The Algae market is estimated to be valued at US$ 175.33 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Algae refers to simple aquatic plants that lack true stems, roots and leaves. Algae are used in agricultural soil conditioning, wastewater treatment, livestock feeds and also in pharmaceuticals as dietary supplements. Algae are a rich source of proteins, vitamins, minerals, antioxidants and essential fatty acids such as omega-3. They are widely used in nutritional products such as food & beverages, dietary supplements, animal feed and biofuels.
Market Dynamics:
The algae market is primarily driven by the increasing demand for nutritional products. Algae contains high nutritional value and is a rich source of various macronutrients, micronutrients, fatty acids, carotenoids and antioxidants. They are rich in proteins, calcium, magnesium, vitamins and minerals that are essential for maintaining a healthy lifestyle. Their nutritional profile has fuelled their demand in the dietary supplements industry. Moreover, growing focus on sustainability is also catalysing the demand for algae-based biofuel as a renewable energy source. Algae have short harvesting cycles and can be grown in seawater or freshwater which reduces dependency on freshwater for agriculture. The other driver is increasing use of algae in animal feed industry. Algae helps in improving gastrointestinal health and immunity in livestock.
SWOT Analysis
Strength: Algae have several nutritional benefits that drives its consumption. It is a sustainable source of nutrition and has high protein content. Algae cultivation requires less land and water compared to traditional crops.
Weakness: High initial investment is required for setting up algae cultivation farms and production facilities. Fluctuating climatic conditions can adversely impact algae cultivation.
Opportunity: Increasing health awareness among consumers is driving the demand for algae-based products. Rapid growth of nutraceuticals and dietary supplements industry offers immense opportunity.
Threats: Presence of substitutes like plant and animal-based proteins pose competition. Stringent regulatory frameworks pertaining to the cultivation of algae can restrict the market growth.
Key Takeaways
The Global Algae Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing health consciousness among consumers. Algae is rich in proteins, vitamins, antioxidants and minerals which boosts its adoption in nutraceuticals, pharmaceuticals, food and feed industries.
Regional analysis - North America dominated the global algae market in 2023 with a market share of over 35%, owing to rising demand for plant-based proteins and consumables. Asia Pacific is anticipated to be the fastest growing region at CAGR of around 8% during 2023-2030 driven by increasing cultivation of algae in China, Indonesia and South Korea.
Key players - Key players operating in the algae market include Cyanotech Corporation, Dic Corporation, Corbion N.V, Valagro SpA, Far East Microalgae Industries Co. Ltd., Beijing Gingko Group, Heliae Development Llc, Pond Technologies Holdings Inc., Algaetech International Sdn Bhd, Fuqing King Dnarmsa Spirulina Co. Ltd., Sun Chlorella Corporation, and Ecoduna Ag. These players are focusing on new product launches and increasing production capacities to cater to the growing demand.
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