Algae Products Market to Reach $3.92 Billion by 2030

March 21, 2023 

Redding, California, March 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report* the Algae Products Market is expected to reach $3.92 billion by 2030, at a CAGR of 5.4% during the forecast period 2023 to 2030.

Increased consumer awareness brought forward by health and environmental issues has increased the demand for naturally sourced colorants and dyes over synthetic alternatives**. Microalgae are microscopic unicellular organisms and represent major photosynthesizers—the primary system on the planet to convert available solar energy to chemical energy efficiently.

**<Example: Living Ink is a bioscience research and product company developing the first environmentally safe and sustainable color pigment grown from algae.>

Due to their distinct advantages over terrestrial plants, such as faster growth rates, ability to grow on non-arable land, and diversity in the production of various natural bioactive compounds, such as lipids, proteins, carbohydrates, and pigments, algae are currently gaining promise as a sustainable source for the production of natural food-grade colorant.

Nowadays, factors such as rising health consciousness and inclination towards environment-friendly products are driving the demand for naturally grown food products across the globe. As a result, food manufacturers widely use natural colors to restore the attractiveness of food and beverages after processing. Furthermore, the FDA banned the use of any artificial color additives linked to cancer, in either animals or humans, in the U.S. All these factors drive the adoption of natural food colors.

Moreover, there are concerns about the safety of using synthetic astaxanthin for direct human consumption due to different stereochemistry and the potential carryover of synthesis intermediates. These concerns make natural astaxanthin derived from the Haematococcus pluvialis microalgae a preferred choice for high-end markets.

Based on geography, the global algae products market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global algae products market. The large share of this market is mainly attributed to the enormous demand for natural ingredients from rapidly growing food and beverage, nutraceuticals, cosmetic, and animal feed industries. 

In addition, Asia-Pacific has many stakeholders engaged in providing algae products for these industries owing to the availability of raw materials, favorable climatic conditions for algae production, and cheap labor availability, which further support the growth of this market. Furthermore, the various government initiatives to promote the cultivation and usage of algae in several industries and the growing demand for healthy food products are further expected to boost the growth of the algae products market in the region.

Key Players

Some of the key players operating in the global algae products market are Algatechnologies Ltd. (Israel), Arizona Algae Products, LLC (U.S.), BASF SE (Germany), BDI-BioLife Science GmbH (Austria), BlueBioTech International GmbH (Germany), Bluetec Naturals Co., Ltd (China), Cargill, Incorporated (U.S.), Cyanotech Corporation (U.S.), DIC Corporation (Japan), Koninklijke DSM N.V. (Netherlands), Lyxia Corporation (China), Pond Technologies Inc. (Canada), Seagrass Tech Private Limited (India), Shaivaa Algaetech LLP (India), and Tianjin Norland Biotech Co., Ltd. (China).

Full report can be found at: Meticulous Market Research Inc.

https://www.meticulousresearch.com/

*report titled; Algae Product Markets by Type (Hydrocolloids, Carotenoids, Lipids, Algal Protein), Source (Seaweed, Microalgae {Chlorella, Spirulina}), Form (Dry, Liquid), Application (Food & Beverage, Nutraceuticals, Cosmetic), and Geography - Global Forecast to 2030