The global Algae Market is estimated to be valued at US$ 175.33 Mn or Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Algae contain proteins, vitamins, minerals, essential fatty acids and antioxidants that are beneficial for human health. They are a sustainable source of nutrients, functional ingredients and biofuel. Algae help boost immunity, manage weight, improve brain function andHeart health.
Market key trends:
Use of algae in nutraceuticals and food supplements is driving the market growth. The pandemic has increased health consciousness and demand for immunity boosting products. Algae contain nutrients like vitamin A, C, E and various antioxidants that support immune function. They are rich in proteins and good fats that promote weight management. Products containing algae extracts are gaining popularity as a natural alternative to synthetically derived supplements. Growing awareness about benefits of algae based products and clean label trend will continue boosting the nutraceutical and food supplement segment in the coming years.
Market Key Trends:
One of the key trends in the algae market is the growing utilization of algae in the food and beverage industry. Algae are being increasingly used as a sustainable and healthy source of proteins, pigments, antioxidants, vitamins, and minerals in foods and beverages. The rising consumer awareness about the health benefits of algae-based ingredients is driving the incorporation of algae in various food products like snacks, dietary supplements, beverages, and others.
SWOT Analysis:
Strength: The algae market is driven by the various health benefits of algae-based products. Algae are a rich source of proteins, vitamins, antioxidants, and other nutrients.
Weakness: High capital requirement for setting up algae cultivation units and the need for advanced technologies are some challenges faced by players in this market.
Opportunity: Increasing acceptance of algal biofuels worldwide due to their environmental benefits presents significant opportunities for market players.
Threats: Seasonal variations and unfavorable weather conditions can adversely impact the cultivation of algae.
Key Takeaways:
The global Algae Market Share is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period of 2023 to 2030, due to increasing demand for algae-based products from industries like food & beverage, personal care, chemicals, and biofuel.
Regional analysis: Asia Pacific region dominates the algae market and is expected to remain the fastest growing as well as the most lucrative market over the forecast period. Increasing consumption of algae-based products and growing commercial cultivation of algae in China, Japan, South Korea, and other APAC countries is propelling the regional market growth.
Key players: Key players operating in the algae market are Cyanotech Corporation, Dic Corporation, Corbion N.V, Valagro SpA, Far East Microalgae Industries Co. Ltd., Beijing Gingko Group, Heliae Development Llc, Pond Technologies Holdings Inc., Algaetech International Sdn Bhd, Fuqing King Dnarmsa Spirulina Co. Ltd., Sun Chlorella Corporation, and Ecoduna Ag.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it