Algae Products Market Key Highlights, Drivers, Growth Opportunities, Leading Players, and Revenue Forecast – 2028

Algae Products Market Key Highlights, Drivers, Growth Opportunities, Leading Players, and Revenue Forecast - 2028
Algae Products Market by Type (Lipids, Carotenoids, Carrageenan, Alginate, Algal Protein), Form (Liquid, Solid), Source (Brown Algae, Green Algae, Red Algae, Blue-green Algae), End Application and Region – Global Forecast to 2028

The algae products market is estimated at USD 5.3 billion in 2023; it is projected to grow at a CAGR of 6.4% to reach USD 7.3 billion by 2028. Algae play a crucial role in the aquaculture industry as a natural food source for fish and other aquatic organisms. With the rising demand for seafood and the need for sustainable aquaculture practices, there is an increased focus on the production and utilization of algae in fish feeds and aquaculture systems.

Algae Products Market

Algae are known to be rich in essential nutrients, such as proteins, vitamins, minerals, and omega-3 fatty acids. The growing awareness of these health benefits, including immune system support, cardiovascular health, and cognitive function, is driving the demand for algae-based dietary supplements, functional foods, and nutraceuticals.

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Driver: Growth in consumer awareness regarding the health benefits of algae based products

In recent years, there has been a significant shift in consumer preferences towards health and wellness. Consumers are becoming more proactive about maintaining their well-being and are seeking natural, nutrient-rich, and functional foods and supplements. Algae-based products, such as spirulina, chlorella, and seaweed, are recognized for their exceptional nutritional profile, including high protein content, essential vitamins, minerals, antioxidants, and omega-3 fatty acids. As consumers become aware of the specific health benefits associated with algae consumption, they are increasingly incorporating algae-based products into their diets.

Blue green algae segment of the algae products market by source is projected to witness the highest CAGR during the forecast period.

Based on source, the blue green algae segment is estimated to account for the highest growth rate. Blue-green algae are considered a valuable source of plant-based protein. They have a higher protein content compared to traditional plant sources, such as soybeans and wheat. The protein from blue-green algae is of high quality, containing all the essential amino acids required by the human body. This makes blue-green algae an attractive option for protein supplementation in the form of powders, protein bars, and beverages.

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Based on end application, personal care segment is projected to witness the highest CAGR during the forecast period.

Algae extracts and compounds are known to possess various beneficial properties for skin and hair health. They are rich in vitamins, minerals, antioxidants, and bioactive compounds that nourish and protect the skin and hair. Algae-based ingredients are often used in skincare products, such as moisturizers, serums, masks, and cleansers, to provide hydration, improve skin elasticity, promote cell regeneration, and offer anti-aging effects. In hair care products, algae extracts can enhance hair strength, shine, and manageability.

North America is expected to account for the largest market share in 2023.

The algae products market industry has been studied in North America, Europe, Asia Pacific, South America and Rest of the World. North America is home to several key market players in the algae products industry, including algae cultivators, processors, and product manufacturers. These companies have significant expertise, infrastructure, and distribution networks to meet the growing demand for algae-based products in the region. Their market presence and strong market strategies contribute to the overall market growth and drive the adoption of algae products across various sectors.

Major players operating in the algae products market includes DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), E.I.D Parry (India), International Flavors & Fragrances Inc (US), Cynotech Corporation (US), Earthrise Nutritionals LLC (US),  CP Kelco U.S., Inc (US), Cargill, Incorporated (US), and Algea (Norway).

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