Algae-based Ingredients Market Size - By Ingredient (Carrageenan, Alginates, Algae protein, Beta Carotene, Algae oil, Agar), By Source (Red Algae, Green Algae, Brown Algae), Application & Global Forecast, 2022 - 2030

Algae-based Ingredients Market Size

Algae-Based Ingredients Market size exceeded USD 3.5 billion in 2021 and is likely to exhibit over 6% CAGR from 2022 to 2030. Growing awareness about product health benefits may open new growth avenues for the industry over the forecast timeframe.
 

The mounting demand and uptake of nutraceutical products, backed by the prevalence of several metabolic and health disorders, may support industry growth over the coming years. The dramatic transition in dietary habits with rise in consumption of junk food has resulted in the increasing incidences of several health conditions, such as diabetes, heart diseases, obesity, chronic ailments, etc., which are caused due to improper nutrition and a sedentary lifestyle.
 

Based on estimations by the International Diabetes Federation, approximately 20-25% of the adult population globally have metabolic syndrome. People with this given health disorder are three times more susceptible to having a heart attack or stroke, two times higher prospects of death, and five times more prone to developing type 2 diabetes than those without the syndrome. The increasing utilization of algae-based ingredients across nutraceutical applications due to their proven health benefits will stimulate product demand in the foreseeable future.
 

Algae-based Ingredients Market Analysis

With respect to ingredients, the algae-based ingredients market is classified into carrageenan, alginates, algae protein, beta carotene, algae oil, agar, and others. The carrageenan segment crossed USD 1 billion in 2021 and is likely to witness an upward trend exhibiting a CAGR of over 5% during the assessment timeframe. The product is commonly recognized as a thickening agent in food products with no nutritional value. In pharmaceuticals, it is known to fight several infections, such as the common cold, cough, tuberculosis, bronchitis, and other intestinal issues. In addition, the increasing utilization of carrageenan due to its anti-bacterial and anti-viral properties will stimulate product demand over the forecast timeframe.
 

Based on the source, the algae-based ingredients market is fragmented into green algae, red algae, brown algae, and others. The others segment is anticipated to record a sizeable valuation, depicting a CAGR of over 6.5% from 2022 to 2030. The category comprising variants such as yellow, blue-green, and similar forms of algae find a host of applications across several end-use industries. The increasing demand for various nutritional and personal care products with proven health and beauty benefits.
 

The algae-based ingredients find major applications across food & beverages, personal care, pharmaceuticals, nutraceuticals, animal feed, and others. The nutraceuticals segment is likely to exhibit more than 6% CAGR over 2022-2030, thereby capturing a substantial market share by the end of the study duration. The increasing prevalence of several chronic health ailments has resulted in growing health concerns among people of all age groups. The surge in healthcare expenditure across both developed and developing economies and the rising awareness about the benefits of nutraceutical products may foster product usage in the years to come.
 

In terms of the regional landscape, the North America algae-based ingredients market is speculated to expand at over 5% CAGR over the projection period and may account for an appreciable revenue share by 2030. The regional growth can be attributed to the presence of several feed producing and algae-based product manufacturing industries, encouraging the utilization of algae-based ingredients. Besides, the positive outlook of the F&B and pharmaceutical sectors and the increased intake of processed food products may propel the expansion of the regional industry.
 

Algae-based Ingredients Market Share

Major companies participating in the algae-based ingredients market share include

• Corbion
• Aliga Microalgae
• Triton
• Cargill
• Gino Biotech
• CP Kelco U.S. Inc.
• AEP Colloids
• KIMIA
• Marine Hydrocolloids
• AgarGel
• Hispanagar SA
• Taiwan Chlorella Manufacturing Company
• Bioriginal Food & Science Corp
• LUS Health Ingredients BV
• Manta Biofuel
• Algenol Biotech
   

These firms have been actively focusing on improving their customer retention techniques to gain a strong foothold in the market and expand their global presence. For instance, in July 2022, Corbion inaugurated an innovation and customer support center in Singapore. With this approach, the company aims to accentuate the fulfillment of customer requirements in the Asia/Pacific region across a range of categories.
 

COVID-19 Impact

The sudden outbreak of the COVID-19 pandemic depicted a favorable impact on the algae-based ingredients industry. Boosting the immune response emerged as a simple technique to limit the fatalities and resist viral transmission during the crisis that had absolutely no treatment or preventive therapies during the initial months. This resulted in the growing consumption of nutraceuticals and other health supplements.
 

Besides, several studies pointed toward the prospect that the consumption of algal extract could slow down coronavirus disease progression during the pandemic. These research results significantly led to the increasing popularity of algae-based ingredients, further streamlining the market expansion.
 

The algae-based ingredients market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2017 to 2030 for the following segments:

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By Ingredients

• Carrageenan
• Alginates
• Algae protein
• Beta Carotene
• Algae oil
• Agar
• Others

By Source

• Red Algae
• Green Algae
• Brown Algae
• Others

By Application

• Food and Beverages
• Personal Care
• Nutraceuticals
  • Dietary supplements
  • Functional Foods
  • Others
• Pharmaceuticals
• Animal Feed
  • Poultry
  • Swine
  • Cattle
  • Aquaculture
  • Pet Food
• Others

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa