Algae Products Market Size and Research Report to 2027
[Research Report] The algae products market was valued at US$ 2,405.5 million in 2019 and is projected to reach US$ 4,339.3 million by 2027; it is expected to grow at a CAGR of 7.8% from 2020 to 2027.
Algae are emerging as one of the most promising long-term, sustainable sources of fuel, food, feed, and other co-products for biomass and oils due to a large number of benefits and ease of its production. Algae have evolved over a billion years to efficiently produce and store energy, unlike any other known natural or engineered process. Furthermore, microalgae can be grown to have a high protein and oil content in order to produce either biofuels or animal feeds, or both. Moreover, microalgal biomass, rich in micronutrients, is already being used for dietary supplements to improve human health. The most critical application in the food market is the use of whole microalgae biomass as a food supplement. Microalgae are also used as a source of food ingredients, including carotenoids and omega-3 fatty acids. Similarly, agar is used as a gelatin substitute in the food industry and is used in the manufacturing of creams, sauces, mayonnaise, jellies, custards, puddings, processed cheese, and frozen dairy produce. It is also used in jams and marmalade for gelling and thickening, and as an anti-drying agent in bread and pastries. Further, agar is used as a thickener in ice creams and other desserts. Thus, algae products act as an alternative food source and food ingredient and drive the algae products market growth.
North America accounted for the highest market share in 2019. Further, Asia Pacific is projected to denote lucrative growth rate during the forecast period, i.e.,2020–2027. In the US and other parts of the world, algae are commonly used as dietary supplements that help boost the immune system, repair nerve tissue, normalize blood sugar, and provide added protein and fiber to the body. Algae have been harvested in China and Japan for use as human food for more than 4,000 years.
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Algae Products Market: Strategic Insights
Algae Products Market
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![](https://www.theinsightpartners.com/assets/images/rd_int_img/cagr.png)
CAGR (2019 - 2027)
7.8%
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Market Size 2019
US$ 2.41 Billion
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Market Size 2027
US$ 4.34 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- Algatech LTD
- Algenol
- BASF SE
- Cargill, Incorporated
- Cellana Inc.
- Corbion
- CP Kelco
- Cyanotech Corporation
- DSM
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Source
- Brown Algae
- Blue-Green Algae
- Red Algae
- Green Algae
- Others
Type
- Lipids
- Carrageenan
- Carotenoids
- Alginate
- Algal Protein
- Others
Form
- Solid
- Liquid
Application
- Food and Beverages
- Nutraceuticals and Dietary Supplements
- Personal Care Products
- Feed
- Pharmaceuticals
- Other
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Algae Products Market: Strategic Insights
-
CAGR (2019 - 2027)7.8% -
Market Size 2019
US$ 2.41 Billion -
Market Size 2027
US$ 4.34 Billion
![](https://www.theinsightpartners.com/assets/images/rd_int_img/tip-logo.jpg)
Market Dynamics
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Key Players
- Algatech LTD
- Algenol
- BASF SE
- Cargill, Incorporated
- Cellana Inc.
- Corbion
- CP Kelco
- Cyanotech Corporation
- DSM
Regional Overview
![](https://www.theinsightpartners.com/assets/images/rd_int_img/ig-regional.png)
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_danger.png)
- Brown Algae
- Blue-Green Algae
- Red Algae
- Green Algae
- Others
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_warning.png)
- Lipids
- Carrageenan
- Carotenoids
- Alginate
- Algal Protein
- Others
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_primary.png)
- Solid
- Liquid
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_warning.png)
- Food and Beverages
- Nutraceuticals and Dietary Supplements
- Personal Care Products
- Feed
- Pharmaceuticals
- Other
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Impact of COVID-19 Pandemic on Algae Products Market
The US has the highest number of confirmed cases of coronavirus, as compared with Canada and Mexico. The pandemic COVID-19 continues to enforce the temporary closure of retail stores and manufacturing plants in the countries of North America, signaling an unprecedented disruption of commerce. Retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. In North America, stores started closing in the beginning of March, and this trend is expected to continue as cities and states battle to contain the spread of the virus. Furthermore, COVID-19 pandemic is rapidly accelerating the tradition of digital commerce. As people are advised told to follow social distancing, e-commerce orders for medicines and essential food and beverages have become a survival tool for the people in North America.
