Algae Products Market Global Forecast Report by Type, Source, Form, Application, Countries and Company Analysis 2024-2032

Algae Products Market Size

The Algae Products market is expected to reach US$ 4.23 Billion in 2023 to US$ 7.35 Billion by 2032, with a CAGR of 6.35 % from 2024 to 2032. Some of the major reasons influencing the market share of algal products include the growing acceptance of a vegan lifestyle, the rising consumption of healthy food products, and the expanding use of algae in the manufacturing of medications.

Global Algae Products Overview

Algae are simple photosynthetic organisms that inhabit watery environments, and they produce a variety of substances that are known as algal products. A wide range of molecules, such as proteins, lipids, carbohydrates, pigments, and bioactive compounds, are present in these goods. It is utilized in many different industries, such as biofuels, food, cosmetics, and nutraceuticals. The potential health benefits of consuming algae are a significant additional consideration. Studies show that algae improve heart health, blood sugar control, cognitive function, and even reduce inflammation. Customers can purchase dried algae powder, veggie burgers, and even beverages that have been infused with algae. Nutraceuticals and dietary supplements are another popular category since they offer certain health benefits. Algae extracts are showing up in skincare and haircare products due to their potential anti-aging and hydrating properties.

Moreover, microalgae are now recognized as an effective, long-term replacement for animal protein. By the middle of this century, algae will provide 18% of protein sources in a more diverse market. Certain issues of the safety of algae as food, like the potential for allergies, contaminants, or hazardous compounds created during the processing of microalgae, are not well understood. Products made from algae have a promising future. As research into the potential of this adaptive organism develops, a multitude of new products and applications are expected. This will most likely solidify algae's position as a driving force behind the development of a sustainable and health-conscious future.

Growth Drivers for the Algae Products Market

Raising consciousness of the product's health advantages

Algae, which encompass microalgae as well, are photosynthetic organisms utilized in the production of food products with a high protein content and other purported nutritional benefits. This makes them a great element for many different goods, such as dietary supplements, animal feed, and functional food and beverage products. In addition to being a source of protein, algae and microalgae are also beneficial to health because of their many bioactive ingredients. In addition, microalgae contain a higher pigment content than several plant and flower species. Compared to proteins generated from conventional sources like meat, poultry, and dairy products, proteins derived from algae have a higher protein content and include complete essential amino acid profiles (EAAs).

The demand for algal products is further increased by the fact that microalgae are an excellent source of vitamins A, B1, B2, B6, B12, C, and E in addition to minerals including potassium, iron, magnesium, calcium, and iodine. Numerous microalgae species have been shown to have high levels of proteins, carbohydrates, lipids, and other bioactive compounds. The anticoagulant, immunomodulatory, anticancerogenic, hepatoprotective, antioxidant, and hypertensive qualities of certain peptides derived from microalgae have been established. Moreover, they contain potent probiotic components that enhance health by promoting immunity, helping to eliminate toxins, and boosting vitality.

Increasing demand in biofuels

Algae product sales are expanding due to the growing need for biofuels to replace petroleum-based gasoline and supply. The demand for a clean, safe, and dependable energy source is driving the biofuels business. Growing oil prices and government measures to reduce greenhouse gas emissions have also increased demand for biofuel. Numerous nations have initiated or intensified their efforts towards renewable energy. Micro and macroalgae are suitable feedstock for biodiesel because they have numerous advantages over petroleum-based fuel, including high oil content, high production rates, and less land needed. Algae-derived lipids are frequently utilized to create biofuel, providing algae product firms with a wealth of profitable prospects.

Algae Products Market Overview by Regions

Consumer trends, health consciousness, and environmental activities are influencing how the global market for algal products is changing across different countries. In the upcoming years, the industry is expected to grow significantly as new advancements continue to surface. An overview of the market by region is given below:

North America Algae Products Market

United States

Due to rising incidence of chronic conditions like diabetes and high blood pressure, as well as an aging population, the North American region is anticipated to lead the market throughout the forecast period. The Population Reference Bureau estimates that 58 million Americans were over 65 in 2022. Men made up 24% of the labor force by 2022, while women made up 15%. As a result, as the number of elderly people in North America rises, so do diseases and the effects of chronic illnesses on both the aging population and adults. The Centers for Disease Control and Prevention estimate that over 1.7 million Americans receive a cancer diagnosis each year, and that the annual cost of cancer treatment is approximately USD 185 billion.

