Global Algae Based Ingredients Market (2023 Edition): Analysis by Ingredient (Hydrocolloids, Carotenoids, Lipids, Algal Protein), By Type, By Applications, By Region, By Country: Market Insights and Forecast (2019-2029)
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What is Algae Based Product?
An algae-based product is a product that is derived from or made using algae. Algae are simple aquatic plants that can be found in a variety of environments, including oceans, lakes, and rivers. They are known for their ability to photosynthesize and produce oxygen, making them important contributors to the earth's ecosystem. Algae can be used to create a wide range of products, from food and animal feed to biofuels, cosmetics, and pharmaceuticals.
Global Algae-Based Product Market Overview
The Global Algae Based Product market showcased growth at a CAGR of 5.47% during 2019-2022. The market was valued at USD 2871.98 Million in 2022 which is expected to reach USD 4095.94 Million in 2029. The increasing demand for algae in pharmaceuticals industries and the increasing population across the globe are contributing to the overall growth of the Algae Based Product market.
The Global Algae Based Product Market is expected to grow in the forecast period and register a market value of USD 4095.94 Million in 2029 at a CAGR of 5.47% during the forecast period. The increasing awareness about the health benefits of algae-based products, and increasing urbanization are major driving factors that are accelerating the overall market growth of the Global Algae Based Product Market.
The market's growth is driven by several key factors. Firstly, the increasing demand for sustainable and eco-friendly alternatives has fueled the adoption of algae-based products. Consumers are becoming more conscious of the environmental impact of their choices and are actively seeking products that are derived from renewable resources.
Increasing Usage of Hydrocolloids in food additives
The main reason for the increased use of hydrocolloids is their versatility. They can be used in a wide range of foods, including dairy products, baked goods, sauces, dressings, and meat products. Additionally, hydrocolloids are often used as a substitute for other ingredients, such as fats and sugars, which can help to reduce the calorie content of foods.
As a result, the increasing usage of hydrocolloids in food additives is projected to continue to serve as a primary driving force behind the expansion of the worldwide Algae Based Product market in the years to come.
Adverse Climatic Conditions
Different algae species have varying tolerances to climatic conditions. Adverse climatic conditions may favor the growth of certain algae species while inhibiting others. This can impact the availability and diversity of algae species suitable for various applications in the algae-based product market. Limited species diversity can limit product innovation and formulation options for manufacturers.
Therefore, Adverse Climatic Conditions might hinder the growth of the Algae Based Product market in the forecasting period.
Segment-Wise Insights
The Hydrocolloids segment accounts for USD 4540.45 Million in 2022.
Hydrocolloids offer functional benefits that are sought after in many applications. For example, carrageenan, extracted from red seaweed, is valued for its ability to stabilize and improve the texture of dairy products, confectionery items, and meat products. Agar, derived from seaweed, is used as a gelling agent in desserts, bakery products, and microbiological culture media. Alginate, obtained from brown seaweed, is known for its gel-forming properties and is used in applications such as encapsulation, wound dressings, and dental impressions. These functional properties have made algae-based hydrocolloids indispensable ingredients in various product formulations.
Regional Insights
The Americas region, particularly North America, has a robust research and development infrastructure, including renowned universities, research institutions, and technology-driven companies. This has facilitated advancements in algae cultivation techniques, extraction methods, and product development. The presence of research expertise and a focus on innovation has contributed to the growth of the algae-based product market in the Americas.
The Americas region has well-established industries in sectors such as food and beverages, cosmetics, pharmaceuticals, and biofuels. These industries have shown a willingness to adopt and incorporate algae-based ingredients and products into their formulations. The presence of strong manufacturing and distribution networks, along with a wide range of end-use applications, has propelled the growth of the algae-based product market in the Americas.
Competitive Landscape
Global Algae Based Product Market is fragmented with the top 5 companies accounting for a significant revenue share in the year 2022. Leading companies and brands in the market are executing different strategies and partnerships to strengthen their foothold and increase their competitiveness and product offerings in the market.
Cargill, Corbion, Algama, Cyanotech Corporation, Euglena Co. Ltd., and Algenuity are the leading companies in the Global Algae Based Product Market.
Leading companies in the Global Algae Based Product Market include:
Euglena Co. Ltd.
Algae Systems LLC
Cyanotech Corporation
Cargill
Algenol
Corbion
Cellana Inc.
Earthrise Nutritionals
Algenuity
Algama Foods
Recent Developments in the Global Algae-Based Product Market
• October 01, 2020: Cyanotech Corporation has announced its launch of BioAstin Hawaiian Astaxanthin in a new delivery form, water-dispersible powder, available in both 1% and 2% concentrations. The brand of Astaxanthin, BioAstin, is now offering its new water-dispersible powder to the bulk ingredients market worldwide.
• January 05, 2023: Euglena Co., Ltd. has announced the opening of the Tropical Biomass Technology Research Institute in Malaysia. As Malaysia is suitable for plants to perform photosynthesis due to its tropical climate. Biodiversity is extremely high even from a global perspective, and it has abundant biological resources.
Segmentations in the Report
By Ingredient
By Type
By From
By Application
By Region
Frequently Asked Questions:
1. What is the expected market value of the Global Algae Based Product Market in 2029?
The global Algae Based Product Market is expected to be valued at USD 4095.94 Million in 2029.
2. At what growth rate is the Global Algae Based Product Market expected to grow in the forecast period?
During 2023-2029, Global Algae Based Product Market is expected to grow at a CAGR of 5.47%.
3. Which Region dominates the Global Algae Based Product Market?
Americas contributes the largest revenue share in the Global Algae Based Product Market and is expected to continue in the forecast period as well.
4. Which are the leading companies in the Global Algae Based Product Market?
The leading companies in the Global Algae Based Product Market are Euglena Co. Ltd., Algae Systems LLC, Cyanotech Corporation, Cargill, Algenol, Corbion, Cellana Inc., Earthrise Nutritionals, Algenuity, and Algama Foods.
5. At what rate will China’s Global Algae Based Product Market Grow?
During 2023-2029, China’s Global Algae Based Product Market is expected to grow at a CAGR of 7.05%
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