Market Insights
Exponential Growth in Biofuel Market Arena
Over the past decade, the algae industry has struggled to maintain the biofuel market. However, the product has the potential to witness enormous scope once the manufacturers overcome the critical barriers associated with raw material manufacturing, capital costs, and production volumes. The introduction of biofuel mandates worldwide is expected to compel manufacturers to invest more in R&D during the forecast period to develop sustainable technology for algae fuel production. Moreover, biofuels are considered one of the most promising potential sources of renewable energy to address the global energy crisis and environmental issues. Microalgae biomass has shown the capacity for processing biofuels, chemicals, and bio-based goods, contributing to the transition from a petroleum-based economy to a bio-based economy. Algal biofuel offers advantages such as higher growth rate without food competition and minimal or no environmental impact. Biofuel produced from microalgae has low viscosity and low density compared with cellulosic biofuel with high caloric value, making algal biofuel more suitable for the application.
Source-Based Market Insights
Based on sources, the algae products market is segmented into brown algae, blue-green algae, red algae, green algae, and others. The brown algae segment led the algae products market in 2019.
Type-Based Market Insights
The algae products market is segmented based on the type into lipids, carrageenan, carotenoids, alginate, algal protein, and others. The carotenoids segment led the algae products market in 2019
Form-Based Market Insights
Algae products market is fragmented based on the Form into solid and liquid. The solid segment led the algae products market in 2019.
Application-Based Market Insights
Algae products market based on the application, is segmented into food and beverages, nutraceuticals and dietary supplements, personal care products, feed, pharmaceuticals, and others. The nutraceuticals & dietary supplements segment led the algae products market in 2019
Organic growth strategies are the commonly adopted strategies by companies to expand their market reach. Cyanotech Corporation, DSM, and Algatech Ltd are among the market players implementing this strategy to enlarge the customer base and gain significant market share globally, which, in turn, permits them maintain their brand name in the global algae products market.
Algae Products Market Report Scope
Report Attribute | Details |
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Market size in 2019 | US$ 2.41 Billion |
Market Size by 2027 | US$ 4.34 Billion |
Global CAGR (2019 - 2027) | 7.8% |
Historical Data | 2017-2018 |
Forecast period | 2020-2027 |
Segments Covered |
By Source
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Regions and Countries Covered | North America
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Market leaders and key company profiles |
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Algae Products Market Segmentation:
Algae Products Market–By Source
- Brown Algae
- Blue-Green Algae
- Red Algae
- Green Algae
- Others
Algae Products Market–By Type
- Lipids
- Carrageenan
- Carotenoids
- Alginate
- Algal Protein
- Others
Algae Products Market–By Form
- Solid
- Liquid
Algae Products Market–By Application
- Food and Beverages
- Nutraceuticals and Dietary Supplements
- Personal Care Products
- Feed
- Pharmaceuticals
- Other
Company Profiles
- Algatechnologies Ltd
- Algenol
- BASF SE
- Cargill Incorporated.
- Cellana Inc.
- Corbion nv
- CP Kelco (J.M. Huber- Corporation
- Cyanotech Corporation.
- DSM Nutritional Products AG
- E.I.D. Parry Limited
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Source , Type , Form , Application , and Geography
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Iran, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The nutraceuticals and dietary supplements segment is the leading application in the market. Seaweeds are consumed in the form of nutraceuticals and dietary supplements, and complementary medicine across global. Algae became a promising source of ecological crops with several health benefits, which includes proteins such as antioxidants and Omega 3. The nutraceuticals and pharmaceutical industries make use of a considerable variety of algae species for the development of dietary supplements that are consumed by humans.
The North America region led the global algae products market in 2019. A rapid increase in the number of health diseases, such as heart diseases and obesity, has favored the demand for vegan seafood products, which shows substantial opportunities for the algae products market in North America.
Algae are emerging as one of the most promising long-term, sustainable sources of fuel, food, feed, and other co-products for biomass and oils due to a large number of benefits and ease of its production. Algae have evolved over a billion years to efficiently produce and store energy, unlike any other known natural or engineered process. Furthermore, microalgae can be grown to have a high protein and oil content in order to produce either biofuels or animal feeds, or both. Therefore, the alternate food source and food ingredient is driving the growth of algae products market across globe.
The List of Companies - Algae Products Market
- Algatech LTD
- Algenol
- BASF SE
- Cargill, Incorporated
- Cellana Inc.
- Corbion
- CP Kelco
- Cyanotech Corporation
- DSM
- E.I.D. - Parry (India) Limited