Global Algae Product Market is forecasted to grow further into approximately US$ 8 Billion opportunities by 2028 – Ken Research
The Global Algae Product Market – which grew from approximately US$ 3 Billion in 2017 to approximately US$ 5 billion in 2022 – is forecasted to grow further into approximately US$ 8 Billion opportunities by 2028, owing to the extensive usage of algae into various end-products including cakes, ice-creams, aquatic-feed agents, moisturizer, and other agriculture products.
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Key Growth Drivers
- Surging demand for healthy food products, is likely to propel the growth of the algae products market. Healthy food products are those which contain nutrients that help in to improve the individual immune system. Algae products conclude various beneficial elements such as carbohydrates, polyunsaturated fatty acids, essential minerals, and vitamins. According to BioMed Central (BMC), an open-access publisher mentioned that in 2020, 16.7% of the population improved their food behavior by consuming nutritious food which helps in maintaining immunity. The increasing demand for healthy food drives the algae product market.
- Lack of research and development activities in underdeveloped countries is restraining the growth of the algae products market. The majority of players are having production facilities, where consumption of algae products end-users significantly higher such as food, beverages, pharmaceuticals, and others.
- COVID-19 has decelerated the growth of the algae product market. This is because of the temporary shutdown of manufacturing plants, country-wide lockdowns, and disruption in the supply chain. But as the market is recovering, restrictions are easing down, and people are more aware of the health regime, is likely to be estimated that the algae product market will gain healthy returns within the forecast period.
Key Trends by Market Segment
By Application: The food and beverages segment held the largest market in 2021, owing to the growing usage of algae in food, functional food, and food additives.
- According to the USA Department of Agriculture, Japan’s food processing industry manufactured US$ 218.3 billion in food and beverages products.
- Surging the food industry and rising awareness among people regarding the benefit of algae products, is likely to propel the growth of this segment.
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By Type: The spirulina segment held the largest market share of the global algae product market in 2021, owing to the rich source of minerals and proteins.
- Spirulina is a sub-set of blue-green algae that grows in both salt and fresh water. Dry spirulina powder algae contain protein, thiamin, niacin, copper, and other minerals.
- As per the National Library of Medicine, spirulina is a great source of proteins because it has a high percentage of essential amino acids (EAA), which accounts for around 38.81 to 47% of the total weight of proteins.
By Source: The brown algae segment accounted for the largest market share in 2021, because of its extensive usage in the food and beverages industry.
- Brown algae are a group of algae belonging to the class Phaeophyceae. Brown algae are algal species characterized by being multicellular and having a brown or greenish-brown color.
- Brown algae is highly used as edible seaweed such as laminaria, sargassum, and others. After extracting the alginic acid, it is widely used in the food industry as a thickening agent.
By Geography: North America accounted for the largest market share within the global algae product market in 2021, owing to regular product improvement, and houses the major global companies operating in algae products.
- According to whitehouse.gov, a USA government website, mentioned in the September 2022, factsheet, The Seafood Nutrition Partnership will commit a minimum of US$ 280,000 over the next 8 years to improve public knowledge of essential nutrition that has been shown to improve brain health.
- Presence of leading companies operating in algae products, like Cargill Incorporated, ADM, Cellana Inc., and others, will catalyze the expansion of this market.
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Competitive Landscape:
The global algae product market is moderately competitive with ~100 players which include globally diversified players, country-niche, and players as well as a majority number of regional players having their niche in producing, manufacturing, and distributing algae products.
Regional players constitute the largest by type. While large global players control about 25%. Some of the major players in the market include Cargill Incorporated, ADM, Kerry Group, DSM, Cyanotech Corporation, Caldic B.V., TBK Manufacturing Corporation, Cellana Inc., Algatech Ltd, Corbion, and others.
Recent Developments Related to Major Players
- In April 2021, Yemoja released a new algae-based skincare component with external polysaccharide sulfate (EPS) topical beauty ingredient derived from red algae.
- In February 2020, Cargill introduced the WavePure ADG series which is sourced from Gracilaria red seaweed, which is considered a traditional food ingredient in the European Union.
Conclusion
The global algae product market witnessed significant growth during the period 2017-2021, owing to the awareness among people regarding health and various other infectious diseases. The growth rate is expected to remain significant during the forecast period. Though the market is significantly competitive with ~100 participants, the majority of regional players dominate the market share by type, and global players hold a significant share.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of 2 working weeks.
Ken Research has recently published report titled, “Global Algae Product Market Size, Segments, Outlook, and Revenue Forecast 2022-2028” The algae product market is segmented by product, source, and application. In addition, the report also covers market size and forecasts for the four regions in the algae product markets. The revenue used to size and forecast the market for each segment is US$ billion.
Market Taxonomy
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