Algae Products Market

Algae Products Market is estimated to generate a revenue of USD 6,803 million by 2028, exhibiting a 6.3% CAGR during the forecast period (2021-2028), owing to the changing dietary habits and inclination towards preventive health management practices.

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Major Algae Products Market Drivers

The increasing adoption of thickeners, stabilizers, emulsifiers, and flavoring ingredients for the production of several food and beverages stands to be a major factor fueling the algae products market. Further, the rising incidences of chronic diseases, accelerating geriatric population, and changing lifestyles have bolstered the demand for algae products, thus, driving the market growth. The increasing adoption of algae products to produce livestock for aquaculture varieties such as fish for cultivation will further propel the Algae Products Market share.

Besides, increasing adoption of algae products in beauty and personal care sector to increase the elasticity and suppleness of the skin, stimulate the damaged skin cells, detoxify, cleanse, and tone skin, will further strengthen the market growth. The growing use of algae products in the production of medicines, vitamins, vaccines, nutraceuticals, and other nutrients to treat diabetes, multiple sclerosis, and cancer will expand the market growth. The use of algae in the pharmaceutical industry to produce antimicrobials, antivirals, neuroprotective compounds, and antifungal drugs is forecast to offer enormous opportunities to the market.

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Source – Segment Analysis

Micro-algae is estimated to witness a faster growth during the forecast period. Increasing adoption of micro-algae in several end-use industries including nutraceuticals industry, energy drinks and dietary supplements are projected to expand the segment’s size.

Application – Segment Analysis

Nutraceuticals are expected to expand at a higher CAGR over the upcoming years, owing to the growing health and wellness concern. Besides, the medicinal properties of algae make them suitable to treat goiter, coughing, ease pain, and parasitic diseases which is projected to expand the segment’s growth. For example, according to a study many algal species help in preventing oxidative damage by the process of scavenging free radicals and active oxygen which helps in cancer prevention.

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Regional – Segment Analysis:

North America region is expected to dominate the global Algae Products Market, owing to the increasing research and development allowance by Advanced Algal Systems program to increase the emphasis on different algae cultivation systems and existence of major players such as Cargill, Incorporated and DuPont nutraceutical. In addition, rising health awareness and increasing disposable income in the countries such as China, India, and Japan have bolstered the demand for nutraceutical products, thus fueling the Algae Products Market size.

Top Market Players

Various notable players operating in the market, include, Cargill, Incorporated, Algatech LTD, Fenchem, CP Kelco U.S., Inc., CP E.I.D. – Parry (India) Limited., Corbion, Base SE, DSM, Cyanotech Corporation., DuPont, among others.

Key Developments:

• • In 2021, Triton Algae Innovations introduced its plant-based algae ingredients and its first retail product, a tuna analog. The plant-based algae used by the company is a single-celled algae species known as Chlamydomonas reinhardtii, produced in an extensive, cost-effective, heterotrophic process. These products are non-GMO in nature.
  • In 2021, Yemoja launched a latest algae-based skincare component with external polysaccharide sulfate (EPS) topical beauty ingredient acquired from a red algae species, EPS-Revive. Red algae has high amount of protein, vitamins, and antioxidants, helping skin in retaining moisture and replenishing its natural hydration.
  • In 2021, Cargill introduced its first seaweed powder offering within the WavePure ADG line – WavePure ADG 8250. This “familiar and versatile” marine ingredient is developed to provide smooth and creamy textures in dairy while offering gelling and thickening properties.
  • In Oct 2020, Cyanotech announced to launch BioAstin Hawaiian Astaxanthin in a new delivery form which is water dispersible powder and available in both 1% and 2% concentrations. The Astaxanthin, BioAstin, is now offering their new water dispersible powder ingredients market worldwide.
  • In Feb 2020, Cargill has introduced the WavePure ADG series which is sourced from Gracilaria red seaweed, and it is considered a traditional food ingredient in the European Union.

Segments covered in the Report:

The global Algae Products Market has been segmented on the basis of Source, Application and regions. Based on Source, the market is segmented into Micro-algae, Macro-algae, and Others. Based on Application, the market is segmented into Food & Beverages, Nutraceuticals, Pharmaceuticals and Others.

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Market Segmentation

Global Algae Products Market by Source

• • Micro-algae
  • Macro-algae
  • Others

Global Algae Products Market by Application

• • Food & Beverages
  • Nutraceuticals
  • Pharmaceuticals
  • Others

Global Algae Products Market by Region

• • North America Algae Products Market (Option 1: As a part of the free 25% customization)

    • By Source
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Algae Products Market (Option 2: As a part of the free 25% customization)

    • By Source
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Algae Products Market (Option 3: As a part of the free 25% customization)

    • By Source
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Algae Products Market (Option 4: As a part of the free 25% customization)

    • By Source
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cargill, Incorporated
  • Algatech LTD
  • Fenchem
  • CP Kelco U.S., Inc.
  • CP E.I.D. – Parry (India) Limited.
  • Corbion
  • Base SE
  • DSM
  • Cyanotech Corporation.
  • DuPont