[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.
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.
Lucrative Regions for Algae Products Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
Algae Products Market, by Source – 2019 and 2027
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
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
Market Size Value in US$ 2,405.5 Million in 2019 Market Size Value by US$ 4,339.3 Million by 2027 Growth rate CAGR of 7.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
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
Market Size Value in | US$ 2,405.5 Million in 2019 |
Market Size Value by | US$ 4,339.3 Million by 2027 |
Growth rate | CAGR of 7.8% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystOrganic 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 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
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Source , Type , Form , Application , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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 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 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 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Algae Products Market
Jun 2020
Corn and Wheat-Based Feed Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type [Corn-Based (Corn Gluten Meal, Corn Gluten Feed, and Other Corn-Based Feed) and Wheat-Based (Wheat Gluten, Wheat Bran, and Other Wheat-Based Feed)], Livestock (Poultry, Ruminants, Swine, Aquaculture, and Others), and Geography
Jun 2020
Icing and Frosting Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Icing and Frosting), Category (Gluten-Free and Conventional), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography
Jun 2020
Fermented Flavor and Fragrance Ingredients Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Fruity, Floral, Woody, Blends, and Others), Application (Food and Beverages, Personal Care Products, Cosmetics, and Others), and Geography
Jun 2020
Aroma Ingredients for Food and Beverages Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type [Synthetic (Terpenes, Aldehydes, Aliphatic, and Others) and Natural (Essential Oils, Herbal Extracts, Oleoresins, and Others)] and Application (Bakery and Confectionery, Dairy and Frozen Desserts, Beverages, Sweet and Savory Snacks, RTE and RTC Meals, and Others)
Jun 2020
High-End Rum Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (White, Dark, and Gold), Category (Super Premium, Ultra-Premium, and Prestige & Prestige Plus), Nature (Plain and Flavored), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
Jun 2020
Edible Oils and Fats Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type [Oil (Soybean Oil, Sunflower Oil, Palm Oil, Canola Oil/Rapeseed Oil, and Others) and Fats (Butter, Margarine, Palm Oil Based Shortening, and Vegetable Oil Based Shortening, and Others)] and Application [Food and Beverages (Bakery and Confectionery, Dairy and Frozen Desserts, RTE and RTC Meals, Snacks, and Others), Animal Nutrition, and Pharmaceuticals and Nutraceuticals]
Jun 2020
Flavor Masking Agents for Food and Beverages Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Sweet, Salt, Fat, Bitter, and Others) and Application (Bakery and Confectionery; Dairy and Frozen Desserts; Beverages; Meat, Poultry, and Seafood; Meat Substitutes; Dairy Alternatives; RTE and RTC Meals; and Others)
Jun 2020
Chicken Powder Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Low-Fat and Conventional) and Application [Food & Beverages (RTE and RTC Meals; Soups, Sauces, and Dressings; Savory Snacks; Noodles and Pastas; and Others), Dietary Supplements, Pet Food, and Animal Feed]