The algae products market size is estimated to be valued at USD 4.7 billion in 2021 and projected to reach USD 6.4 billion by 2026, recording a CAGR of 6.3% during the forecast period. Algae possess properties that make them useful to be incorporated in diversified end products such as ice-creams, cakes, anti-obesity & anti-diabetic agents, aquatic feed ingredients, toothpaste, and moisturizers; their cultivation using both agriculture and aquaculture practices make algae unique among other agricultural products.
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Importance of Algae Products Market:
· Sustainable and renewable source of food and other products: Algae can be grown in a variety of environments and do not require large amounts of water, land, or other resources. This makes them a sustainable and renewable source of food, nutritional supplements, and other products.
· Environmental benefits: Algae can be used to produce biofuels, which are a cleaner and more sustainable alternative to fossil fuels. Algae can also help to remove carbon dioxide from the atmosphere and can be used in wastewater treatment to remove pollutants.
· Health benefits: Algae are rich in nutrients, including protein, omega-3 fatty acids, and antioxidants. They are also low in calories and can be used to make a variety of health and wellness products, such as nutritional supplements and skincare products.
· Economic benefits: The algae products market represents a growing industry, with opportunities for innovation and entrepreneurship. The market can also create jobs and support economic growth.
Driving Factors of Algae Products Market:
· Increasing demand for sustainable and natural products: Consumers are increasingly looking for sustainable and natural products, including food, nutritional supplements, and cosmetics. Algae products are seen as a more sustainable and environmentally friendly alternative to traditional products.
· Growing awareness of the health benefits of algae: Algae are rich in nutrients such as protein, omega-3 fatty acids, and antioxidants, which have been shown to have numerous health benefits. As a result, there is growing interest in algae-based products for their potential health benefits.
· Advancements in technology: The development of new technologies has made it easier and more cost-effective to grow and harvest algae. This has led to increased efficiency and reduced costs, making algae products more accessible to consumers.
· Government support: Governments around the world are investing in research and development of algae-based products, particularly for their potential to reduce greenhouse gas emissions and create a more sustainable future.
Algae-based ingredients have wide application in the food industry as texturizing & stabilizing agents, thickeners & gelling agents, and as supplements for health. For instance, the thickening property of alginate is useful in sauces, syrups, and toppings for ice cream. Other products that can be fortified with algae include dairy products (such as sour cream, chocolate milk, cheese) sushi, and gelatin. Pigments such as chlorophylls, carotenoids, and phycobiliproteins also have application as natural food colorants.
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Growing industries, such as food & beverage, nutraceutical, pharmaceutical, and dietary supplement, have significantly contributed to the growth of the algae products market in North America. The rising population in the country is another factor that is expected to boost the demand for algae products. An increase in health-conscious consumers has led to the increased use of lipids, such as omega-3 in nutraceutical and dietary supplement products, which has offered a market opportunity for algae-based omega-3 products.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, DSM (Netherlands), BASF (Germany), DuPont (US), Cargill (US), E.I.D Parry (India), Corbion (Netherlands), and Cyanotech Corporation (US).