Algae Products Market Growth and Analysis by 2027

Historic Data: 2017-2018   |   Base Year: 2019   |   Forecast Period: 2020-2027

Algae Products Market Forecast to 2027 - COVID-19 Impact and Global Analysis by 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), and Geography

  • Report Date : Jun 2020
  • Report Code : TIPRE00004438
  • Category : Food and Beverages
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 211

[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
  • Get Top Key Market Trends of this report.
    This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

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 Regional Insights

The regional trends and factors influencing the Algae Products Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Algae Products Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

algae-products-market-global-geography
  • Get the Regional Specific Data for Algae Products Market

Algae Products Market Report Scope

Report Attribute Details
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
  • Brown Algae
  • Blue-Green Algae
  • Red Algae
  • Green Algae
By Type
  • Lipids
  • Carrageenan
  • Carotenoids
  • Alginate
  • Algal Protein
By Form
  • Solid
  • Liquid
By Application
  • Food and Beverages
  • Nutraceuticals and Dietary Supplements
  • Personal Care Products
  • Feed
  • Pharmaceuticals
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Algatech LTD
  • Algenol
  • BASF SE
  • Cargill, Incorporated
  • Cellana Inc.
  • Corbion
  • CP Kelco
  • Cyanotech Corporation
  • DSM

  • Algae Products Market Players Density: Understanding Its Impact on Business Dynamics

    The Algae Products Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

    Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

    Major Companies operating in the Algae Products Market are:

    1. Algatech LTD
    2. Algenol
    3. BASF SE
    4. Cargill, Incorporated
    5. Cellana Inc.

    Disclaimer: The companies listed above are not ranked in any particular order.


    algae-products-market-cagr

    • Get the Algae Products Market top key players overview

    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

    Frequently Asked Questions

    Which applications led the global algae products market?

    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.

    Which region led the global algae products market in 2019?

    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.

    Which factor is driving growth of the global algae products market?

    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.

    Shejal Jamdade
    Shejal Jamdade
    Associate Vice President,
    Market Research & Consulting

    With over 12 years of experience in managing custom research projects, Shejal is a seasoned research professional with deep cross-sector expertise spanning Chemicals & Materials, Food & Beverages, Biotechnology, and Consumer Goods. She excels in end-to-end project management, advanced data modelling, and providing strategic support to clients.

    Shejal has successfully led a wide range of high-impact research engagements, consistently guiding clients through complex business challenges and enabling informed decision-making. Her ability to blend analytical rigor with industry knowledge has made her a trusted advisor for clients seeking data-driven strategies and actionable insights. Dedicated to excellence and precision, Shejal continues to play a pivotal role in transforming business objectives into research-driven outcomes.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    The List of Companies - Algae Products Market

    1. Algatech LTD
    2. Algenol 
    3. BASF SE
    4. Cargill, Incorporated
    5. Cellana Inc.
    6. Corbion   
    7. CP Kelco
    8. Cyanotech Corporation  
    9. DSM   
    10. E.I.D. - Parry (India) Limited
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