The algae products market is estimated at USD 3.98 billion in 2018 and is projected to reach a value of USD 5.17 billion by 2023, at a CAGR of 5.4%. The market is segmented on the basis of type, source, application, and region. The types of algae products include lipids, carrageenan, carotenoids, algal protein, alginate, and others that include dried algae, algal flour, and agar. The application of algae products is segmented into food & beverages, nutraceuticals & dietary supplements, feed, personal care products, pharmaceuticals, and others segment that include pet food, fortified food, and infant nutrition. The market has also been segmented on the basis of source into brown, blue-green, red, green algae, and others (which include yellow-brown and golden algae). On the basis of key regions, the algae product market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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- Multi-Industry Coverage
- Growth in Consumer Awareness Regarding the Health Benefits of Algae-Based Products
- Alternate Food Source and Food Ingredient
- Impact of Climatic Conditions on Algae Production
- Government and Private Initiatives to Support Research & Development in Algaculture
- Growth in Demand for Natural Ingredients By Consumers
- Easy Cultivation of Algae
- High Processing Cost
On the basis of application, the nutraceuticals & dietary supplements segment of algae products is projected to grow at the highest CAGR from 2018 to 2023. With increasing awareness among consumers, the market for dietary supplements is growing, with consumers preferring balanced diets and food that also provide health benefits. Therefore, the growing market for nutraceuticals & dietary supplements is opening up opportunities for new applications in the algae-based products market.
Based on source, the market for blue-green algae products is projected to grow at the highest CAGR during the forecast period. Spirulina and Chlorella are the two most widely used blue-green algae. Companies such as Corbion offer microalgae products such as AlgaVia, which is a protein- and lipid-rich algal flour from Chlorella protothecoides.
- BASF (Germany)
- DowDuPont (US)
- DSM (Netherlands)
- Cyanotech Corporation (US)
- Cargill (US)
- Kerry (Ireland)
- Ingredion (US)
- Corbion (Netherlands)
- Fenchem Biotek (China)
- E.I.D. Parry (India).
The Asia Pacific region is projected to be the fastest-growing market for algae products from 2018 to 2023. Key markets in the Asia Pacific region include China, India, Japan, and Australia. The major driving factors for the algae products market in this region are the vast areas of coastal lines and the growing population; the growth in population is expected to increase the demand for food & beverage products, pharmaceutical products, and personal care products, among others, which is expected to contribute to the growth of the algae products market in Asia Pacific.