Algae-based Ingredients Market Analysis

Algae-based Ingredients Market Analysis

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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.