In terms of revenue, the Global Algae Market is expected to reach USD 36 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 10.20% from 2022 to 2028.
The increasing use of algae in various industries such as dietary supplements, food/feed, pharmaceuticals, cosmetics, and biofuels is anticipated to augment the market's growth during the forecast period. In addition, the application of microalgae products in this industry raises customer awareness of microalgae products. These factors are expected to augment the market's growth during the forecast period.
Key Highlights from Report:
- By the Type segment, the Hydrocolloid sub-segment dominated the market in 2021. This is attributed to the reality that Hydrocolloids shape gel in the presence of water, impact texture and viscosity, and subsequently are utilized in one-of-a-kind food & beverage applications.
- The Food & Beverage sub-category, from the Application category, led the market in 2021, as the usage of algae elevated in food, purposeful food, food additives, and beverages. However, the private care segment is predicted to grow considerably during the forecast period. Consumers' choice to appear younger and improve the latest herbal component are expected to increase the algae merchandise market for the forecast period. In addition, customized beauty merchandise to goal unique pores and skin care troubles powers the rise in the market.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributable to the growing population spending on cosmetics and skin care products in the region. In addition, an increase in fitness focus and disposable income in economies like China, India, and Japan enhance the intake of nutraceutical products, consequently fueling the market's growth in the region.
The rise in the utility of algae in animal feed because of their dietary advantages is expected to drive the Algae Market in the future. Algae are high in proteins, fatty acids, antioxidants, fiber, and vitamins. Algae also comprise minerals with phosphorous, zinc, iron, and magnesium that are required for the physical capabilities of animals, including dogs, cows, buffalos, horses, and cats. Algae also are used as dietary supplements in aquaculture, as they are a rich source of omega-three fatty acids. They also are utilized in hen and pig farming. Studies suggest that 30% to 35% of soy protein may change with a microalgae aggregate. Additionally, significant funding is being made for the Research and Development (R&D) of the usage of algae in human and animal feed which is also anticipated to fuel the market growth during the forecast period.
The capability utility of Algae consists of antimicrobials, antivirals, healing proteins, drugs, and antifungals in the pharmaceutical industry. For instance, the effective water-soluble antioxidants observed in algae are polyphenols, phycobiliproteins, and vitamins. In addition, antioxidants assist in the inhibition of most cancers via inflicting regression of premalignant lesions.
Asia Pacific held the most significant shares in 2021. The US had the largest market share in North America for the Algae. Growing industries, including food & beverage, nutraceutical, pharmaceutical, and nutritional complement, have drastically contributed to the U.S. market growth. In addition, increased health-conscious customers have caused the elevated use of lipids, including omega-3, in nutraceutical and nutritional products, which has created a possibility for algae products primarily based on omega-3 products.