REDDING, Calif., May 14, 2024 /PRNewswire/ -- According to a
new market research report titled 'Algae Products Market
Size, Share, Forecast, & Trends Analysis by Type
(Hydrocolloids, Lipids, Carotenoids), Source (Seaweed, Microalgae
{Chlorella, Spirulina}), Form (Dry, Liquid), Application (Food
& Beverage, Nutraceuticals) - Global Forecast to 2031,'
published by Meticulous Research®, the algae
products market is projected to reach $6.01
billion by 2031, at a CAGR of 7.9% from 2024 to 2031.
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https://www.meticulousresearch.com/download-sample-report/cp_id=3579
The growth of the algae products market is driven by consumers'
increasing preference for algae-sourced products, the growth in
vegetarianism, the rising demand for natural food colors, and the
rapid growth of the nutraceuticals industry.
However, complexities in algae production and low awareness
regarding the benefits of algae restrain the growth of this market.
Furthermore, the growing demand for biofuels is expected to
generate growth opportunities for the players operating in this
market. However, the risk of algae contamination is a major
challenge impacting market growth. Additionally, the increasing
adoption of algae products is a prominent trend in the algae
products market.
Algae products refer to a class of photosynthetic organisms
mainly found in marine and freshwater habitats and are used in
several industries for various purposes. The development of
alternative protein sources like algae is a key trend in gaining
popularity in the algae products market. Also, emerging alternative
protein sources such as algae help achieve a more reasonable and
resilient food system.
The algae products market is segmented by type (hydrocolloids
{carrageenan, alginate, agar, and other hydrocolloids}, algal
protein, lipids, and carotenoids {astaxanthin, beta carotene,
lutein, and other carotenoids}), source (seaweed/macroalgae {red
seaweed, brown seaweed, and green seaweed} and microalgae
(spirulina, chlorella, Dunaliella salina, Haematococcus pluvialis,
Nannochloropsis, and other sources), form (dry and liquid),
application (food & beverage {food [dairy, bakery and
confectionery, other food products], beverages}, nutraceuticals,
cosmetics {skin care, hair care, other cosmetics products}, animal
feed, and other applications), and geography (North America, Europe, Asia-Pacific, Latin
America, the Middle East
& Africa).
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The report includes an extensive assessment of the key strategic
developments by leading market participants in the industry over
the past four years (2021–2024). The algae products market has
witnessed several partnerships, agreements, collaborations,
mergers, and acquisitions in recent years. The key players
operating in the algae products market are Algatechnologies Ltd. (A
Part of Solabia Group) (Israel),
BASF SE (Germany), BDI BioLife
Science GmbH (Austria), Bluetec
Naturals Co., Ltd (China),
Cargill, Incorporated (U.S.), Cyanotech Corporation (U.S.), DIC
Corporation (Japan), Lyxia
Corporation (a subsidiary of Shenzhen Qianhai Xiaozao Technology
Co., Ltd.)(U.S.), Seagrass Tech Private Limited (India), Tianjin Norland Biotech Co., Ltd.
(China), Ingredion Incorporated
(U.S.), HISPANAGAR S.A. (Spain),
COMPAÑIA ESPAÑOLA DE ALGAS MARINAS S A (Spain), W Hydrocolloids, Inc. (Philippines), SNAP Natural & Alginate
Products Pvt. Ltd. (India), and
Harsha Enterprises (India).
Key Findings in the Global Algae Products Market
Study:
Among all the types studied in this report, the algae products
market is mainly segmented into hydrocolloids, algal proteins,
lipids, and carotenoids. In 2024, the hydrocolloids segment is
expected to account for the largest share of 51% of the algae
products market. The large market share of this segment can be
attributed to factors such as the increasing consumption of
seaweed-based products, the growing demand for biofuels, the rising
demand for natural and plant-based ingredients, and the increasing
demand for hydrocolloids from various industries. However, the
algal protein segment is projected to witness the highest growth
rate of 12.8% during the forecast period of 2024–2031.
Among all the sources studied in this report, in 2024, the
macroalgae/seaweed segment is expected to account for the larger
share of 73.8% of the global algae products market. The
large market share of this segment can be attributed to the
abundant availability of seaweed as raw materials, driven by the
increasing production of seaweed and growing awareness of the
health benefits associated with seaweed products. Furthermore, the
active components derived from seaweeds serve various purposes,
acting as antioxidants, antibacterial and whitening agents,
anti-aging solutions, and anti-acne treatments, contributing
significantly to the growth of the seaweed products market.
However, this segment is also projected to register the highest
CAGR during the forecast period of 2024–2031.
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Among all the forms studied in this report, the dry algae
products segment is expected to account for the larger share of the
global algae products market. The large market share of this
segment is attributed to the longer shelf-life and ease of
transportation and storage of dry algae products compared to liquid
algae products and the increasing use of algae powder in the food,
cosmetic, and feed industries. However, this segment is also
projected to register the highest CAGR during the forecast period
of 2024–2031.
