Algae Products Market 2023 | Industry Share, Growth, Trends and Forecast 2028

Marcel Mikaelson
Published on Sep 28, 2023

IMARC Group, a leading market research company, has recently releases report titled, “ Algae Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 “, The study provides a detailed analysis of the industry, including the global algae products market share, size, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advances in the market.

Report Highlights

How big is the algae products market?

Report Attributes Details
Market Size in 2022 US$1.8 Billion
Market forecast in 2028 US$2.5 Billion
Growth rate (2023 to 2028) CAGR of 5.3%
Base Year of the Analysis 2022
Forecast Period 2023-2028

What is algae products?

Algae are rich in vitamins, minerals, omega-3 fatty acids, protein, polysaccharides, lipids, and antioxidants. They are added to meat products, such as pasty, steaks, frankfurters, and sausages to improve their quality. They are also employed in the preparation of agar, alginate, and carrageenan on account of their gelling, thickening, and stabilizing properties. At present, they are widely utilized in the nutraceuticals and dietary supplements, personal care, feed, pharmaceuticals, and chemical industries across the globe.

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What are the growth prospects and trends in the algae products industry?

The growing global population and increasing awareness about the health advantages of consuming food rich in omega-3 fatty acids represent one of the key factors positively influencing the market. In line with this, an extensive range of pharmaceutical products comprises algae due to their antimicrobials, antiviral, antifungal, and therapeutic properties. This, in confluence with the rising need for algae in food supplements and the easy availability of algae products across various distribution channels, is propelling the growth of the market. Additionally, the increasing adoption of algae in aquaculture feeds for livestock on account of their low cost is fueling the market growth. Furthermore, increasing investments in research and development R&D activities to produce biofuels from algae for reducing expenses on the import of fossil fuels is projected to stimulate the growth of the market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

  • Lipids
  • Carrageenan
  • Carotenoids
  • Algal Protein
  • Alginate
  • Others

Breakup by Source:

  • Brown Algae
  • Blue-Green Algae
  • Red Algae
  • Green Algae

Breakup by Form:

  • Solid
  • Liquid

Breakup by Distribution Channel:

  • Online
  • Offline

Breakup by Application:

  • Food and Beverages
  • Nutraceuticals and Dietary Supplements
  • Personal Care
  • Feeds
  • Pharmaceuticals
  • chemicals
  • Others

Breakup by Region:

  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • ACCEL Carrageenan Corporation
  • Algatechnologies Ltd
  • Algenol
  • Archer Daniels Midland Company
  • BASF SE, Caldic BV
  • Cargill Incorporated
  • Cellana Inc
  • Corbion NV
  • Cyanotech Corporation
  • DuPont de Nemours Inc
  • Koninklijke DSM NV
  • TBK Manufacturing Corporation.

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