Global Algae Products Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Algae Products Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Algae products are products made with algae as the main raw material, with or without auxiliary materials, and processed by corresponding processes. Algae is rich in antioxidants and carotenoids, so it is very useful in nutraceuticals and dietary supplements. It is also widely used in food, chemicals, animal feed and other fields. Algae can be made into powders and liquids. In addition, algae can have high biofuel production.

Market Overview:

The latest research study on the global Algae Products market finds that the global Algae Products market reached a value of USD 4361.97 million in 2022. It’s expected that the market will achieve USD 7078.6 million by 2028, exhibiting a CAGR of 8.4% during the forecast period.

Resumption of work and production is affected by epidemic prevention and control

The report delivers insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. Should COVID-19 outbreaks persist, should restrictions on movement be extended or reintroduced, or should disruptions to economic activity be prolonged, the recession could be deeper. Businesses might find it hard to service debt, heightened risk aversion could lead to climbing borrowing costs, and bankruptcies and defaults could result in financial crises in many countries.
However, resumption of work and production is affected by epidemic prevention and control. In the face of this disquieting outlook, the immediate priority for policymakers is to address the health crisis and contain the short-term economic damage. Over the longer term, authorities need to undertake comprehensive reform programs to improve the fundamental drivers of economic growth once the crisis lifts. Global coordination and cooperation—of the measures needed to slow the spread of the pandemic, and of the economic actions needed to alleviate the economic damage, including international support—provide the greatest chance of achieving public health goals and enabling a robust global recovery.

Changes in lifestyle of the people

Consumption of healthy food products and dietary supplement, due to changes in lifestyle of the people has changed the perspective of this market. The global algae products market is estimated to grow, due to increase in demand for natural products and proactive efforts by market players to formulate algae based consumable products to satisfy quality, texture, and nutritional demand of consumers. Earlier, algae were not considered for production of bio fuel as cost of production was high, however with recent development in process technology and feasibility of process algae bio fuel can be used as an alternative to fossil fuel. In addition, rising in global population and increase in demand for food, customization of functional food product portfolio by manufacturers and untapped markets of developing nations are the major growth opportunities for algae products market during the forecast period.

High production costs restrict the entry of smaller players

Though there is an increase in the adoption of newer technologies to produce low-cost algae. With the increase in focus on R&D activities and overall costs, leading players such as ADM (US) account for a high share in the market. The production is usually expensive and consists of extraction, concentration, and purification processes. Following extraction and purification, algae must be formulated for further application. This formulation will also depend on the intended use. The formulation involves complicated processes, due to complicated procedure and various formulation the production cost increases and restrict the local and regional players in the algae products market.

Rising in global food demand and decrease in cultivable land available for food production

In addition, rise in global food demand and decrease in cultivable land available for food production attract various manufactures to shift their preference to algae-based products, which help propel the algae products market growth. Furthermore, initiative by various developing and developed countries at Paris Agreement to reduce the global carbon footprint by using renewable source of energy such as algae-based biofuel, is expected to further drive the growth of the algae products market.

Region Overview:

In 2022, the share of the Algae Products market in Europe stood at 40.12%.

Company Overview:

Dupont is one of the major players operating in the Algae Products market, holding a share of 3.77% in 2023.

Dupont

DuPont is one of the largest conglomerates in the United States. The company is headquartered in Wilmington, Delaware, United States. DuPont is engaged in the sector of roofing, adhesives, advanced printing solutions, construction materials, home gardens, electronic solutions, car care, fabrics, and more. The company is a market leader in the chemical business.

KIMICA Corporation

KIMICA Corporation is a manufacturer and worldwide supplier of alginate, a natural polysaccharide extracted from seaweed.

Segmentation Overview:

Among different product types, Solid segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Health Product segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Algae Products market covered in Chapter 3:

Cyanotech Corporation
Weihai Shidai Marine Biotechnolog
Jiejing Group
Dupont
Fengrun Seaweed
KIMICA Corporation
Gather Great Ocean
SNAP Natural & Alginate Products
Shemberg
Zhejiang Binmei Biotechnology Co., Ltd.
Karagen Indonesia
ADM

In Chapter 4 and Chapter 14.2, on the basis of types, the Algae Products market from 2018 to 2029 is primarily split into:

Solid
Liquid

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Algae Products market from 2018 to 2029 covers:

Food
Health Product
Chemicals
Feed
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)