Algae Products Market Overview
- In 2023, algae products market was estimated to be worth USD 5.5 billion.
- The target market is anticipated to reach USD 9.8 billion by 2034.
- The target market is growing at a 6.5% CAGR.
Market Overview:
Consumers increasing preference for algae-based products is one of the major trends driving growth of target market. Additionally, rising vegetarianism, increasing demand for natural food colors are some of the factor propelling the growth of the global market. Furthermore, the growing demand for biofuels is expected to boost the growth of the market during forecast period. However, complexities in production of algae, low awareness regarding benefits of algae are the major factors hindering the growth of the global market.
Key Takeaways:
- Asia Pacific held the largest share of the market in 2024.
- North America is projected to be the fastest-growing market in the coming years.
- By product type, lipids segment dominate the target market growth.
- By source, blue-green algae holds largest share in the market growth.
- By form, dry algae products expected to dominate the target market growth.
- By application, Pharmaceutical dominate the target market growth.
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Algae Products Market Drivers & Restraints
Key Drivers of Target Market:
Increasing Nutritional Demand for Algal Products
Algae are increasingly being consumed for functional benefits beyond the traditional considerations of nutrition and health. The trend towards increasing nutritional demand for algal products on a global basis stems from a greater focus on health and wider use of food additives.
- For Instance, in July 2024, the Corbion Health & Nutrition, introduced sustainable nutrient rich omega-3 range including AlgaPrime DHA for aquaculture and pet food industries and AlgaVia for human nutrition which helps customers to enhance nutrition sustainably.
Rising Awareness for Health Benefits of Algae
Algae products has a lot of health benefits such as weight loss, potential cancer fighter as they slow down growth of cancer cell, protection against cardiovascular disease and nonalcoholic fatty liver disease, inflammation and pain reducer as they contain anti-inflammatory compound such as omega-3 fatty acids and chlorophyll, etc.
- For Instance, in September 2024, according to the recent study published in Antioxidants, microalgae extract and phytoene reduce oxidative stress, combat beta-amyloid toxicity, and extend lifespan.
Restrains:
Side Effects
Over consumption of algae causes side effects such as nausea, vomiting, diarrhea, headache, and dizziness. Additionally, consumption of contaminated algae causes liver damage, weakness, rapid heartbeat, shock, also death.
- Counterbalance Statements: One of the major solutions to this problem is do not use or consume algae product which hasn’t been tested or found to be free of any contaminants.
Opportunities:
Rising Demand in Pharmaceutical Industry
Algae are rich in various bioactive compounds including proteins, polysaccharides, pigments, etc. which offers a lot of nutritional and functional benefits that can be utilized in pharmaceutical formulations. The pharmaceutical industries use algae for the development of new drugs as well as therapeutic agents
Algae Products Market Segmentations & Regional Insights
The market is segmented based on Product Type, Source, Form, Application, and Region
By Product Type |
By Source |
By Form |
By Application |
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Product Type Insights:
On the basis of product type algae product market is segmented into Lipids, Carotenoids, Alginate, Carrageenan, Algal Proteins, and Others. Lipids segment dominate the target market growth as it provide a source of energy and enhance the absorption of fat-soluble vitamins and bioactive compounds.
Source Insights:
The algae products market by source is segmented into Blue-Green Algae, Brown Algae, Green Algae, and Red Algae. Blue-Green Algae holds largest share in the market growth as it is valuable source of plant based protein.
- For Instance, in October 2024, The Stormont department responsible for Lough Neagh has teamed up with the UK Space Agency in order to find new satellite technology which could help combat toxic bluegreen algae blooms in the lough.
Form Insights:
The algae products market by form is segmented into Dry and Liquid. Dry algae products expected to dominate the target market growth due to long life, easily transport or store, widely usage, etc.
- For Instance, in March 2024, according to article published by John Wiley & Sons, Inc., dried algae were successfully used to reduce the susceptibility of fresh cheese. By preventing oxidation and reducing weight loss during storage, the addition of the algae improved the quality and shelf life of fresh cheese.