Among all the applications studied in this report, in 2024, the
food & beverage segment is expected to account for the largest
share of 33.9% of the algae products market. The
large market share of this segment can be attributed to the
increasing consumer preference for foods and beverages containing
natural ingredients like hydrocolloids, carotenoids, and algae
protein. Furthermore, the rapid growth in population, heightened
awareness of the health benefits associated with algae products,
shifts in lifestyle patterns toward healthier eating habits, rising
demand for functional foods and food additives, and an increase in
disposable incomes are anticipated to further fuel the growth of
this segment. However, the cosmetics segment is projected to
register the highest CAGR of 9.4% during the forecast
period of 2024–2031. The growth of this segment is driven by
the rapidly growing global cosmetic industry, the increasing
demand for vegan skincare products, and the rising awareness about
the health benefits of organic cosmetic products.
Based on geography, the global algae products market is majorly
segmented into five regions: North
America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa. In 2024,
Asia-Pacific is expected to
account for the largest share of 39.2% of the algae products
market, followed by North America
and Europe. The Asia-Pacific algae products market is
estimated to be worth USD 1.38
billion in 2024.
However, Europe algae products
market is slated to register the highest CAGR of 10.8% during the
forecast period of 2024–2031, mainly due to the rapidly increasing
acceptance of algae products in the food and beverage industry,
rising health & wellness trends, growing reluctance towards the
usage of synthetic food colors, and growing demand for algae
products from the cosmetic and nutraceutical industries.
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Scope of the Report:
Global Algae Products Market Assessment—by
Type
- Hydrocolloids
- Carrageenan
- Alginate
- Agar
- Other Hydrocolloids
- Algal Protein
- Lipids
- Carotenoids
- Astaxanthin
- Beta Carotene
- Lutein
- Other Carotenoids
Global Algae Products Market Assessment—by Source
- Macroalgae/Seaweed
- Red Seaweed
- Brown Seaweed
- Green Seaweed
- Microalgae
- Spirulina
- Chlorella
- Dunaliella Salina
- Haematococcus Pluvialis
- Nannochloropsis
- Other Microalgae Sources
Global Algae Products Market Assessment—by Form
Global Algae Products Market Assessment—by
Application
- Food & Beverage
- Food
- Dairy
- Bakery & Confectionary
- Other Food Products
- Beverages
- Nutraceuticals
- Cosmetics
- Skin Care
- Hair Care
- Other Cosmetics Products
- Animal Feed
- Other Applications
Global Algae Products Market Assessment—by Geography
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Rest of Latin America
- Middle East and Africa
Related Reports:
Algae Products Market for Cosmetics by Type (Carotenoids,
Lipids, Hydrocolloids, Algal Protein), Source (Seaweed, Chlorella,
Spirulina, Dunaliella Salina, Haematococcus Pluvialis), Form (Dry,
Liquid), and Geography - Global Forecast to 2029
Algae Market by Type (Macroalgae/Seaweed {Red, Brown},
Microalgae {Spirulina, Chlorella, D. Salina}), Distribution Channel
(B2B, B2C), Form (Dry, Liquid), Application (Nutraceuticals, Food
& Beverages, Animal Feed, Cosmetics) - Global Forecast to
2030
Microalgae Market by Type (Spirulina, Chlorella, Dunaliella
Salina, Nannochloropsis), Production Technique (Ponds, Fermenters,
PBR), Distribution Channel (B2C, B2B), Application (Nutraceuticals,
Food and Beverages), and Geography - Global Forecast to 2030
South East Asia Spirulina Market by Product Type (Powder,
Tablets, Capsules, Flakes, Phycocyanin), Distribution Channel
(Business Channel, Consumer Channel), Application (Nutraceuticals,
Food & Beverages, Cosmetics, Agriculture) - Forecast to
2030
North America Microalgae Market by Type (Spirulina, Chlorella,
Dunaliella Salina), Category (Organic, Inorganic), Production
Technique (Ponds, PBR), Distribution Channel (B2C, B2B),
Application (Nutraceuticals, Food & Beverages) - Forecast to
2030
Seaweed Fertilizers Market by Form (Powder Seaweed Fertilizer,
Liquid Seaweed Fertilizer), Application Mode (Foliar Spray), Crop
Type (Field Crops, Horticultural Crops), End Use (Agriculture,
Household Garden), and Geography - Global Forecast to 2030
Asia-Pacific Spirulina Market by Product Type (Powder, Tablets,
Capsules, Phycocyanin), Distribution Channel (Business Channel,
Consumer Channel), Application (Nutraceuticals, Food &
Beverages, Animal Feed, Cosmetics, Agriculture) - Forecast to
2030
Algal Pigments Market by Type (Beta-Carotene, Astaxanthin,
Phycocyanin, Phycoerythrin, Chlorophyll), Form (Powder), Source
(Microalgae, Macroalgae), Application (Food & Beverages,
Aquaculture, Nutraceuticals, Pharmaceuticals, Cosmetics) - Global
Forecast to 2030
Haematococcus Pluvialis Market by Product (Astaxanthin
Ingredients {Oleoresin, Beadlets}), Astaxanthin Bulk Finished
Products {Capsules, Tablets}); Application (Nutraceuticals,
Aquaculture, Cosmetics, Food), and Geography - Global Forecast to
2030
Spirulina Market by Product Type (Powder, Tablets, Capsules,
Flakes, Phycocyanin), Distribution Channel (Business Channel,
Consumer Channel), Application (Nutraceuticals, Food &
Beverages, Animal Feed, Cosmetics, Agriculture) - Global Forecast
to 2030
Related Blogs:
Top 10 Companies in Algae Products Market
Harnessing the Power of Algae: Exploring the Benefits of Algae
Products
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