The global algae products market size is estimated to be valued at USD 4.7 billion in 2021 and is projected to reach USD 6.4 billion by 2026, recording a CAGR of 6.3% during the forecast period. The demand for algae products is propelling, owing to several innovations and developments in technologies and formulations. An increase in the demand and consumption of health-based quality food products has been driving the algae products market. Additionally, the consumption of algae-based products is increasing in human nutrition, as they provide anti-inflammatory and immune system benefits. Its properties help in preventing and treatment of cancer, which has translated to the increased sales of algae products.
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Growing industries, such as food & beverage, nutraceutical, pharmaceutical, and dietary supplement, have significantly contributed to the growth of the algae products market in North America. The rising population in the country is another factor that is expected to boost the demand for algae products. An increase in health-conscious consumers has led to the increased use of lipids, such as omega-3 in nutraceutical and dietary supplement products, which has offered a market opportunity for algae-based omega-3 products.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, DSM (Netherlands), BASF (Germany), DuPont (US), Cargill (US), E.I.D Parry (India), Corbion (Netherlands), and Cyanotech Corporation (US).
Algae are uniquely versatile as algae-derived products find application in multiple industries such as food & beverage, feed, nutraceuticals & dietary supplements, personal care, and pharmaceutical. This is expected to be a major driver for the growth of the algae products market.
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Algae-based ingredients have wide application in the food industry as texturizing & stabilizing agents, thickeners & gelling agents, and as supplements for health. For instance, the thickening property of alginate is useful in sauces, syrups, and toppings for ice cream. Other products that can be fortified with algae include dairy products (such as sour cream, chocolate milk, cheese) sushi, and gelatin. Pigments such as chlorophylls, carotenoids, and phycobiliproteins also have application as natural food colorants.
