Global Alginates Market Analysis 2021-2031

The global alginates market is anticipated to grow with a CAGR of 4.63% over the forecast period, i.e., 2022 - 2031. Factors such as the growing awareness amongst individuals for the benefits associated with having a vegetarian diet, along with the increasing consumption of plant-based products, and the rising trends of veganism are anticipated to drive the growth of the market during the forecast period. Additionally, the growing population across the globe and the surge in demand for perishable goods, such as fruits & vegetables, are also expected to add to the market growth in the coming years. The market is estimated to garner a revenue of more than USD 1220 Million by the end of 2031, up from a revenue of about USD 780 Million in the year 2021.

The global alginates market is segmented into numerous segments, which include segmentation by product, application, and by region. By product, the market is segmented into food, pharmaceutical, technical, and feed grade alginates. By the end of 2031, the pharmaceutical grade alginates segment is anticipated to garner the largest revenue of about USD 510 Million. Further, the segment registered a revenue of near to USD 330 Million in the year 2021.

On the basis of region, the global alginates market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. By the end of 2031, the market in North America is anticipated to garner the largest revenue of close to USD 480 Million. Additionally, in the year 2021, the market in the region generated a revenue of near to USD 300 Million.

Some of the prominent industry leaders in the global alginates market that are included in our report are Algaia, International Flavors & Fragrances Inc., Haiyang Zhouji Seaweed Co., Ltd., IRO Alginate Industry Co., Ltd., ZIBO WANGFEI SEAWEED TECH CO., LTD., FMC Corporation, QINGDAO GFURI SEAWEED INDUSTRIAL CO., LTD., SNP, Inc., Ashland Global Holdings Inc., KIMICA Corporation, Shandong Jiejing Group Corp., Marine Biopolymers Ltd., JRS Pharma LP, and others.