The market size of the Global Algae-Based Ingredients Market in the year 2021 is valued at 3.66 billion and is predicted to reach 6.34 billion by the year 2030 at an 6.52% CAGR during the forecast period.
A range of finished products, including ice cream, anti-obesity, cakes, anti-diabetic medications, aquatic feed ingredients, toothpaste, and moisturizers, contain algae that have been grown using both agricultural and aquaculture techniques. While other items like alginate, agar, and hydrocolloids are used as gelling, suspending, thickening, and stabilizing agents, dietary components, including proteins, vitamins, carotenoids, and fatty acids, are isolated as primary and secondary metabolites from algae. Over the projected timeframe, increased consumer knowledge of the health benefits of products may present new opportunities for the sector to expand. In the upcoming years, market expansion may be supported by the rising demand for and consumption of nutraceutical products, which is supported by the prevalence of several metabolic and health issues.
In addition, the significant shift in eating patterns brought on by the growth in junk food intake has led to an increase in the occurrence of several diseases like diabetes, heart disease, obesity, chronic illnesses, etc., brought on by poor nutrition and a sedentary lifestyle. The International Diabetes Federation has estimated that 20–25% of adults worldwide suffer from metabolic syndrome. Compared to those without the syndrome, those with it are five times more likely to develop type 2 diabetes, three times likely to have a heart attack or stroke, and twice as likely to die. Shortly, due to their established health benefits, product demand will be boosted by the expanding use of algae-based ingredients in nutraceutical applications.
The algae-based ingredients market is segmented on the Ingredients, Source And Application. Based on ingredients, the market is segmented into carrageenan, alginates, algae protein, beta carotene, algae oil, agar and others. Based on source, the algae-based ingredients market is segmented into red algae, green algae, brown algae and others. Based on the application, the algae-based ingredients market is segmented into food and beverages, personal care, nutraceuticals (dietary supplements, functional foods, others), pharmaceuticals, animal feed (poultry, swine, cattle, aquaculture, pet food) and others.
Based on ingredients, the carrageenan segment is accounted as a significant contributor to the algae-based ingredients market.
Based on ingredients, the market is segmented into carrageenan, alginates, algae protein, beta carotene, algae oil, agar and others. The carrageenan category is anticipated to grow significantly over the forecast period. The substance is frequently known for being used as a thickening agent in foods with minimal nutritional value. It is well-known in the pharmaceutical industry to treat various illnesses, including the common cold, cough, bronchitis, tuberculosis, and other intestinal problems. Additionally, the rising use of carrageenan because of its antibacterial and antiviral qualities would boost product demand throughout the anticipated period.
The food and beverages segment witnessed growth at a rapid rate.
Based on the application, the algae-based ingredients market is segmented into food and beverages, personal care, nutraceuticals (dietary supplements, functional foods, others), pharmaceuticals, animal feed (poultry, swine, cattle, aquaculture, pet food) and others. The food and beverages grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the expected time as algal products are used more frequently in beverages, functional foods, and food additives. However, the personal care segment is projected to develop at the quickest rate during the forecast period. During the projected period, the algal product market growth is anticipated to be driven by consumer desire to look young and the development of novel natural ingredients.
The North American algae-based ingredients market holds a significant revenue share in the region.
The North American algae-based ingredients market is expected to register the highest market share in revenue shortly, and the US will gain the most significant market share in North America. Food and beverage, nutraceuticals, medicines, and dietary supplements are all expanding industries that have significantly impacted the US market's expansion. The nation's expanding population is another factor that is projected to boost the market for products made from algae. Additionally, the Asia Pacific is anticipated to grow at a significant rate over the course of the forecast period. Due to more health-conscious consumers, lipids like omega-3 are used more frequently in nutraceutical and dietary supplement products, generating a market opportunity for algae-based omega-3 products.
Some major key players in the algae-based ingredients market are Corbion, Aliga Microalgae, Triton, Cargill, Gino Biotech, CP Kelco U.S. Inc., AEP Colloids, KIMIA, Marine Hydrocolloids, AgarGel, Hispanagar SA, Taiwan Chlorella Manufacturing Company, Bioriginal Food & Science Corp, LUS Health Ingredients BV, Manta Biofuel, and Algenol Biotech.