Algae Products Market Size is projected to reach USD 2,833.73 million by 2031, growing at a CAGR of 5.09%: Straits Research
According to Straits Research, “The global algae products market was valued at USD 1,812.62 million in 2022. It is expected to reach USD 2,833.73 million by 2031, growing at a CAGR of 5.09% during the forecast period (2023–2031).”
New York, United States, March 28, 2024 (GLOBE NEWSWIRE) -- Algae are photosynthetic, oxygen-exhaling, unicellular, or multicellular microorganisms with diverse characteristics, including carbon dioxide consumption and storage of essential nutrients, minerals, and vitamins. Algae products are single-celled, aquatic, plant-like substances that contain abundant nutrients. They are utilized in dietary supplements, cosmetics, and pharmaceuticals. Algae are typically present in seaweed, chlorella, and kelp-based algae products. Protein-rich and containing essential amino acids, algae products enhance human metabolic processes such as enzyme formation.
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*Health Advantages of Consuming Algae Products Drive the Global Market*
An ideal ingredient for dietary supplements, cosmetics, functional food and beverage products, and animal feed, among other uses, algae, including microalgae, are photosynthetic organisms that are used to produce dietary foods that are claimed to have a high protein content and other nutritional advantages. Algae and microalgae are protein sources, but they also benefit health because they contain various bioactive substances. Moreover, microalgae have higher pigment concentrations compared to different plant and floral species. Proteins made from algae have complete essential amino acid (EAA) profiles.
Compared to proteins from more conventional sources like meat, poultry, and dairy products, these proteins have a higher protein content. It is claimed that a wide variety of microalgae species contain large amounts of lipids, proteins, carbohydrates, and other bioactive compounds. The antioxidative, antihypertensive, immunomodulatory, anti-cancerogenic, hepatoprotective, and anticoagulant properties of some microalgae-derived compounds, such as peptides, have been demonstrated. According to Becker et al., microalgae are an excellent source of vitamins A, B1, B2, B6, B12, C, and E, as well as minerals like potassium, iron, magnesium, calcium, and iodine. They also contain potent probiotic ingredients that support the body's detoxification process, boost energy, and fortify the immune system.
*Development of New Algae Variants Creates Tremendous Opportunities*
According to researchers and ingredient companies, algae grow everywhere and can be used anywhere in food. Algae have a bright future, as only a tiny portion of the more than 200,000 species of microalgae are currently grown for food components. Major FMCG companies like Unilever and Nestle SA are investigating the potential of various algae species as alternative sources of protein and nutrition and for their wide-ranging uses in collaboration with research scientists and ingredient producers. This will promote the expansion of the global market for algae products and additives.
*Regional Analysis*
North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 4.44% during the forecast period. As they can be used as a functional food and beverage ingredient, a food additive, and an ingredient in supplements and cosmetics, algae are remarkably adaptable. A trend for vegan and plant-based ingredients and products has emerged due to the constantly changing market dynamics and consumer behavior, supporting the market growth for algae and microalgae-derived nutrients, despite the fact that the use of algae-derived products and additives has generally remained outside the mainstream in the United States. Furthermore, given the growing demand for vegan and high-protein food products, producers in the country are investigating the potential of additives made from algae. Even though astaxanthin is arguably the most well-known algae-based ingredient in the country and is thought to be a potent antioxidant associated with reducing inflammation, preserving membranes, and cardiovascular health, the industries are also experimenting with other algae derivatives that may provide a range of wellness advantages.
Asia-Pacific is anticipated to grow at a CAGR of 6.54% during the forecast period. China has become a significant global producer of microalgal biomass over the past 21 years. Spirulina (Arthrospira) is the most extensive microalgal product by tonnage and value, followed by chlorella, Dunaliella, and haematococcus. The four primary types of microalgae are cultivated commercially across the country. With smaller markets in animal feeds, primarily for marine aquaculture, the nutraceutical industries sell about 90% of China's microalgae biomass production for human consumption as dietary supplements or human nutrition products. Approximately two-thirds of the world's microalgae biomass is produced in China. By promoting higher standards of quality and safety and developing cutting-edge technologies that can boost demand for microalgal products, the Chinese Microalgae Industry Alliance (CMIA), a network established by Chinese microalgae researchers and business enterprises, supports the manufacturing of algae-based products.
*Key Highlights*
· Based on product type, the global algae products market is bifurcated into algal oil and beta-carotene. The algal oil segment is the highest contributor to the market and is expected to grow at a CAGR of 9.01% during the forecast period.
· Based on application, the global algae products market is bifurcated into food and beverage, dietary supplements, and pharmaceuticals. The dietary supplements segment is the highest contributor to the market and is expected to grow at a CAGR of 4.61% during the forecast period.
· North America is the most significant revenue contributor and is expected to grow at a CAGR of 4.44% during the forecast period.
*Competitive Players*
The global algae products market's major key players are Source Omega LLC, Archer Daniels Midland Company, ACCEL Carrageenan Corporation, TBK Manufacturing Corporation, Cargill Incorporated, Koninklijke DSM NV, Progress Biotech BV, J.M. Huber Corporation, Algenol Biotech LLC, and BASF SE.
*Market News*
· *In March 2023*, Provectus Algae (Provectus) secured an undisclosed strategic investment from CJ BIO, a division of South Korea-based food and bio company CJ CheilJedang.
· *In July 2022*, Researchers at the University of Colorado Boulder developed a way of using algae to create carbon-neutral or even carbon-negative concrete.
*Global Algae Products Market: Segmentation*
*By Product Type*
· Algal Oil
· Beta Carotene
*By Applications*
· Food and Beverage
· Dietary Supplements
· Pharmaceuticals
*By Regions*
· North America
· Europe
· Asia-Pacific
· Rest of the World
*Get Detailed Market Segmentation @ https://straitsresearch.com/report/algae-products-market/segmentation*
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