NEW YORK, March 16, 2023 /PRNewswire/ -- Major players in the algae products market are BASF SE, Cargill Incorporated, DuPont de Nemours Inc., DSM Nutritional Products AG, EID Parry, Cellana Inc., BlueBioTech Int. GmbH, Corbion NV, Earthrise Nutritionals LLC, Cyanotech Corporation, AlgaeCan Biotech Ltd., Bioprocess Algae LLC, Algenol Biofuels Incorporated, Euglena Co. Ltd , Kerry Group PLC, DIC Corporation, CP Kelco, and Algae Systems LLC.
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The global algae products market grew from $12.12 billion in 2022 to $13.19 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The algae products market is expected to grow to $17.89 billion in 2027 at a CAGR of 7.9%.
The algae products market consists of sales of bioplastics, industrial lubricants, green chemicals ,cosmetics.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The algae products refer to a class of photosynthetic organisms found in both marine and freshwater habitats and are used in various industries for different purposes.As these organisms have a short doubling time, they are considered among the fastest-growing creatures.
Algae are oxygen-exhaling, unicellular, or multicellular microorganisms that consume carbon dioxide and store essential nutrients, minerals, and vitamins.
North America was the largest region in the algae products market in 2022. The regions covered in the algae products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of algae products are lipids, carrageenan, carotenoids, alginate, and algal protein.The algal lipids are extensively used for the production of biofuel.
The different forms include liquid, and solid and involve various sources such as blue-green algae, brown algae, green algae, and red algae. These are distributed online, and offline, and are used in food and beverage, nutraceutical and diet supplement, animal feed, personal care, pharmaceutical, and other applications.
The growing demand for healthy food products is expected to propel the growth of the algae products market going forward.Healthy food products are those that contain nutrients that support the body's well-being and aid in energy retention.
Algae products contain a variety of beneficial elements, including carbohydrates, polyunsaturated fatty acids, essential minerals, and vitamins, which are commonly utilized in healthy foods. For instance, according to BioMed Central (BMC), a UK-based open-access publisher, in 2020 16.7% of the population improved their food behavior by consuming nutritious food which helps in maintaining their immunity, while 34.4% of responders increased their appetite in consumption of nutritious food. Therefore growing demand for healthy food products drives the growth of the algae products market.
The development of alternative protein sources such as microalgae is a key trend gaining popularity in the algae products market.Developing alternative protein sources such as microalgae is a crucial step toward achieving the necessary transformation to a more equitable and resilient food system.
For instance, in July 2020, Unilever, a UK-based consumer goods company partnered with Algenuity, a UK-based company operating in algae products to develop innovative microalgae products for Unilever's plant-based portfolio. Algenuity will work with the R&D team within Unilever's Foods and Refreshment (F&R) division to explore different foods with microalgae.
In September 2022, Aliga Microalgae, a Denmark-based food tech, and microalgae producer company acquired Duplaco BV for an undisclosed amount.Through this acquisition, Aliga Microalgae aims to enhance the amount of Chlorella algae products it can produce for the markets for dietary supplements and food additives.
Duplaco BV is a Netherland-based producer of fresh Chlorella and microalgae.
The countries covered in the algae products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The algae products market research report is one of a series of new reports that provides algae products market statistics, including algae products industry global market size, regional shares, competitors with a algae products market share, detailed algae products market segments, market trends and opportunities, and any further data you may need to thrive in the algae products industry. This algae products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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