The Algae Products Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Algae Products Global Market Report 2024, The algae products market size has grown strongly in recent years. It will grow from $13.01 billion in 2023 to $14.03 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to sustainability concerns, nutritional benefits, alternative protein sources, cosmetics and personal care, environmental regulations.
The algae products market size is expected to see strong growth in the next few years. It will grow to $19.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to climate change mitigation,aquaculture and animal feed, plant-based foods, biofuels and renewable energy, circular economy initiatives. Major trends in the forecast period include plant-based food revolution, sustainable protein sources, marine ingredients in cosmetics, carbon sequestration applications, biotechnology advancements.
The growing demand for healthy food products is expected to propel the growth of the algae products market going forward. Healthy food products are those that contain nutrients that support the body’s well-being and aid in energy retention. Algae products contain a variety of beneficial elements, including carbohydrates, polyunsaturated fatty acids, essential minerals, and vitamins, which are commonly utilized in healthy foods. For instance, in March 2022, according to Good Food Institute (GFI), a US-based non-profit organization and Plant Based Foods Association (PBFA), a US-based food association, due to the increased interest in healthy alternatives, 27 % of people chose to consume less meat and prefer plant-based foods. Therefore, growing demand for healthy food products drives the growth of the algae products market.
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The algae products market covered in this report is segmented –
1) By Type: Lipids, Carrageenan, Carotenoids, Alginate, Algal Protein
2) By Form: Liquid, Solid
3) By Source: Blue-Green Algae, Brown Algae, Green Algae, Red Algae
4) By Distribution Channel: Online, Offline
5) By Application: Food and Beverage, Nutraceutical and Diet Supplement, Animal Feed, Personal Care, Pharmaceutical, Other Applications
The development of alternative protein sources such as microalgae is a key trend gaining popularity in the algae products market. Developing alternative protein sources such as microalgae is a crucial step toward achieving the necessary transformation to a more equitable and resilient food system. For instance, Unilever, a UK-based consumer goods company partnered with Algenuity, a UK-based company operating in algae products to develop innovative microalgae products for Unilever’s plant-based portfolio. Algenuity will work with the R&D team within Unilever’s Foods and Refreshment (F&R) division to explore different foods with microalgae.
The algae products market report table of contents includes:
- Executive Summary
- Algae Products Market Characteristics
- Algae Products Market Trends And Strategies
- Algae Products Market – Macro Economic Scenario
- Global Algae Products Market Size and Growth
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- Global Algae Products Market Competitive Benchmarking
- Global Algae Products Market Competitive Dashboard
- Key Mergers And Acquisitions In The Algae Products Market
- Algae Products Market Future Outlook and Potential Analysis
- Appendix
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