Algae-based Ingredients Market Size

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.