LONDON, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s Algae Products Global Market Report 2023, the global algae products market continues to witness impressive growth, surging from $12.12 billion in 2022 to $13.19 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 8.9%. While the Russia-Ukraine war has temporarily disrupted global economic recovery efforts from the COVID-19 pandemic, the algae products market is poised for further expansion, with projections indicating a market size of $17.89 billion by 2027, at a CAGR of 7.9%.
Healthy Food Demand Drives The Market
The burgeoning demand for healthy food products is expected to be a key driver of the algae products market in the coming years. These products, known for their nutrient-rich composition including carbohydrates, polyunsaturated fatty acids, essential minerals, and vitamins, align with the growing preference for foods that support overall well-being and energy retention. Notably, BioMed Central (BMC) reported in 2020 that 16.7% of the population improved their food behavior by consuming nutritious foods to boost immunity, while 34.4% increased their appetite for nutritious food. This growing demand for healthy food products is expected to fuel the growth of the market.
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Key Players In The Market
Leading companies shaping the algae products market include BASF SE, Cargill Incorporated, DuPont de Nemours Inc., DSM Nutritional Products AG, EID Parry, Cellana Inc., BlueBioTech Int. GmbH, Corbion NV, Earthrise Nutritionals LLC, Cyanotech Corporation, AlgaeCan Biotech Ltd., Bioprocess Algae LLC, Algenol Biofuels Incorporated, Euglena Co. Ltd., Kerry Group PLC, DIC Corporation, CP Kelco, and Algae Systems LLC.
Rise of Alternative Protein Sources
A notable trend gaining momentum in the algae products market is the development of alternative protein sources, particularly microalgae. This shift towards alternative protein sources is a significant step toward creating a more equitable and resilient food system. For example, in July 2020, Unilever, a UK-based consumer goods company, partnered with Algenuity, a UK-based algae products company, to innovate and develop microalgae products for Unilever’s plant-based portfolio. Algenuity will collaborate with Unilever's Foods and Refreshment (F&R) division's R&D team to explore various foods incorporating microalgae.
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Regional Dominance
In 2022, North America emerged as the largest region in the global algae products market, with Western Europe closely following as the second-largest region. The market analysis encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Segmentation Of The Market
The global algae products market is segmented based on various criteria, including:
- Type: Lipids, Carrageenan, Carotenoids, Alginate, Algal Protein
- Form: Liquid, Solid
- Source: Blue-Green Algae, Brown Algae, Green Algae, Red Algae
- Distribution Channel: Online, Offline
- Application: Food and Beverage, Nutraceutical and Diet Supplement, Animal Feed, Personal Care, Pharmaceutical, and Other Applications
Algae Products Global Market Report 2023 by The Business Research Company provides insights on the algae products market size, algae products market segments, algae products market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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