According to the report by Expert Market Research (EMR), the global algae market size reached a value of approximately USD 21.6 billion in 2022. Aided by the increasing demand for natural, nutrient-rich food supplements and the rising applications of algae in various industries, the market is projected to further grow at a CAGR of 10.60% between 2023 and 2028 to reach a value of USD 39.54 billion by 2028.
Algae, primarily microalgae and macroalgae, are photosynthetic organisms known for their high nutritional content, including proteins, vitamins, minerals, and essential fatty acids. They have been traditionally consumed as food and are now being increasingly used in various products, including health supplements, biofuels, fertilisers, and animal feed. Algae also hold promise in waste-water treatment, carbon sequestration, and as a source of novel bioactive compounds.
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The rising consumer preference for natural, nutrient-rich food supplements is driving the global algae market growth. With the growing awareness of the health benefits associated with the consumption of algae, including its role in boosting immunity, improving digestive health, and combating nutrient deficiencies, there has been a significant shift towards algae-based products. Additionally, the trend of health and wellness has further contributed to the popularity of algae, as it is becoming a preferred ingredient in health supplements consumed by health-conscious individuals.
The expanding applications of algae in various industries play a significant role in propelling the algae market demand. In the energy sector, algae are used to produce biofuel, offering a sustainable and environmentally friendly alternative to traditional fossil fuels. The agriculture sector utilises algae-based fertilisers due to their high nutrient content and environmentally friendly nature. In the pharmaceutical industry, algae are explored for their potential in producing bioactive compounds that could be used in drug development, thus increasing the algae market demand.
Furthermore, the growing demand for sustainable and eco-friendly solutions in various industries has led to increased focus on algae as a promising resource. With the rise of environmental consciousness and the pressing need to transition towards a circular economy, algae have emerged as a crucial component in the pursuit of sustainability. Their role in carbon sequestration, wastewater treatment, and as a source of renewable energy highlights their importance in addressing environmental challenges, thereby boosting the algae market expansion.
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Algae Market Segmentation
The market can be divided based on type, material source, form, application, and region.
Market Breakup by Type
- Spirulina
- Astaxanthin
- Chlorella
- Hydrocolloids
- Others
Market Breakup by Material Source
- Brown Algae
- Red Algae
- Green Algae
- Blue Green Algae
- Others
Market Breakup by Form
- Solid
- Liquid
Market Breakup by Application
- Personal Care
- Food and Beverage
- Nutraceuticals and Dietary Supplement
- Chemicals
- Feed
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global algae companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Euglena Co., Ltd.
- Algae Systems, LLC.
- Cyanotech Corporation
- Cargill Inc.
- Exploritech, Inc.
- Corbion NV
- Algatech LTD
- Cellana Inc.
- Earthrise® Nutritionals LLC
- BASF SE
- DuPont de Nemours, Inc.
- Others
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