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Algae-Based Ingredients Market size to surpass $6 billion by 2030

  • Published Date: September 28, 2022

Algae-Based Ingredients Market size value is anticipated to exceed USD 6 billion by 2030, as per a new research report announced by Global Market Insights Inc.

Growing consumer awareness of the benefits of algae-based products on human health and beauty as a leading factor driving the demand for algae-based ingredients. The latest study published in Ecronicon, an open access journal, in September 2022, depicted significant immune system benefits in a group of healthy young adults competing in recreational running events who consumed whole algae ingredient rich in astaxanthin.

The growing consumer inclination toward health and healthy aging, in consort with the increasing consumption of food products with improved nutritional value and added health benefits will stimulate the algae-based ingredients industry outlook during the assessment period.

Alginates to witness significant growth in demand due to remarkable product attributes

In terms of ingredients, the report classifies algae-based ingredients market into alginates, carrageenan, algae protein, algae oil, beta carotene, agar, and others. The alginates segment is poised to record a valuation worth more than USD 700 million by 2030. The biomaterial is extensively utilized in a range of biomedical science & engineering applications, including drug delivery, wound healing, and tissue engineering. Alginates is known to possess properties like ease of gelation and biocompatibility. Besides, the non-toxic and eco-friendly nature of alginate may further create new growth prospects for the market in the forthcoming years. The carrageenan market is likely to cross USD 1.5 billion by 2032.

Proven health benefits to increase the uptake of green algae-based ingredients

The green algae source segment accounted for over USD 900 million in 2021 and is likely to exhibit more than 5% CAGR during the assessment period. Green algae-sourced ingredients are used as supplements and are known to benefit people with high cholesterol and blood pressure issues. The product also helps in treating obesity. The emerging fitness trends and the growing health consciousness among people have resulted in the increased uptake of green algae-based products.

Browse key industry insights spread across 340 pages with 241 market data tables & 24 figures & charts from the report, “Algae-based Ingredients Market Size By Ingredient (Carrageenan, Alginates, Algae protein, Beta Carotene, Algae oil, Agar, Others), Source (Red Algae, Green Algae, Brown Algae), By Application (Food and Beverages, Personal Care, Nutraceuticals [Dietary supplements, functional foods], Pharmaceuticals, Animal Feed [Aquaculture, Poultry, Swine, Cattle, Pet Food]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:

Expanding fitness-conscious populace to increase product utilization across the food & beverages industry

Food and beverages segment of algae-based ingredients market recorded an estimated valuation worth over USD 2 billion in 2021 and may exhibit over 6% CAGR between 2022 and 2030. The segmental revenues are derived from the increasing number of sports and fitness enthusiasts, along with the subsequent rise in demand and uptake of food supplements and functional products globally. Algae have gained recognition as superfood across the F&B industry due to their nutritive value. Extensive product utilization as flavoring agent, main ingredient, or natural colorants in premium-positioned launches is augmenting the market growth trajectory.

Increasing healthcare spending to aid the industry growth across the Asia Pacific

Asia Pacific algae-based ingredients market is poised to expand at over 6% CAGR from 2022 to 2030. The regional industry is fueled by the increasing product applications across the feed manufacturing, pharmaceuticals, and manufacturing industries. The rising health concerns and positive economic outlook in countries such as China, South Korea, and India have raised healthcare expenditure and fostered the adoption of nutritional health supplements, opening new growth avenues for the regional industry.

Strategic alliances to bolster the competitive landscape

Recognized players in the algae-based ingredients market 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, and Algenol Biotech.

These companies have been focusing on stimulating their strategic associations with new as well as existing industry participants to foster the production of algae-based ingredients and meet the requirement of the expanding consumer base.

Authors: Kunal Ahuja, Tushar Malkani