Algae Products Market In-Depth Overview, Growth Factors, Regional Analysis And Forecasts Outlook-2033
The algae products market size is projected to be worth US$ 5.41 Bn in 2023 and surpasses US$ 9.15 Bn by 2033. The sales of algae products are estimated to grow at a CAGR of 5.4% during the forecast period.
The rising
adoption of algae in the pharmaceutical and nutraceutical industries has
significantly influenced market growth. Furthermore, the increasing need for
algae biomass for nutraceutical applications is expected to offer algae product
manufacturers with a lucrative source of revenue. The growing industrial
application of algae is providing companies with opportunities, which has
encouraged market expansion.
Some
businesses now provide algae-based CO2 collection and biofuel generation,
giving them a new revenue stream. Wastewater remediation by algae products
presents a substantial opportunity to lower wastewater treatment costs for
organizations that manage home and industrial wastewater. Consumers' shifting
dietary tastes and a paradigm shift toward preventative health management
strategies in response to rising healthcare expenses and the growing burden of
lifestyle-related illnesses are predicted to boost the market for algal
products.
Algae are a
good source of protein as a result, they are likely to be used as both food and
a feedstock. An increase in food industry investment is having an impact on the
market for products manufactured from algae. Growing consumer health
consciousness and their growing demand for healthy foods are having an
influence on the overall market for algal products. The easy availability of
low-cost alternatives, however, is a substantial barrier to the industry's
growth.
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Key
Takeaways from the Algae Products Market
- The United States dominates the market for
algae products, with an expected value of US$ 2.64 billion over the
projected period.
- China has the second highest market share,
valued US$ 2.21 billion, and is expected to rise at a 7.9% CAGR during the
projection period.
- Demand for algae products in Germany is
expected to expand at a CAGR of 3.2% over the forecast period.
- The market for algae products is expected
to profit considerably from an increase in protein supplement usage in
Japan.
- Cosmetics applications are expected to
generate more than US$ 165 million in revenue by 2032. Due to the growing
number of personal care and cosmetics algae, the use of algae products in
personal care goods is projected to expand.
- Through 2033, the green algae segment is
expected to see the quickest CAGR of 5.5%.
- The brown algae category dominated the
global market in 2033, accounting for 28% of the market, in terms of
revenue share.
What are
the Players in the Algae Products Industry Doing?
The
majority of manufacturers are focusing on boosting their current production
capacity by increasing sales in a number of these locations because the market
has not yet been consolidated by significant players. The companies are also
focusing on developing novel techniques for manufacturing and storing
nutritional supplements. In order to make the manufacturing of algae products
profitable, a number of corporations and governmental bodies are working to cut
both capital and operating expenses. Many stakeholders have selected algae
production, which makes use of water and terrain unsuitable for other uses.
Major Players in the Algae Products Market
- Algatechnologies, Ltd.
- BASF SE
- ADM
- Cargill, Inc.
- Corbion NV
- Corteva Agriscience
- CP Kelco ApS
- Cyanotech Corporation
- E.I.D. Parry India Ltd.
- Fenchem Biotek Ltd.
- Ingredion, Inc.
- Kerry Group PLC
- Roquette
- Royal DSM NV
Recent Developments in the Algae Products Market
- The first seaweed powder product in the
WavePure ADG family, WavePure ADG 8250, was available in February 2021.
This "pleasant and adaptable" marine ingredient was developed to
emphasize the silky and creamy dairy textures and to offer gelling and
thickening properties from an organoleptic perspective.
- In October 2020, Cyanotech Corporation
announced the launch of BioAstin Hawaiian Astaxanthin, a unique delivery
form, water-dispersible powder, in both 1% and 2% concentrations.
- In April 2021, Yemoja released EPS-Revive,
a topical external polysaccharide sulfate (EPS) beauty component derived
from a red algae species, as a part of a new range of skincare products
based on algae.
Information Source: https://www.futuremarketinsights.com/reports/algae-products-market
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