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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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
- Dry
- Liquid
Global Algae Products Market Assessment-by Application
- Food & Beverage
- Food
- Dairy
- Bakery & Confectionary
- Other Food Products
- Beverages
- Food
- 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
- U.S.
- Canada
- 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
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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