Algae Products Market Is Expected To Reach USD 5.98 Billion By 2030.

bhagyashri shewale
Published on Mar 09, 2023

According to the current analysis of Reports and Data, the global algae products market was valued at USD 3.89 Billion in 2020 and is expected to reach USD 5.98 billion by the year 2030, at a CAGR of 5.5%. These are plants that range from microscopic to large seaweeds. They are fastest growing plant organisms which are converting sunlight, CO2, and nutrients into organic matter that can replace many commonly used oils such as fish, palm. They are having the characteristics such as consumption of carbon-dioxide, storage of essential nutrients, minerals, and vitamins in microorganisms. These form organic food molecules from carbon dioxide and water through the development of photosynthesis, in which they acquire energy from sunlight. Similar to land plants, they are at the presence of the food chain, and, agreed that plants are virtually absent from the oceans, the existence of nearly all marine life—including whales, seals, fishes, turtles, shrimps, lobsters, clams, octopuses, sea stars, and worms—ultimately depends upon algae.

Increasing prevalence of various life-threatening diseases is one of the main reasons for changing consumer's preference for the naturally derived item. The demand for cosmetic applications such as in skin care items including, anti-aging, regenerate care stuffs, emollient and as an anti-irritant in peelers is further adding up to the growing industry during the forecast period. Application in fertilizer industry to improve the water binding capacity and mineral composition of the soil is another factor creating industry growth opportunity for shortly. Some of the factors such as rising demand from the nutraceuticals and pharmaceutical industries, increase in global population and increasing usage of microalgae pigments are driving the industry. The significant growth hampering factor for the industry is due to the impact of bad weather on its cultivation. Increase in global population and rise in demand for food and customization of efficient food collection by manufacturers are the factors expected to promote the growth of the industry. In addition, application for production of livestock for aquaculture species such as fish for their cultivation fuels the market growth. However, consumption of prescription drug products, such as sun chlorella, microalgae, spirulina caused gastrointestinal, abdominal, and nausea health problem, is expected to hamper the industry growth during the forecast period

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Further key findings from the report suggest

  • These products are used in various applications such as F&B, nutraceuticals & dietary supplements, personal care, chemical, feed, and pharmaceuticals.
  • Increasing use of these products in healthy food items to produce natural nutrient supplements, thereby emerging as a promising substitute for animal-based nutrition.
  • The occurrence of key Phyto-ingredients like beta-carotene, carotenoids, omega three fatty acids, and astaxanthin in products with health benefits is experiencing a high demand from food supplement manufacturers, pharmaceutical, and nutraceuticals industry.
  • Growing application of these products in the pharmaceutical sector for manufacturing antimicrobials, antivirals and anti-bacterial medicines, neuroprotective products, human therapeutic proteins, drugs for cancer treatment is another key factor expected to fuel the market during the forecast period.
  • North America is anticipated to grow due to growing healthcare awareness and increasing incidences of health allergies. Moreover, Asia Pacific is also expected to grow during the forecast period owing to increasing demand from food & feed supplements and nutraceuticals industry.
  • Asia-Pacific regional segment of these product market is expected to remain highest growing segment during 2019-2030, at a CAGR of 6.2%; owing it to the untapped market potential offered by these products in developing nations such as China & India.
  • In 2020, DDW Inc. launched a product in the form of made from Spirulina with light stability improved by up to 40%. Demand for these products for cosmetic application is further adding up to the growing market over the forecast period.
  • The Pharmaceuticals segment is expected to have a 20% market share during 2020-2030. These products are used in many pharma industries and end-use industries for production.
  • Consumption of algae-based drug products, such as sun chlorella, microalgae, spirulina caused gastrointestinal, abdominal, and nausea health problem is expected to hamper the market growth during the forecast period.

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For this report, Reports and Data has segmented the algae products market based on type, Application, Source, and region:

Type (Revenue, USD Million; 2020–2030)

  • Spirulina
  • Chlorella
  • Astaxanthin
  • Beta Carotene
  • Hydrocolloids (Agar, Alginates, and Carrageenans)

Application (Revenue, USD Million; 2020–2030)

  • Food & Beverages
  • Nutraceuticals & Dietary Supplements
  • Personal Care
  • Feed
  • Pharmaceuticals
  • Chemicals
  • Fuel

Source (Revenue, USD Million; 2020–2030)

  • Brown
  • Blue-green
  • Green
  • Red
  • Others (yellow-brown algae and golden algae)

Regional Outlook (Revenue in USD Million; 2020–2030)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • UK
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa

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