Algae Market is Expected to Reach US$ 52.4 Billion by 2030

: March 2023

Algae Market: Market Introduction

Reports and Insights delivers key highlights on the global Algae Market. In terms of revenue, the total value of the global algae market is anticipated to reach US$ 52.4 Bn by 2030, owing to numerous factors, regarding which Reports and Insights offer comprehensive insights and forecasts in its report on the global algae market.

Algae are photoautotroph organisms that are found in different size ranges from microspecies to giant kelps of 60 meters in length. Owing to their biochemical composition and high content of vitamins, polyunsaturated fatty acids, and other healthy compounds, they are widely used in applications including nutrition and diet supplements, agriculture, food products, renewable and sustainable energy production in the form of biofuels, and others. They are available as micro species and microspecies in both aquatic and land habitats.

Due to the presence of abundant essential organic nutrients, lipids, vitamins, and minerals, they are in increased demand from consumers. Growing awareness among consumers of healthy dietary supplements and food products has raised a spike in algae-based products from the food industry. Also, increasing demand for agricultural products such as fertilizers and soil conditioners has fueled the market growth for algae products globally.

Increased use of seaweed in both medicines and food has pushed the pharmaceuticals industry to increase algae consumption which is likely to drive the growth of the algae market globally.

Market Report Outlook

This report on the algae market aims to discuss market dynamics, including market drivers, potential threats and challenges to the market, algae market opportunities for the major players, algae market trends, market segmentation outlook, regional outlook, algae market size, market forecast, market share, as well as the major players operating in the algae market.

Algae Market: Dynamics

The higher growth rates in industries such as food and medicines owing to the increasing population and increased disposable income have paved the way for the global algae market. Since algae contain omega-3 polyunsaturated fatty acids and other healthy lipids, they have seen increased usage in different food products.

Furthermore, with the rising global demand for fuel energy in order to meet sustainable and renewable energy sources demand, there has been a growing surge in the market size of algae production. Algae are widely used in the production of biofuels from their biomass, which is an alternative to fossil fuels. Biofuels produced from algae lead to negligible environmental pollution and global warming, hence the consumption of these fuels over other conventional fuels obtained by agricultural crops is anticipated to increase their demand in the global market. This will create significant growth in the algae market globally and will further create numerous future opportunities in order to meet energy goals.

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Algae Market: Regional Outlook

North America is one of the leading contributors to the market share of the global algae market. Increased focus on sustainable and renewable energy alternatives by the key manufacturers, increased expenditure in cosmetics and other skin care products, and consumers’ increased awareness towards a healthy lifestyle are some of the reasons for the growth of this particular market.

Asia-Pacific is one of the fast-growing markets for the algae industry and it is anticipated to witness significant growth in the predicted period. This is attributed to the increased investment in health and fitness by consumers and increased disposable income.

Algae Market: Key Players

Some of the important key players prevailing in the global Algae market include Cyanotech Corporation, AlgaEnergy, Dic Corporation, GC Rieber VivoMega AS, 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, and Fuqing King Dnarmsa Spirulina Co. Ltd., amongst others

Recent Developments by Key Players:

  • In July 2020, Unilever collaborated with start-up Algenuity, (a microalgae-producing company for consumer products) in pursuit of exploring and developing its microalgae-rich food products.


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