Algae Products Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

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:

• Algaetech International
• Alltech
• BlueBioTech International GmbH
• Cellana Inc.
• Cyanotech Corporation
• DIC Corporation
• Fuqing King Dnarmsa Spirulina Co., Ltd.
• Parry Nutraceuticals
• TAAU Australia Pty Ltd.
• Cargill, Incorporated
• ALGENOL
• Corbion
• Earthrise Nutritionals, LLC
• Others

Key Industry Development:

• In January 2020, Parry Nutraceuticals, formed a joint venture with Synthite Industries Ltd. to grow the business as a value-added algae company. The joint venture will set up a manufacturing facility in Tamil Nadu at an investment of about Rs. 400 million for the production of Phycocyanin, a natural blue pigment extracted from Spirulina. With this JV, company has expanded its geographical reach and expected to drive its growth in the Asia market.
• In September 2020, Cyanotech Corporation announced that it has joined Algae Biomass Organization (ABO) as a Gold-Level member. With this membership and assistance of ABO, the company’s effort in marketing and educating the consumer about algae product get reduced.

Historical & Forecast Period

The research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the global algae products market. Additionally, the global report also comprises a graphical representation of a competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.

Unique data points of this report

• Recent trends across different regions in terms of development of algae products market
• Attractive investment proposition for application segment as well as geography

Key questions answered in this report

• What was the market size of algae products market in 2020 and forecast up to 2029?
• What are the key factors driving the global algae products market?
• What are the key market trends and high-growth opportunities observed in the algae products market?
• Which is the largest regional market for algae products market?
• Which segment will grow at a faster pace? Why?
• Which region will drive the market growth? Why?
• Which players are leading the algae products market?
• What are the key strategies adopted by the leading players operating in the market?

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