The Global Algae Market was valued at USD 20.94 Billion in the year 2022 and is forecast to reach a value of USD 45.55 Billion by the year 2030. The Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 10.20% over the forecast period.
Algae are oxygen-exhaling, photosynthetic, unicellular, or multicellular microorganisms. These characteristics make it easier for Algae to absorb carbon dioxide and gather essential vitamins, minerals, and nutrients. The plant consumes it as food and fuel. Typically, Algae is employed in kelp, seaweed, and chlorella-based goods. Products made from Algae are rich in protein and include necessary amino acids, which support the improvement of human metabolic processes, including enzyme synthesis. To produce biofuels or animal feeds, Algae are also grown to have a high protein and oil content. Algae are already widely employed in various products, including food, cosmetics, biofuel, bio-packaging, bioplastic, pharmaceutics, and nutraceuticals.
Algae Market Size, 2022 To 2030 (USD Billion)
Algae cultivation boosts and restores biodiversity to supply habitat for marine life. By absorbing carbon and lowering methane emissions, it can also assist in slowing down climate change. The Algae sector has recently experienced a remarkable expansion, according to the United Nations University Institute on Comparative Regional Integration Studies (UNU-CRIS). However, it must balance economic viability and environmental, human, and organismal health to maintain long-term sustainability. Furthermore, dietary supplements made from microalga biomass rich in micronutrients are widely used to improve human health. It offers a higher yield than biofuel feedstock and is also used to reduce pollution. These products are commonly used in the pharmaceutical, nutraceutical, and food supplement manufacturing industries.
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The Algae Market is segmented based on Types, Applications, Sources, Forms, and Region. Based on the Types segment, the market is sub-segmented as Lipids, Carrageenan, Carotenoids, Algae Protein, Alginates, and Other Types (Agar, Algal Flour, & Dried Algae). Furthermore, based on the Applications category, the market is sub-categorized as Food & Beverage, Nutraceutical & Diet Supplement, Animal Feed, Personal Care, Pharmaceutical, and Other Applications (Infant Food, Fortified Food, & Pet Food). Moreover, based on the Sources segment, the market can be further sub-segmented as Brown Algae, Blue Algae, Green Algae, Red Algae, and Other Sources (Yellow-Brown and Golden Algae). Finally, based on the Form segment, the market is sub-segmented as Solid and Liquid.
Based on Application
As the use of Algae in food, functional food, food additives, and drinks rose in 2021, the Food & Beverage sub-category dominated the market. However, the Personal Care sub-segment is projected to develop quickly during the forecast period. During the projected period, the market for Algal Products is expected to rise due to consumer desire to look young and discover new natural ingredients. The industry is also expanding due to customized cosmetic products that address particular skin care issues. Mainly macroAlgae, employed in food preparation, are high in fiber. While freshwater Algae are poisonous by nature, marine Algae is where the majority of edible macroAlgae or seaweed is grown. Seaweed is consumed worldwide, although it is mainly consumed in China, Japan, and Korea. Along with an increase in demand for Algae -based biofuels for use in transportation (road, marine, and aviation), the need for Algae used to make biodegradable plastics has increased as well.
Based on Region
Asia Pacific is projected to Grow at the Fastest CAGR during the Forecast Period
The Asia Pacific accounted for the largest share in the global Algae market and is projected to continue its dominance over the forecast period. This is due to the region's growing population and rising disposable income. Moreover, the increase in health consciousness among consumers and the growing consumption of nutraceutical products in the region are further projected to fuel market growth in the coming years. In 2021, China accounted for the largest share in the Asia Pacific Algae market and was projected to continue its dominance in the coming years. Besides, India is estimated to witness the fastest growth in the regional market during the forecast period.
The key players in the Global Algae Market include- Cynotech Corporation (US), Algenol (US), FEMICO (Taiwan), Algae Health Science (US), Pond Technologies Holdings Inc. (Canada), Earthrise Nutritional (US), and others.
Segmentation of the Global Algae Market
- Types (Lipids, Carrageenan, Carotenoids, Algae Protein, Alginates, Other Types (Agar, Algal Flour, and Dried Algae))
- Applications (Food & Beverage, Nutraceutical & Diet Supplement, Animal Feed, Personal Care, Pharmaceutical, Other Applications (Infant Food, Fortified Food, and Pet Food))
- Sources (Brown Algae, Blue Algae, Green Algae, Red Algae, Other Sources (Yellow-Brown and Golden Algae))
- Forms (Solid, Liquid)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Cynotech Corporation (US)
- Algenol (US)
- FEMICO (Taiwan)
- Algae Health Science (US)
- Pond Technologies Holdings Inc. (Canada)
- Earthrise Nutritional (US)
||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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