Application Insights:
- On the basis of application algae product market is segmented into Food and Beverages, Cosmetics and Personal Care, Pharmaceuticals, Bio-fuels, and Others. Pharmaceutical dominate the target market growth due to increasing consumer preference, rising awareness of the health benefits of algae products.
Regional Insights
- Asia Pacific: This region is expected to dominate the growth of the market during forecast period due to increasing demand of natural ingredients, presence of large number of algae products providers, suitable climatic conditions, etc.
- North America: This region is considered to be the fastest growing region in the target market as countries like U.S., Canada and many more due to increasing adoption, wide usage, consumer preference, etc.
Algae Products Market Report Scope:
Attribute |
Details |
Market Size 2024 |
USD 5.8 Billion |
Projected Market Size 2034 |
USD 9.8 Billion |
CAGR Growth Rate |
6.5% (2024-2034) |
Base year for estimation |
2023 |
Forecast period |
2024 – 2034 |
Market representation |
Revenue in USD Billion & CAGR from 2024 to 2034 |
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels, analyzing industry trends and opportunities across sub-segments from 2024 to 2034. It segments the market by Product Type, Source, Form, Application, and Region
Segmentation:
By Product Type:
- Lipids
- Carotenoids
- Alginate
- Carrageenan
- Algal Proteins
- Others
By Source:
- Blue-Green Algae
- Brown Algae
- Green Algae
- Red Algae
By Form:
- Dry
- Liquid
By Application:
- Food and Beverages
- Cosmetics and Personal Care
- Pharmaceuticals
- Bio-fuels
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Algae Products Market Competitive Landscape & Key Players
The key players operating in the Algae Products Market include Algatech LTD, BASF SE, BDI BioLife Science GmbH, Bluetec Naturals Co. Ltd., Cargill Incorporated, Cynotech Corporation, DSM-FIRMENICH, Corbion, CP Kelco U.S. Inc., DIC Corporation, Lyxia Corporation, Seagrass Tech Private Limited, Tianjin Norland Biotech Co. Ltd., and Algae Products International Ltd.
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Algae Products Market Recent News
- In December 2023, Koralo, a German fermentation startup based in South Korea, has developed a fish fillet by using microalgae and mycelium. This fish is a clean-label product, rich in omega-3s, probiotics, vitamins B2 and B12.
- In October 2023, US material science company Algenesis Corporation has developed a technology which uses plants and algae to make bio based plastic.
Analyst View:
The industry for bath and market is placed for substantial growth due to consumers increasing preference for algae-based products, rising vegetarianism, increasing demand for natural food colors.
More Related Reports
Algae Biofuel Market
Specialty Fats and Oils Market
Carotenoids Market
Alginates and Derivatives Market
Food Protein Ingredient Market
Algae Products Market Company Profile
- Algatech
- BASF SE
- BDI BioLife Science GmbH
- Bluetec Naturals Co. Ltd.
- Cargill, Incorporated
- Cynotech Corporation
- DSM-FIRMENICH
- Corbion
- Earthrise Nutritionals LLC
- CP Kelco U.S. Inc.
- DIC Corporation
- Lyxia Corporation
- Seagrass Tech Private Limited
- Tianjin Norland Biotech Co. Ltd.
- Algae Products International Ltd.
Algae Products Market Highlights
FAQs
Algae Products Market Size was valued at USD 5.8 Billion in 2024 and is expected to reach USD 9.8 Billion by 2034 growing at a CAGR of 6.5%.
The Market is segmented into Product Type, Source, Form, Application, and Region.
The Market is segmented by region North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. Asia Pacific is expected to dominate the Market.
The key players operating in the Algae Product Market include Algatech LTD, BASF SE, BDI BioLife Science GmbH, Bluetec Naturals Co. Ltd., Cargill, Incorporated, Cynotech Corporation, DSM-FIRMENICH, Corbion, CP Kelco U.S. Inc., DIC Corporation, Lyxia Corporation, Seagrass Tech Private Limited, Tianjin Norland Biotech Co. Ltd., and Algae Products International Ltd.