Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Algae Products Market by Type (Lipids, Carotenoids, Carrageenan, Alginate, Algal Protein), Form (Liquid, Solid), Source (Brown Algae, Green Algae, Red Algae, Blue-green Algae), End Application and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The algae products market is projected to grow from USD 5.3 Billion in 2023 to USD 7.3 Billion by 2028, at a CAGR of 6.4% during the forecast period.
Innovations in algae cultivation techniques, such as photobioreactors, closed-loop systems, and genetic engineering, have significantly improved the scalability, productivity, and efficiency of algae production. These advancements have made it easier to cultivate and harvest algae on a commercial scale, reducing production costs and making algae products more economically viable.
The Lipids segment is projected to account for the highest CAGR during the forecast period.
Based on type, the algal protein segment is projected to lead the algae products market during the forecast period. Lipids derived from algae have gained attention as potential feedstock for biofuel production.
Algae can produce high amounts of lipids, particularly triglycerides, which can be converted into biofuels like biodiesel. The renewable and sustainable nature of algae-based lipids makes them an attractive option for the production of alternative and environmentally friendly fuels.
The Nutraceutical and dietary supplements segment is expected to account for the Second largest market share in 2023
Based on the End application segment, the Nutraceutical and dietary supplements segment is expected to account for the Second largest market share in 2023. Consumers are becoming more conscious of their health and are actively seeking natural and sustainable solutions to enhance their well-being.
Algae-based supplements align with these health and wellness trends due to their nutrient-rich composition and potential health benefits. They are perceived as natural and plant-based alternatives to synthetic supplements, attracting health-conscious consumers.
Asia Pacific is projected to account for the highest CAGR during the forecast period.
The Algae products market industry has been studied in North America, Europe, Asia Pacific, South America and Rest of the World. Asia Pacific is projected to account for the highest CAGR during the forecast period.
The Asia Pacific region is home to diverse marine and freshwater ecosystems, which provide favorable conditions for the growth and cultivation of various types of algae.
The region has abundant coastal areas, rivers, lakes, and ponds that support the natural growth of algae. This biodiversity serves as a valuable resource for the production of algae-based products.
Competitive landscape
Prominent companies include DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), E.I.D Parry (India), International Flavors & Fragrances Inc (US), Cynotech Corporation (US), Earthrise Nutritionals LLC (US), CP Kelco U.S., Inc (US), Cargill, Incorporated (US), and Algea (Norway) among others.
Premium Insights
- Increasing Awareness of Health and Wellness to Drive Market Growth
- US Accounted for the Largest Share, by Country; Lipids Dominated, by Type, in 2022
- US Accounted for Largest Market Share, by Country
- North America to Dominate Algae Products Market, by Source, 2023 Vs. 2028
- Solid Segment to Account for Larger Share by 2028
Market Dynamics
Drivers
- Growing Consumer Awareness Regarding the Health Benefits of Omega-3
- Growing Applications of Algae Products
- Growing Consumer Awareness Regarding the Health Benefits of Algae-Based Products
Restraints
- Lack of R&D Activities in Developing Economies
- Impact of Climatic Conditions on Algae Production
Opportunities
- Growing Demand in Pharmaceutical Industry
- Government and Private Initiatives Supporting Research & Development in Algaculture
- Growth in Demand for Natural Ingredients by Consumers
Challenges
- High Production Costs Restricting Entry of Smaller Players
- Difficulties in Meeting Requisite Quality Standards
Company Profiles
Key Players
- DSM
- BASF Se
- Cyanotech Corporation
- Cargill, Incorporated
- CP Kelco U.S., Inc.
- International Flavors & Fragrances Inc.
- Corbion
- Earthrise Nutritionals LLC
- E.I.D. Parry
- Algea
Other Players
- Algatech Ltd.
- Spira Inc.
- Algenol
- Cellana Inc.
- Fenchem
- Tbk Manufacturing Corporation
- Karagen Indonesia, Cv
- Astareal Ab
- Amj Hydrocolloids
- Triton Algae Innovations
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 252 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $5.3 Billion |
| Forecasted Market Value (USD) by 2028 | $7.3 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/w7alwo
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