CHICAGO, June 23, 2023 /PRNewswire/ -- The algae products market is estimated at USD 5.3 billion in 2023 and is projected to reach USD 7.3 billion by 2028, at a CAGR of 6.4% from 2023 to 2028 according to a report published by MarketsandMarkets™. Algae products have diverse applications across various industries, including food and beverages, pharmaceuticals, cosmetics, animal feed, biofuels, and wastewater treatment. The versatility of algae and their ability to be processed into different forms, such as powders, extracts, and oils, make them attractive ingredients for a wide range of products, driving market growth.
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Carotenoids segment, by type is projected to account for the Second highest CAGR during the forecast period
The growing consumer awareness of the importance of antioxidants and their potential health benefits has increased the demand for algae products rich in carotenoids. These compounds are sought after for their role in maintaining overall health and well-being. The use of algae-derived carotenoids as natural food colorants in the food and beverage industry further drives their market growth.
Blue green algae segment, by source is projected to witness the highest CAGR during the forecast period.
Blue-green algae are widely distributed in various aquatic environments, including freshwater lakes, rivers, and oceans. They are naturally abundant and can be easily cultivated, making them a reliable and sustainable source for algae-based products. The availability of blue-green algae in large quantities ensures a consistent supply for commercial production.
Blue-green algae contain various pigments, such as chlorophyll and phycocyanin, which give them their distinctive blue-green color. These natural pigments are used as food colorants in the food and beverage industry, replacing synthetic dyes. The demand for natural and plant-based food colorants has driven the use of blue-green algae as a sustainable alternative.
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North America is expected to account for the largest market share in 2023.
The algae products market industry has been studied in North America, Europe, Asia Pacific, South America and Rest of the World. North America is home to several key market players in the algae products industry, including algae cultivators, processors, and product manufacturers. These companies have significant expertise, infrastructure, and distribution networks to meet the growing demand for algae-based products in the region. Their market presence and strong market strategies contribute to the overall market growth and drive the adoption of algae products across various sectors.
Major players operating in the algae products market includes DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), E.I.D Parry (India), International Flavors & Fragrances Inc (US), Cynotech Corporation (US), Earthrise Nutritionals LLC (US), CP Kelco U.S., Inc (US), Cargill, Incorporated (US), and Algea (Norway).
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