The global algae products market size is estimated to be valued at USD 4.7 billion in 2021 and projected to reach USD 6.4 billion by 2026, recording a CAGR of 6.3% during the forecast period. Various factors have played a major role in driving the algae products market growth across the globe. Algae possess properties that make them useful to be incorporated in diversified end products such as ice-creams, cakes, anti-obesity & anti-diabetic agents, aquatic feed ingredients, toothpaste, and moisturizers; their cultivation using both agriculture and aquaculture practices make algae unique among other agricultural products.
Primary and secondary metabolites, such as vitamins, proteins, carotenoids, and fatty acids, are extracted from algae as nutritional compounds, while other products such as agar, alginate, and hydrocolloids are used as gelling, thickening, suspending, and stabilizing agents.
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Opportunities: Growing demand in the pharmaceutical industry
The potential application of algae includes antimicrobials, antivirals, therapeutic proteins, drugs, antifungals in pharmaceutical industry. For an instance, the powerful water-soluble antioxidants found in algae are polyphenols, phycobiliproteins and vitamins. Antioxidants help in the inhibition of cancer growth by causing regression of premalignant lesions.
The food & beverages segment, by application, is projected to witness significant growth during the forecast period.
Algae-based ingredients have wide application in the food industry as texturizing & stabilizing agents, thickeners & gelling agents, and as supplements for health. For instance, the thickening property of alginate is useful in sauces, syrups, and toppings for ice cream. Other products that can be fortified with algae include dairy products (such as sour cream, chocolate milk, cheese) sushi, and gelatin. Pigments such as chlorophylls, carotenoids, and phycobiliproteins also have application as natural food colorants.
The North American region dominates the algae products market with the largest share in 2021.
Growing industries, such as food & beverage, nutraceutical, pharmaceutical, and dietary supplement, have significantly contributed to the growth of the algae products market in North America. The rising population in the country is another factor that is expected to boost the demand for algae products. An increase in health-conscious consumers has led to the increased use of lipids, such as omega-3 in nutraceutical and dietary supplement products, which has offered a market opportunity for algae-based omega-3 products.
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This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, DSM (Netherlands), BASF (Germany), DuPont (US), Cargill (US), E.I.D Parry (India), Corbion (Netherlands), and Cyanotech Corporation (US).
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