Algae Extracts Market - By Source (Red Algae, Green Algae, Brown Algae), By Form (Powder, Liquid), By Application (Food and Beverages, Personal Care, Pharmaceuticals & Nutraceuticals, Animal Feed) & Forecast, 2022-2030

Industry Overview

Algae Extracts Market size was estimated at more than USD 4.8 billion in 2021 and is anticipated to witness over 6% CAGR through 2022-2030. Growing demand from personal care and cosmetic products will accelerate the overall industry growth.
 

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Favorable government initiatives and funding to boost research and development will favor the use of these compounds across diverse applications. The demand for algae extracts is considerably high across North America as companies in the personal care and pharmaceutical sectors are developing premium products for Gen X and millennial demographics. In 2019, algae production in North America reached over USD 1.35 billion, indicating the high volume of sources available.
 

With changing dietary habits and fast-paced lifestyle needs, the purchase of dietary supplements may ramp up, especially among the younger population. Lack of required protein, amino acid, and antioxidants intake is associated with increased levels of anxiety and depression, and degradation of muscle and bone. A rapid shift in consumer preference for high-quality dietary supplements, self-medication, and a solid rise in disposable income will complement algae extract production.
 

Restraints for the algae extracts market include the availability of a variety of different formulations and alternative products. Customers have access to a broader range of options including commercialized protein products such as pea protein, whey, and casein along with traditional protein sources, that include milk, pork, and beef. Algae as a source of nutrition is a relatively new concept, which is overpowered by well-established sectors with robust supply chains and distribution networks.
 

Health benefits in supplements to drive blue-green algae demand

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The algae extract market is classified into red algae, brown algae, green algae, and others, based on source. In terms of volume, the industry share from the other sources is projected to exhibit a CAGR of more than 5% through 2030, owing to the high prevalence of lifestyle-related diseases. These other sources include yellow algae, blue-green algae, and white algae. Blue-green algae, along with other similar algae sources are commonly infused in supplements used in the treatment of various disorders, such as high cholesterol and blood pressure.
 

Rising consumption of nutritional drinks to expand powder form algae extracts demand

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The algae extracts market share from the powder form segment is anticipated to be over USD 5 billion by 2030. Powder-based algae extracts can be used in making nutritional drinks, in order to help consumers meet their daily requirements for minerals, amino acids, and vitamins. Rising awareness regarding the need to boost immunity will favor the use of algae extracts. These compounds offer a robust blend of fibers, proteins, and other macronutrients. They are suitable as ingredients in different products such as protein replacements, protein bars, health smoothies and other drinks.
 

Pharmaceutical & nutraceutical applications to boost market penetration

The algae extracts market share from pharmaceutical & nutraceutical applications is estimated to be over USD 3.5 billion by 2030. Across many countries, algae extracts are used for preventing heart disease, decreasing cholesterol, boosting immunity, improving digestion & bowel health, improving memory, and raising energy. This indicates the compound’s wide applications in the pharmaceutical sector. Rise in demand for dietary supplements will propel the use of algae extracts, to offer consumers healthy products containing omega-3 fatty acids. The demand for useful nutraceuticals has surged after the COVID-19 pandemic to build immunity.
 

Government support to strengthen North America algae extracts market outlook

North America algae extracts market size is anticipated to witness over 5% CAGR through 2030. The region will emerge as a major revenue pocket due to supportive government initiatives and investment in research activities. For instance, Health Canada approved the use of whole algae protein as a suitable protein source in unstandardized foods. North America also has one of the largest pharmaceutical and nutraceutical markets in the world, suggesting the wide potential for algae extract providers. Further, the increase in pet adoption across the region has fueled the high demand for pet food, offering new opportunities for the industry.
 

Expansion activities undertaken by algae extract suppliers and manufacturers

Olmix Group, Corbion NV, Kelp, Allmicroalgae, Earthrise Nutritionals LLC. (DIC Corporation), Goerlich Pharma GmbH, Cyanotech Corporation, Phycom Microalgae, Tagrow Co., Ltd, Arizona Algae Products, LLC, are some of the leading players operating in the global algae extracts market. Companies in this landscape are focusing on expanding their business footprint through various strategies.
 

For instance, in February 2021, Corbion NV unveiled plans to expand the distribution of Omega-3-rich microalgae ingredient, AlgaPrime DHA, with the aim of catering to the animal feed market in the UK and Ireland, in collaboration with UFAC-UK. The strategic initiative was aimed to meet the growing demands of the industry and strengthen the company’s global presence. 
 

Impact of COVID-19 on the algae extracts market trends

The COVID-19 pandemic affected the overall algae extracts industry dynamics, with businesses focusing more on strengthening their supply networks. Nationwide lockdowns and temporary halt in manufacturing rendered a negative impact on businesses. With growing efforts to ramp up product distribution worldwide, industry players are entering supply chain agreements with distributors and dealers, which is expected to foster market trends over the forecast period. Also, more people became aware about nutritional products during the pandemic, due to the need for stronger immunity, which could further influence algae extracts demand.
 

The algae extracts 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 Source

• Red Algae
• Green Algae
• Brown Algae

By Form

• Powder
• Liquid

By Application

• Food and Beverages
• Personal Care
• Pharmaceuticals & Nutraceuticals
• Animal Feed
  • Aquaculture
  • Poultry
  • Swine
  • Cattle
  • Pet Food

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