Dublin, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The "Global Algae Products Market by Type (Hydrocolloids, Algal Protein, Lipids, Carotenoids), Source (Seaweed, Microalgae {Chlorella, Spirulina}), Form (Dry, Liquid), Application (Food & Beverage, Nutraceuticals, Cosmetic), and Geography - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The latest market analysis report on the global algae products industry reveals significant growth with projections showing the market is set to reach $5.55 billion by the year 2030. With a steady Compound Annual Growth Rate (CAGR) of 7.8% from 2023 to 2030, the market is expanding due to the rising consumer preference for plant-based products and increasing applications in various sectors such as food & beverage, nutraceuticals, and cosmetics.
The report categorizes the market into different segments, including hydrocolloids, algal protein, lipids, and carotenoids, based on type. Notably, the algal protein segment is expected to witness the highest growth during the forecast period.
The study includes a forecast model that accounts for regional variations, and it critically examines market strategies of major players. With a comprehensive list of market participants, the report equips stakeholders with essential tools and information needed to navigate the algae products ecosystem.
Overall, the robust potential of the algae products market is clear from the report, setting the stage for transformative growth over the next decade. The wide-ranging applications, from food & beverage enhancements to innovative cosmetic products, position algae as a versatile and vital resource well into the future.
Key Market Insights
Segmentation by Source: Analyzing market trends, the report provides a comprehensive examination of the different sources of algae products---macroalgae/seaweed and microalgae. As of 2023, the seaweed segment dominates the market and is anticipated to maintain its lead through to 2030.
Applications Driving Growth: The utility of algae products spans multiple industries, with a particular spike observed in applications across the food & beverage and nutraceutical sectors. Moreover, the usage of algae in cosmetic formulations is set to register a high CAGR, thanks to the surging demand for organic skincare solutions.
Geographical Trends: The research report furnishes granular geographical insights, highlighting Europe as a significant region exhibiting robust growth within the algae products market. This upsurge is attributed to the burgeoning adoption of algae-based ingredients across various industries, such as food & beverage and cosmetics.
Market Dynamics: The report delves into the driving factors behind the market expansion, noting the increase in vegetarian and health-conscious populations as major contributors. Nonetheless, it also identifies challenges such as complexities in production and lower consumer awareness about the benefits of algae.
Key Questions Answered in the Report:
- What is the value of revenue generated by the algae products market?
- At what rate is the global demand for algae products projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the algae products market?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which type, source, form, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the algae products market?
- Who are the major players in the algae products market? What are their specific product offerings in this market?
- What recent developments have taken place in the algae products market? What impact have these strategic developments created on the market?
Market Insights
Factors Affecting Market Growth
- Consumers' Increasing Preference for Algae-Sourced Products Driving Market Growth
- Growth in Vegetarianism Sustaining the Demand for Algae Products
- Rising Demand for Natural Food Colors Increasing the Utilization of Algae Products
- Rapid Growth of the Nutraceuticals Industry Driving the Demand for Algae Products
- Complexities in Algae Production Restraining Market Growth
- Low Awareness Limiting the Adoption of Algae Products
- Growing Demand for Biofuels Expected to Generate Growth Opportunities for Market Players
- Risk of Algae Contamination Expected to Remain a Major Challenge in Market Expansion
Key Market Trends
- Increasing Adoption of Self-Grooming Products
Pricing Analysis
- Hydrocolloids
- Carrageenan
- Alginate
- Agar
- Other Hydrocolloids
- Algal Proteins
- Lipids
- Carotenoids
- Astaxanthin
- Beta Carotene
- Lutein
- Other Carotenoids
Companies Mentioned
- Algatechnologies Ltd. (A Part of Solabia Group) (Israel)
- BASF SE (Germany)
- BDI BioLife Science GmbH (Austria)
- Bluetec Naturals Co. Ltd (China)
- Cargill Incorporated (U.S.)
- Cyanotech Corporation (U.S.)
- DIC Corporation (Japan)
- Lyxia Corporation (a subsidiary of Shenzhen Qianhai Xiaozao Technology Co. Ltd.)(U.S.)
- Seagrass Tech Private Limited (India)
- Tianjin Norland Biotech Co. Ltd. (China)
- Ingredion Incorporated (U.S.)
- HISPANAGAR S.A. (Spain)
- COMPAÑIA ESPAÑOLA DE ALGAS MARINAS S.A. (Spain)
- W Hydrocolloids Inc. (Philippines)
- SNAP Natural & Alginate Products Pvt. Ltd. (India)
- Harsha Enterprises (India)
Scope of the Report:
Global Algae Products Market Assessment - by Type
- Hydrocolloids
- Carrageenan
- Alginate
- Agar
- Other Hydrocolloids
- Algal Protein
- Lipids
- Carotenoids
- Astaxanthin
- Beta Carotene
- Lutein
- Other Carotenoids
Global Algae Products Market Assessment - by Source
- Macroalgae/Seaweed
- Red Seaweed
- Brown Seaweed
- Green Seaweed
- Microalgae
- Spirulina
- Chlorella
- Dunaliella Salina
- Haematococcus Pluvialis
- Nannochloropsis
- Other Microalgae Sources
Global Algae Products Market Assessment - by Form
- Dry
- Liquid
Global Algae Products Market Assessment - by Application
- Food & Beverage
- Food
- Dairy
- Bakery & Confectionary
- Other Food Products
- Beverages
- Nutraceuticals
- Cosmetics
- Skin Care
- Hair Care
- Other Cosmetics Products
- Animal Feed
- Other Applications
Global Algae Products Market Assessment - by Geography
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Rest of Latin America
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/tx9f4s
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