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Algae-based Food Additive Market Size

Report ID: GMI7622
Published Date: Dec 2023
Report Format: PDF

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Algae-based Food Additive Market Size

Algae-based Food Additive Market was valued at around USD 164.6 million in 2023 and is set to depict around 8.3% CAGR from 2024 to 2032, propelled by the increasing consumer preference for natural and sustainable ingredients drives the demand for algae-derived products as they are considered eco-friendly alternatives. Additionally, the rising awareness of the nutritional benefits associated with algae-based additives, such as omega-3 fatty acids and proteins, contributes to their popularity in the food industry.

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The algae-based food additive market faces regulatory challenges that pose significant pitfalls to its growth. Navigating complex and evolving regulatory frameworks for novel food ingredients, particularly those derived from algae, can be a cumbersome process. Regulatory bodies may require extensive safety assessments, toxicological studies, and standardized definitions, making it time-consuming and costly for manufacturers to gain approvals. Inconsistent regulations across different regions and countries further complicate market entry and product compliance. Additionally, ensuring consumer confidence and acceptance necessitates transparent labeling and clear communication regarding the safety and benefits of algae-based food additives.

Algae-based Food Additive Market Report Attributes
Report Attribute	Details
Base Year:	2023
Algae-based Food Additive Market Size in 2023:	USD 164.6 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.3%
2032 Value Projection:	USD 336.1 Million
Historical Data for:	2018 – 2023
No. of Pages:	180
Tables, Charts & Figures:	203
Segments covered:	Source, Product, Application and Region
Growth Drivers:	Rising Consumer Awareness and Preference Versatility and Functional Properties Growing Demand from Emerging Economies
Pitfalls & Challenges:	Regulatory challenges

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Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of algae-based food additive was worth USD 164.6 million in 2023 and is estimated to reach USD 336.1 million by 2032, owing to the increasing consumer preference for natural and sustainable ingredients.

The red algae held a majority market value of USD 72.9 million in 2023 and is expected to grow significantly through 2032.

The U.S. algae-based food additive industry was worth USD 40.8 million in 2023 and will grow significantly through 2032, owing to the strategic product penetration, innovation, and a robust consumer base.

DSM, Cargill, DuPont, BASF, Enovix Corporation, Algatechnologies, Corbion, Cyanotech Corporation, Solazyme, TerraVia Holdings, Inc., BlueBioTech GmbH, JRS Pharma GmbH & Co. KG, Phycom, Novozymes, and Evonik Industries AG.