Algae Market Size, Share & Trend Analysis, By Source, By Type, By Product, By Production Method, By Application, By End-Use Industry, Regional Outlook, Competitive Tactics, and Segment Forecast to 2030
Chemical & Industrial Material
Reports and Insights
Algae Market Overview:
By the end of 2030, it is anticipated that the global market for Algae will be worth US$ XX Bn, as per the latest industry analysis by Reports and Insights.
The Reports and Insights team has drafted a market research report on the worldwide market for algae with the objective of identifying the primary market drivers, market trends, challenges, and opportunities that business owners encounter. The report includes the market segmentation forecast, geographic perspective, and recent market developments for the algae market. Additionally, it provides extensive information on market size, market share, industry and product insights, SWOT analysis, Porter's five forces analysis, PESTEL analysis, heat map analysis, market forecast, and prominent market players for the algae market.
Algae are a class of photosynthetic organisms like plants but lack roots, stems, leaves, and vascular tissues. They can be found in freshwater, marine, soil, air, and other habitats. They have a varied life cycle and their size ranges from microspecies to giant marine seaweeds that reach up to 60 meters in length. Based on the cellular structure, algae can be divided into two types that include microalgae (single-celled) and macroalgae (multicellular). Because they are rich sources of essential nutrients, vitamins, and carbohydrates, and possess other necessary organic materials, they are widely used for applications in food, agriculture, wastewater treatment, biofuel manufacturing, and pollution control, amongst others.
Microalgae have seen increased demand by many international brands and manufacturers for cosmetics and skin care products due to their beneficial properties. Growing agricultural product demands such as biostimulants and fertilizers are expected to drive the global market size of algae. Increased biofuel demand over the usage of conventional fossil fuels for a reduction in polluting CO2, and other pollutants will increase the market size of algal biofuels globally.
Further, an increasing population and overgrowing food demands across the world, and increasing consumer awareness of health have raised the demand for nutritional and healthy food products. Hence, the growing food & beverage industry, Nutrition, and the pharmaceutical industry have fuelled the growth of algal products globally.
Scope of the Report:
Market size available for the years
By Source, By Type, By Product, By Production Method, By Application, and By End-Use, amongst others
The U.S., Canada
Brazil, Mexico, Argentina, & Rest of Latin America
China, India, Japan, Australia & New Zealand, ASEAN, & Rest Asia Pacific
The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe
North Africa, Egypt, & Rest of Africa
The Middle East
GCC Countries, Israel, & Rest of the Middle East
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., and amongst others
Algae Market Dynamics
“Increased demand from Food Industry”
Algae are rich in essential minerals, vitamins, and nutrients. Because of their biochemical composition, they possess the high number of proteins found in nature and are the main source of omega-3 polyunsaturated fatty acids and other healthy lipids, their consumption in the food industry has spiked in recent years. Thus, it is anticipated to witness a surge in the market size of algae products globally.
“High Demand for biofuels production for a Renewable and Sustainable Energy Production”
Due to the increased demand for a sustainable, environmentally friendly, and fuel possessing high energy potential as compared to that of first and second-generation biofuels from agricultural crops, the demand for biofuels derived from algae has augmented. These algae-based biofuels are environmentally friendly since algae are a consumer of the greenhouse gas CO2. Hence, it will create a surge in the Algae market globally.
“Less production of Important Metabolites under Normal Conditions”
Although Algae have several industrial applications, their production has not been fully commercialized. Under normal conditions, algae are not able to produce essential metabolites or produce them in a very small amount. This might act as a challenge for the production of several algae-based products and thus will impact the algal Market globally.
“Production of Low carbon Biofuels”
Algae are rich in lipids and essential nutrients. Microalgae with their lipid extraction can produce biofuels at a much higher rate and efficiency than agricultural plants. Hence, the growing usage of algae in biofuel production will create tremendous opportunities for the algae market globally.
Algae Market Segmentation
The Algae market is segmented based on the following criteria:
- Brown Algae
- Blue-Green Algae
- Red Algae
- Green Algae
- Algae Protein
By Production Method:
- Seaweed Farming
- Animal Feed
- Direct Consumption
- Pharma & Nutraceutical
- Pollution Prevention
- Fertilizers & Soil Conditioners
- Nutrition and Skincare
By End-Use Industry:
- Food & Beverage
- Cosmetic & Personal Care
- North America
- Asia Pacific
- Latin America
- Middle East
Algae Market Regional Outlook
North America is anticipated to be one of the largest contributors to its growing market in the predicted period. Increased R&D activities by the major manufacturers for sustainable and renewable energy production, and increased consumers’ awareness of health and nutrition are some of the probable factors behind its growing market in this region.
Followed by Asia Pacific, which is expected to grow significantly in the forecast period. Adoption of sheer agricultural practices owing to increased population, and investment in the health and nutrition sector are a few of the factors behind the growth of the market for Algae products in this region.
Recent Developments by Key Players:
- In February 2023, an ocean-derived, highly concentrated vegan omega-3 oil formed from microalgae has been introduced by GC Rieber VivoMega under the brand name VivoMega Algae Oils.
- In September 2018, Cyanotech Corporation, a global leader in microalgae-based nutrition and health products joined the Algae Biomass Organization (ABO) as the newest Gold-Level member to promote the production of viable commercial markets for renewable and sustainable commodities obtained from algae.