Furthermore, the United States is working on an emerging technology project that they are in charge of supervising. This project involves using genetic engineering techniques to produce and utilize eukaryotic microalgae, intergeneric cyanobacteria, and their products. The purpose of this initiative is to encourage public discussion about the advancement and application of biotechnology. The rise of algal products in the region is being fueled by such advances and technical improvements in the nation.

Europe Algae Products Market

Germany

Germany's sales of algae products are supported by an increase in their use in the food and beverage and pharmaceutical industries. It is projected that Germany's demand for algae products would likely develop at a high rate during the projection period. This growth can be attributed to the pharmaceutical sector's expansion as well as the food and beverage industry's enhanced growth. The use of dietary supplements and other food products is increasing. This is encouraging the European market for items made from algae to grow.

Market expansion is expected to accelerate due to positive government measures in Europe that promote the generation of energy from non-conventional sources. The UK government intends to meet its aviation fuel needs with biofuel in order to reduce greenhouse gas emissions. Algal oil can be used with aviation fuel since it reduces operating costs and enhances aircraft performance. These factors are expected to drive the regional market throughout the forecast period.

Asia Pacific Algae Products Market

India

The market for algae products in India is expanding significantly, mostly due to growing knowledge of the various applications and health advantages of algae. Algae like spirulina and chlorella are becoming more and more popular in the food and dietary supplement industries. They are rich in protein, vitamins, and omega fatty acids. Furthermore, because algal extracts have anti-inflammatory and antioxidant qualities, there is an increasing market for them in biofuels, cosmetics, and pharmaceuticals. Algal cultivation is further supported by government efforts that favor sustainable agriculture and renewable energy. The global trends towards sustainability and health have given rise to a well-positioned algae market in India, as consumers are showing a growing preference for natural and organic products.

The Good Food Institute (GFI) reports that the Indian government committed approximately USD 87 million to the development of an algae economy in March 2021.

Middle East & Africa Algae Products Market

Saudi Arabia

The market for algae products in Saudi Arabia is growing quickly due to growing awareness of sustainability and health advantages. Because of their nutritional worth and antioxidant qualities, algae-especially types like spirulina and chlorella-are becoming more and more popular in the food, dietary supplement, and cosmetics industries. Algal cultivation projects are supported by the government's focus on renewable resources promotion and economic diversification. The market's potential is further increased by growing customer interest in natural and organic products. Innovations in production and applications are anticipated to play a major role in the market's growth in the upcoming years as it continues to evolve.

Algae Products Company Analysis

The major participants in the Algae Products market includes Archer Daniels Midland Company, Cargill Incorporate, BASF SE, DuPont de Nemours Inc., Koninklijke DSM N.V., Yemoja Ltd., Progress Biotech BV, Aliga Microalgae Companys.

Algae Products Company News

In April 2024, the global regenerative agriculture program of Archer-Daniels-Midland Company surpassed its target of 2 million acres in 2023, with almost 2.8 million acres under its belt. Furthermore, the corporation declared that it will aim to achieve 3.5 million regenerative acres by 2024 and has increased its global objective for 2025 from 4 million to 5 million acres.

In April 2024, in an effort to grow the flavoring business in DACH, Caldic and Gold Coast Ingredients have partnered.

Type- Industry is divided into 6 viewpoints:

1. Lipids

2. Carrageenan

3. Carotenoids

4. Algal Protein

5. Alginate

6. Others

Source- Industry is divided into 4 viewpoints:

1. Brown Algae

2. Blue-Green Algae

3. Red Algae

4. Green Algae

Form- Industry is divided into 2 viewpoints:

1. Solid

2. Liquid

Application- Industry is divided into 7 viewpoints:

1. Food and Beverages

2. Nutraceuticals and Dietary Supplements

3. Personal Care

4. Feed

5. Pharmaceuticals

6. Chemicals

7. Others

Countries- Industry is divided into 25 viewpoints:

North America

• United States
• Canada

Europe

• France
• Germany
• Italy
• Spain
• United Kingdom
• Belgium
• Netherlands
• Turkey

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Malaysia
• Indonesia
• New Zealand

Latin America

• Brazil
• Mexico
• Argentina

Middle East & Africa

• South Africa
• Saudi Arabia
• United Arab Emirates

All companies have been covered with 5 Viewpoints

1. Overviews

2. Key Person

3. Recent Developments & Strategies

4. Product Portfolio & Product Launch in Last 1 Year

5. Revenue

Company Analysis

1. Archer Daniels Midland Company

2. Cargill Incorporated

3. BASF SE

4. DuPont de Nemours Inc.

5. Koninklijke DSM N.V.

6. Yemoja Ltd.

7. Progress Biotech BV

8. Aliga Microalgae Companys