Key Market Insights
"High demand for algae from the nutraceuticals and pharmaceutical industries growing the algae products market"
The rising application of algae in nutraceuticals & pharmaceutical industries has influenced the market growth in the recent past. The growing use of algae biomass for nutraceuticals purposes is expected to provide an attractive revenue stream for algae producers. Further, the growing industrial application of algae is providing business opportunities to the companies that have further impacted the market growth. Some companies are offering algae-based CO2 capturing and biofuel production that has opened a new revenue stream for their company. Wastewater remediation by algae presents high opportunities to lower wastewater treatment costs for companies working on industrial and domestic wastewater treatment.
Moreover, algae have high protein content and nutritional values which can be used as feedstock and food. Growing investment from food industries is influencing the demand for algae-based food products. Rising consumer health awareness and their growing demand for healthy food products are influencing the overall algae products market. However, the easy availability of cheap alternatives has a major challenge to the growth of the industry.
Furthermore, companies are extracting oil from algae and utilizing the rest of the algae to create biofuel. This has helped to reduce the consumption of coal, natural gas for powering the system. Additionally, companies are also producing plastic from algae. For instance, Algotek LLC, based in Oregon, USA, developed an algae-based plastic from brown algae powder which is sustainable and biodegradable. Growing innovation in the application of algae is expected to grow the market in the near future. Overall, the global algae products market was valued US$ 37.96 Bn in 2020 and is projected to reach US$ 63.28 Bn by 2029, expanding at a CAGR of 6.0% from 2021 to 2029.
Application Segment Analysis
"Nutraceuticals, food & feed supplements has major demand of algae"
In 2020, nutraceuticals and food & feed supplements segment together accounted for over 70% share of the global market in terms of value. These segments are projected to maintain their dominance during the forecast period of 2021 to 2029. Algae are rich and contain wide-ranging sources of health benefits including Omega 3, carbohydrates, antioxidants and proteins and have great potential to provide sustainable animal feed and nutraceuticals products. Algae also contain vital micronutrients and vitamins, as well as valuable pigments such as beta carotene, lutein, and astaxanthin. As a result, algae have emerged as exciting sources for higher-value, specialty animal feed and nutraceuticals products. Pharmaceutical is another lucrative application and offers huge market potentials. Algae find its applications for many products, and new ones are constantly being discovered.
Regional Analysis
"Europe Dominated the Market by Region"
In 2020, Europe was the largest consumer of algae products and accounted for 32% of global demand. High inclinations towards natural products have spurred the regional market growth. Europe is projected to maintain its dominance during the forecast period of 2021 to 2029. It is also projected to be the fastest-growing market during the forecast period. North America is the second-largest consumer of algae products. The market is witnessing growth owing to growing algae research industries in the region. Worldwide, by country, the U.S. is the largest consumer of algae products and projected to maintain its dominance in the near future. Other regions such as the Asia Pacific and Latin America offer huge untapped market potential.
"Technological advancement is keeping the market competitive"
The global algae products market is competitive in nature. The market players are adopting strategies such as partnership with other companies having excellence in technology, and launching new and advanced products to stay competitive in the global market. Following is the list of players included in the published reports.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Algae Products market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Type
| |
Source
| |
Application
| |
|
Region Segment (2022-2032; US$ Billion)
|
Key questions answered in this report
