Algae Market - Global Industry Assessment & Forecast
- By Types Lipids, Carrageenan, Carotenoids, Algae Protein, Alginates, Other Types (Agar, Algal Flour, and Dried Algae)
- By Applications Food & Beverage, Nutraceutical & Diet Supplement, Animal Feed, Personal Care, Pharmaceutical, Other Applications (Infant Food, Fortified Food, and Pet Food)
- By Sources Brown Algae, Blue Algae, Green Algae, Red Algae, Other Sources (Yellow-Brown and Golden Algae)
- By Forms Solid, Liquid
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 19.8 Billion|
|Revenue 2028:||USD 36 Billion|
|Revenue CAGR (2022 - 2028):||10.5%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
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- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
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The Global Algae Market was valued at USD 19.8 Billion in the year 2021 and is forecast to reach a value of USD 36 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 10.5% 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, 2021 To 2028 (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.
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
|Regions & Countries Covered||
|Report Coverage||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 impact analysis|
Frequently Asked Question
The global Algae valued at USD 19.8 Billion in 2020 and is expected to reach USD 36 Billion in 2028 growing at a CAGR of 10.5%.
The prominent players in the market are Cynotech Corporation (US), Algenol (US), FEMICO (Taiwan), Algae Health Science (US), Pond Technologies Holdings Inc. (Canada), Earthrise Nutritional (US).
The market is project to grow at a CAGR of 10.5% between 2021 and 2028.
The driving factors of the Algae include
- Consumer awareness regarding the health benefits of Omega-3
Asia Pacific was the leading regional segment of the Algae in 2020.