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Algae-based Ingredients Market Size

Report ID: GMI5347
Published Date: Sep 2022
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2021
Algae-Based Ingredients Market Size in 2021:	3.5 Billion (USD)
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	6%
2030 Value Projection:	6.2 Billion (USD)
Historical Data for:	2017 to 2021
No. of Pages:	340
Tables, Charts & Figures:	266
Segments covered:	Source, Ingredient, Application
Growth Drivers:	Government initiatives to boost algae products production Increasing utilization and growing demand from nutraceutical industry Rising consumer awareness and acceptance of algae-based product
Pitfalls & Challenges:	Environmental impact on algae cultivation

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Authors: Kunal Ahuja, Tushar Malkani

Frequently Asked Questions (FAQ) :

The global market size for algae-based ingredients exceeded USD 3.5 billion in 2021 and is likely to exhibit over 6% CAGR from 2022 to 2030, owing to the rising consumption of nutraceutical products.

The carrageenan segment crossed USD 1 Billion in 2021 and is likely to witness a CAGR of over 5% during the assessment timeframe, driven by the growing recognition of the product as a thickening ingredient in food products coupled with its health benefits.

The others segment is anticipated to record a sizeable valuation, depicting a CAGR of over 6.5% from 2022 to 2030 due to the increased utilization of ingredients from yellow and blue-green algae across several end-use industries, including nutraceuticals and personal care products.

North America algae-based ingredients market is speculated to expand at over 5% CAGR over the projection period, owing to the increasing healthcare expenditure and the proliferation of F&B and pharmaceutical industries in the region.