Global Algae Products market trends 2024, Forecast To 2033
24 Jan, 2024
The algae products market has demonstrated strong growth, increasing from $13.01 billion in 2023 to $14.03 billion in 2024 at a CAGR of 7.8%. The historic period's growth is attributed to sustainability concerns, nutritional benefits, alternative protein sources, cosmetics and personal care, and environmental regulations. Anticipating the years ahead, the market is expected to reach $19.85 billion in 2028 at a CAGR of 9.1%. The forecasted growth is driven by climate change mitigation, aquaculture and animal feed, plant-based foods, biofuels and renewable energy, and circular economy initiatives, with major trends focusing on the plant-based food revolution, sustainable protein sources, marine ingredients in cosmetics, carbon sequestration applications, and biotechnology advancements.
Global Algae Products Market Key Driver
The algae products market is poised for growth due to the rising demand for healthy food products. Algae products, rich in nutrients, including carbohydrates and essential minerals, are increasingly preferred in healthy food choices. In March 2022, 27% of individuals chose plant-based foods due to heightened interest in healthier alternatives, as reported by the Good Food Institute (GFI) and Plant Based Foods Association (PBFA). The growing demand for healthy food products, including those derived from algae, is a key driver for the algae products market.
Get A Free Sample Of The Global Algae Products Market ReportGlobal Algae Products Market Segments
The global 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
By Geography: The regions covered in the Algae Products market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Major Algae Products Industry Players
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
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Algae Products Market Overview
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.
Algae Products Global Market Report 2023 provides data on the global algae products market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The algae products market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.