Redding, California, March 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Algae Products Market by Type (Hydrocolloids, Carotenoids, Lipids, Algal Protein), Source (Seaweed, Microalgae {Chlorella, Spirulina}), Form (Dry, Liquid), Application (Food & Beverage, Nutraceuticals, Cosmetic), and Geography - Global Forecast to 2030,’ the Algae Products Market is expected to reach $3.92 billion by 2030, at a CAGR of 5.4% during the forecast period 2023 to 2030.
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Increased consumer awareness brought forward by health and environmental issues has increased the demand for naturally sourced colorants and dyes over synthetic alternatives. Microalgae are microscopic unicellular organisms and represent major photosynthesizers to efficiently convert available solar energy to chemical energy. Due to their distinct advantages over terrestrial plants, such as faster growth rates, ability to grow on non-arable land, and diversity in the production of various natural bioactive compounds, such as lipids, proteins, carbohydrates, and pigments, algae are currently gaining promise as a sustainable source for the production of natural food-grade colorant.
Nowadays, factors such as rising health consciousness and inclination towards environment-friendly products are driving the demand for naturally grown food products across the globe. As a result, food manufacturers are widely using natural food colors to restore the attractiveness of food and beverages after processing. Furthermore, the FDA banned the use of any artificial color additives linked to cancer, in either animals or humans, in the U.S. All these factors drive the adoption of natural food colors.
Moreover, there are concerns about the safety of using synthetic astaxanthin for direct human consumption due to different stereochemistry and the potential carryover of synthesis intermediates. These concerns make natural astaxanthin derived from the Haematococcus pluvialis microalgae a preferred choice for high-end markets.
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The global algae products market is segmented by type (hydrocolloids {carrageenan, agar, alginate, and other hydrocolloids}, carotenoids {beta carotene, astaxanthin, lutein, and other carotenoids}, lipids, algal protein), source (seaweed/macroalgae {red seaweed, brown seaweed, and green seaweed}, microalgae (chlorella, spirulina, Dunaliella salina, Haematococcus pluvialis, nannochloropsis, and other sources), form (dry form and liquid form), application (food & beverage products {food products [dairy products, bakery and confectionery products, other food products], beverages products}, nutraceutical products, cosmetics products {skin care products, hair care products, other applications}, animal feed products, other applications), and geography (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa). The study also evaluates industry competitors and analyses the market at the regional and country level.
Key Findings in the Algae Products Market Study:
Based on type, the algae products market is segmented into hydrocolloids, carotenoids, lipids, algal proteins, and other types. In 2023, the hydrocolloids segment is expected to account for the largest share of the global algae products market. The large market share of this segment is attributed to the growing consumer awareness about nutritious food, the large number of food and beverage manufacturing units, and the versatile functionality of hydrocolloids in various industrial sectors. Usually, hydrocolloids form gel in the presence of water, influence texture, and viscosity, and hence are used in different food & beverage applications.
Based on source, the algae products market is segmented into seaweed/macroalgae and microalgae. In 2023, the seaweed segment is expected to account for the larger share of the global algae products market. The large market share of this segment is attributed to the availability of seaweed as raw materials because of the growing production of seaweed and rising awareness of about health benefits of seaweed products. Moreover, the active components from the seaweeds are used as an antioxidant, antibacterial whitening agent, anti-aging, and anti-acne, and also for moisturization in several industries, which further supports the growth of the seaweed products market across the globe.
Based on form, the algae products market is segmented into dry form and liquid form. In 2023, the dry form segment is expected to account for the larger share of the global algae products market. The large market share of this segment is mainly attributed to the higher shelf life and convenience of storing dry formulations of algae products.
Based on application, the algae products market is segmented into food and beverage products, nutraceutical products, cosmetic products, animal feed products, and other applications. In 2023, the food and beverage segment is expected to account for the largest share of the global algae products market. The growing consumer inclination towards food & beverages produced by adopting natural ingredients such as hydrocolloids, carotenoids, and algae protein is contributing to the large market share of this segment. Moreover, rapid growth in population, increasing awareness towards health benefits of algae products, changing lifestyle patterns, healthy eating habits, increasing demand for functional food and food additives, and rising disposable income are further expected to support the growth of this market.
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Based on geography, the global algae products market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global algae products market. The large share of this market is mainly attributed to the huge demand for natural ingredients from rapidly growing food and beverage, nutraceuticals, cosmetic, and animal feed industries. In addition, Asia-Pacific has a large number of stakeholders engaged in providing algae products for these industries owing to the availability of raw materials, favorable climatic conditions for algae production, and cheap labor availability, which further support the growth of this market. The various government initiatives to promote the cultivation and usage of algae in several industries and the growing demand for healthy food products are further expected to boost the growth of the algae products market in the region.
Key Players
Some of the key players operating in the global algae products market are Algatechnologies Ltd. (Israel), Arizona Algae Products, LLC (U.S.), BASF SE (Germany), BDI-BioLife Science GmbH (Austria), BlueBioTech International GmbH (Germany), Bluetec Naturals Co., Ltd (China), Cargill, Incorporated (U.S.), Cyanotech Corporation (U.S.), DIC Corporation (Japan), Koninklijke DSM N.V. (Netherlands), Lyxia Corporation (China), Pond Technologies Inc. (Canada), Seagrass Tech Private Limited (India), Shaivaa Algaetech LLP (India), and Tianjin Norland Biotech Co., Ltd. (China).
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Scope of the Report
Algae Products Market, by Type
- Hydrocolloids
- Carrageenan
- Agar
- Alginate
- Other Hydrocolloids
- Carotenoids
- Beta Carotene
- Astaxanthin
- Lutein
- Other Carotenoids
- Lipids
- Algal Protein
Algae Products Market, by Source
- Macroalgae/Seaweed
- Red Seaweed
- Brown Seaweed
- Green Seaweed
- Microalgae
- Chlorella
- Spirulina
- Dunaliella Salina
- Haematococcus Pluvialis
- Nannochloropsis
- Other Microalgae Sources
Algae Products Market, by Form
- Dry Form
- Liquid Form
Algae Products Market, by Application
- Food & Beverage Products
- Food Products
- Dairy Products
- Bakery and Confectionary Products
- Other Food Products
- Beverages Products
- Food Products
- Nutraceuticals Products
- Cosmetic Products
- Skin Care Products
- Hair Care Products
- Other Applications
- Animal Feed Products
- Other Applications
Algae Products Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Chile
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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