Algae products Market Size & Share
With a projected market value of $5.3 billion in 2023 and $7.3 billion by 2028, the global algae products market is expected to expand at a 6.4% CAGR. Algae products have diverse applications across various industries, including food and beverages, pharmaceuticals, cosmetics, animal feed, biofuels, and wastewater treatment. The versatility of algae and their ability to be processed into different forms, such as powders, extracts, and oils, make them attractive ingredients for a wide range of products, driving market growth.
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Based on type, lipids are estimated to account for the largest market share of the algae products market
Based on type, the lipids segment is estimated to account for the largest market share. The presence of lipids in algae products allows for their incorporation into functional foods and nutraceuticals. Lipids provide a source of energy and enhance the absorption of fat-soluble vitamins and bioactive compounds. Algae-based lipid ingredients are used in the development of various products, including dietary supplements, protein bars, beverages, and fortified foods.
Based on end application, personal care segment is projected to witness the highest CAGR during the forecast period
Algae extracts and compounds are known to possess various beneficial properties for skin and hair health. They are rich in vitamins, minerals, antioxidants, and bioactive compounds that nourish and protect the skin and hair. Algae-based ingredients are often used in skincare products, such as moisturizers, serums, masks, and cleansers, to provide hydration, improve skin elasticity, promote cell regeneration, and offer anti-aging effects. In hair care products, algae extracts can enhance hair strength, shine, and manageability.
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The North America market is projected to contribute the largest share for the algae products market
There is a growing awareness among consumers in North America regarding the health benefits and sustainability aspects of algae-based products. Consumers are becoming more conscious of their dietary choices and are actively seeking natural, plant-based alternatives for various applications. This awareness has resulted in a rising demand for algae-derived products, including food and beverages, dietary supplements, personal care items, and biofuels.
Key Players in Algae products Market
The key players in this include DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), E.I.D Parry (India), International Flavors & Fragrances Inc (US), Cynotech Corporation (US), Earthrise Nutritionals LLC (US), CP Kelco U.S., Inc (US), Cargill, Incorporated (US), and Algea (Norway).
