & Regional Insights

The algae products market 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

North America was the largest region in the algae products market in 2023. 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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Major Driver Impacting Market Growth

The growing demand for healthy food products is expected to propel the growth of the algae products market going forward. Healthy food products are those that contain nutrients that support the body’s well-being and aid in energy retention. Algae products contain a variety of beneficial elements, including carbohydrates, polyunsaturated fatty acids, essential minerals, and vitamins, which are commonly utilized in healthy foods. For instance, in March 2022, according to Good Food Institute (GFI), a US-based non-profit organization and Plant Based Foods Association (PBFA), a US-based food association, due to the increased interest in healthy alternatives, 27 % of people chose to consume less meat and prefer plant-based foods. Therefore, growing demand for healthy food products drives the growth of the algae products market.

Key Industry Players

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

The algae products market report table of contents includes: