Algae Products Market Forecasts to 2030 – Global Analysis By Type (Hydrocolloids, Carotenoids, Lipids and Algal Protein), Form (Dry and Liquid), Source (Brown Algae, Blue-green Algae, Green Algae, Red Algae and Other Sources), Application and By Geography

Algae Products Market Forecasts to 2030 – Global Analysis By Type (Hydrocolloids, Carotenoids, Lipids and Algal Protein), Form (Dry and Liquid), Source (Brown Algae, Blue-green Algae, Green Algae, Red Algae and Other Sources), Application and By GeographyAccording to Stratistics MRC, the Global Algae Products Market is accounted for $2.77 billion in 2023 and is expected to reach $4.41 billion by 2030 growing at a CAGR of 6.8% during the forecast period. A class of photosynthetic organisms known as algae is used in a variety of industries for a variety of purposes. They can be found in both freshwater and marine habitats. These organisms are among the fastest-growing creatures because of their rapid rate of doubling. Algae are oxygen-exhaling, single- or multicellular microorganisms that also store vital vitamins, minerals, and nutrients while consuming carbon dioxide.

According to the CRN’s 2021 Consumer survey on Dietary supplements, showed that 80% of Americans are now using dietary supplements, an increase of 7% from 2020.

Market Dynamics:

Driver:

Benefits to health from consuming algae products

Algae, including microalgae, are photosynthetic organisms used to produce dietary foods that are said to have high protein content and other nutritional advantages, making them an ideal ingredient for dietary supplements, cosmetics, functional food and beverage products, and animal feed, among other uses. Moreover, microalgae have higher pigment concentrations than a variety of plant and floral species. The essential amino acid (EAA) profiles of proteins derived from algae are complete, and these proteins have a higher protein content than proteins from traditional sources like meat, poultry, and dairy goods. They also contain potent probiotic substances that boost energy, support detoxification of the body, and strengthen the immune system. All these advantages are spurring market growth.

Restraint:

High production costs are preventing new competitors

It can be expensive to set up the specialized infrastructure and equipment needed for algae cultivation. Depending on the cultivation technique, photobioreactors, raceway ponds, or closed bioreactors may be needed for large-scale algae production, all of which require a sizable upfront investment. It might be difficult for new participants to secure funding for the construction of such infrastructure. By making it difficult for them to compete with bigger, more established companies, new players may find it difficult to bear these energy costs, thereby limiting their ability to enter the market.

Opportunity:

Expanding consumer demand for biofuels products

Global demand for biofuels is being driven by the rising need for a safe, reliable, and clean energy supply. Additionally, rising oil prices and the implementation of government policies to reduce greenhouse gas emissions have increased demand for biofuel. Many nations have launched or expanded their programs for renewable energy. Both microalgae and macroalgae make beneficial biodiesel feedstocks as they have several advantages over petroleum-based fuel, including high oil content, high production rates, and the need for less land. As a result, the market for algae products is expanding due to the rising demand for biofuel products.

Threat:

Effects of the climate on the growth of algae

Temperature and light levels have a significant impact on algae growth. For optimum growth, various algae species require particular temperature ranges and amounts of light. Algal growth and productivity can be impacted by climatic variations, such as extreme heat or a lack of sunlight. Lower yields and slower growth rates may occur if the climate does not offer the best conditions for growing algae, which may affect the overall availability of algae biomass for industrial use. This supply-side constraint may limit the market for algae-related products.

Covid-19 Impact

The COVID-19 disease outbreak had minimal impact on the market for algae-based products. Manufacturers of algae-based products faced a number of difficulties during the pandemic, including supply chain disruptions, labor shortages brought on by the lockdown, partial or total shutdowns of manufacturing facilities, and challenges obtaining raw materials. But the COVID-19 illness raised consumers' awareness of their own health and encouraged them to spend more money on nutritious food.

The lipids segment is expected to be the largest during the forecast period

During the forecast period, it is predicted that the lipids segment will hold the largest market share. Lipids found in algae products allow for their incorporation into nutraceuticals and functional foods. Lipids act as a fuel source and improve the absorption of bioactive substances and fat-soluble vitamins. Additionally, ingredients derived from algae are used to create a variety of products, such as dietary supplements, protein bars, drinks, and fortified foods.

The food & beverages segment is expected to have the highest CAGR during the forecast period

The food and beverages segment is anticipated to grow quickly. This segment is primarily due to consumers' increasing preference for foods and beverages that contain natural ingredients like hydrocolloids, carotenoids, and algae protein. Additionally, the market is anticipated to grow in response to the population's rapid growth, rising consumer awareness of the health benefits of algae products, changes in lifestyles and eating habits, rising demand for functional foods and food additives, and rising disposable income.

Region with largest share:

Due to the sizeable food and beverage industry in North America, the North American Algae Products market is anticipated to dominate during the forecast period. Additionally, the expanding demand for algae products from the cosmetic and nutraceutical industries, the rising use of algae products in the food and beverage industry, a andthe emergence of health and wellness trends are the main factors propelling the growth of this market.

Region with highest CAGR:

The market for algae products in Asia-Pacific is anticipated to expand at a significant pace. Natural ingredients are in high demand due to the rapidly growing food and beverage, nutraceutical, cosmetic, and animal feed industries. The market is also anticipated to grow as a result of numerous government initiatives to promote the production and use of algae in a variety of sectors as well as the rising demand for healthy food products. Furthermore, the Indian market for algae products was expanding at the fastest rate in the Asia-Pacific region, while China's market for algae products had the largest market share.

Key players in the market

Some of the key players profiled in the Algae Products Market include AeroLEDs, Astronics Corporation, Aveo Engineering Group s.r.o., B/E Aerospace, Inc., Beadlight Limited, Bruce Aerospace Inc., Cobham PLC, Collins Aerospace, Diehl Stiftung & Co. KG, Heads Up Technologies, Honeywell International Inc., Luminator Technology Group, Madelec Aero, Oxley Group, Precise Flight Inc., Rockwell Collins, Inc., Safran, Soderberg Manufacturing Company, Inc., STG Aerospace Limited, United Technologies Corporation, Whelen Aerospace Technologies and Zodiac Aerospace.

Key Developments:

In May 2023, ADM, a global leader in sustainably sourced nutrition, and Air Protein, a pioneer in air-based nutritional protein that requires no agriculture or farmland, decoupling protein production from traditional supply chain risks, announced today that they have entered into a Strategic Development Agreement to collaborate on research and development to further advance new and novel proteins for nutrition.

In March 2023, Corteva Agriscience announced the commercial launch of Adavelt™ active, with recent product registrations in three countries – Australia, Canada and South Korea. Adavelt active is a novel fungicide with a new mode of action that protects against a wide range of diseases that can impact crop yields.

In March 2023, Corteva Inc. and Bunge announced significant advancements in the development of more nutritious soybean meal for the animal feed industry, specifically suited for poultry, swine and aqua feed. The companies have a multi-year collaboration to develop and commercialize soybean varieties that can create a potential new value stream opportunity for soybean farmers while giving feed compounders a new option to reduce their use of synthetic additives, lower costs, and shrink their carbon footprint.

Types Covered:
• Hydrocolloids
• Carotenoids
• Lipids
• Algal Protein

Forms Covered:
• Dry
• Liquid

Sources Covered:
• Brown Algae
• Blue-green Algae
• Green Algae
• Red Algae
• Other Sources

Applications Covered:
• Food & Beverages
• Dietary Supplements
• Nutraceuticals Products
• Pharmaceuticals
• Cosmetics
• Animal Feed
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements