Inclination for Plant-Based Products to Create US$ 9 Billion Market Opportunity for Algae Products in 2032

Algae Products Demand to Nearly Double as Cosmetic & Personal Care Brands Go Natural

Fact.MR's latest study on the global algae products market offers comprehensive analysis into prominent factors favoring growth between 2022 and 2032. It offers an elaborate quantitative and qualitative analysis on the current market trends. The study also unravels demand for algae products in the market in terms of form, application, product, sales channel, and region.

NEW YORK, July 13, 2022 /PRNewswire/ -- The global algae products market is slated to expand at a positive 4.8% CAGR during the forecast period (2022-2032). Growth in the market is underpinned by rising preference for natural and plant-based products in personal care and food & beverage industries.

As per Fact.MR, overall sales in the algae products market are expected to total 4.96 Billion in 2022 and surpass US$ 9.1 Billion by the end of 2032. Algae products are now extensively used in food and cosmetic products such as ice-cream, cakes, moisturizers, and others.

With growing inclination towards organic and natural ingredients, the demand for plant-based products is surging, especially among millennials. As algae is derived using both aquaculture and agriculture methods, end users are increasing the consumption in a wide variety of products.

As per the data of the Good Food Institute, the plant-based market in the U.S. was worth US$ 7 billion and is expected to gain more traction over the upcoming decade. Besides this, application of algae products in animal & aquaculture feed and cosmetics is another factor fueling the demand in the market.

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With surging application of these products in diverse industries, several government and private organizations are investing heavily for developing algae-based products. According to the Department of Energy (DOE), the U.S. DOE announced the investment of nearly US$ 34 million in funding of 11 projects supporting R&D to produce bio-power and bio-products.

As algae are a class of nucleus-bearing organisms and require minimal sunlight, they proliferate at a rapid pace. Consequently, leading companies in cosmetics, food, and aquaculture industries are utilizing different species of algae in developing natural products.

This is anticipated to create lucrative growth opportunities for companies manufacturing algae based products over the upcoming decade. Based on these factors, Fact.MR estimates the market will expand by 1.8x between 2022 and 2032.

Key Takeaways:

• North America is projected to account for over 1/3^rd of overall algae products sales in the global market.
• Europe algae products market is expected to hold over 24% of demand share in the global market in 2022.
• Top 3 countries in the global algae products market is anticipated to hold over 33.6% of sales in the market.
• Based on product type, the antioxidants segment is projected to witness incremental growth opportunity by the end of 2032.
• In terms of application, the food & beverage segment is expected to witness highest growth, followed by dietary supplements through 2022 & beyond

Growth Drivers:

• Growing awareness regarding the nutritional benefits of algae-based products will propel the demand in personal care and food & beverage industries
• Favorable government initiatives in countries such as China and India to boost the development of plant-based products will aid the growth in the market
• Growing fad of plant-based food and cosmetics products coupled with preference for natural ingredients will boost the market.

Restraints:

• High production cost of algae products to create a challenge for incumbents and small local players
• Inadequate resources and lack of research & development activities in low-and middle-income countries might hamper the demand.

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Competitive Landscape:

Key companies in the algae products market are focusing on product portfolio expansion and collaboration with end users to strengthen their foothold in the industry. As per Fact.MR, the market is expected to be fragmented with the presence of significant players in the market.

They are also investing heavily in research and development activities to develop a wide variety of algae products to cater to the growing demand in food & beverage and personal care industries.

For instance,

• In April 2021, Yemoja Ltd., announced the launch of algae-based ingredient, EFS-Revive, to improve skin health. This product is derived from a species of red algae and is free of any chemical. This will aid the company in gaining revenue over the upcoming decade.
• In October 2020, Cyanaotech Corporation, leading company manufacturing algae specific products, unveiled its BioAstin Hawaiian Astaxanthin, water dispersible powder, an antioxidant derived from microalgae.

Key Companies Profiled by Fact.MR

• Cargill Inc.
• The Dow Chemical Company
• BASF SE
• Cyanotech Corporation
• Kerry Group
• Ingredion Incorporated
• Corbion N.V.
• Roquette Frères
• CP Kelco
• Fenchem Biotek
• Algatechnologies
• Koninklijke DSM N.V

More Valuable Insights on Algae Products Market

In its recent study, Fact.MR offers exhaustive analysis facilitating the growth in the global algae products market during the projection period. The study also offers compelling insights into prominent drivers creating lucrative growth opportunities in the algae products market through detailed segmentation as follows:

By Product:

• Hydrocolloids
• Carotenoids & Pigments
• Lutein
• Beta Carotene
• Lycopene
• Astaxanthin
• Fucoxanthin
• Others
• Antioxidants
• Lipids
• Proteins
• Others

By Form:

• Powder Algae Products
• Liquid Algae Products

By Application:

• Food & Beverages
• Dietary Supplements & Pharmaceuticals
• Animal & Aquaculture Feed
• Cosmetics & Personal Care
• Others

By Sales Channel:

• Direct Sales of Algae Products
• Indirect Sales of Algae Products
• Store-based Retailing
• Hypermarkets/Supermarkets
• Pharmaceutical/Drug Stores
• Specialty Stores
• Others
• Online Sales of Algae Products

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania

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Key Questions Covered in the Algae Products Market Report

• What is the valuation of algae products market currently?
• At what CAGR algae products market is projected to expand during the forecast period?
• What is the valuation of the algae products market in China?
• What will be the size of the algae products market in 2032?
• What are the key trends spurring the demand for algae products in the market?

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Algae Supplements Market: Rising inclination towards organic and natural products is improving the demand for algae supplements, opines Fact.MR. As per the study, the market is estimated to witness robust growth at 7% CAGR through 2022 & beyond.

Algae Fats Market: The algae fats market is expected to gain traction owing to the growing demand for macro- and micro-algae food products across the globe. Growing awareness regarding the nutritional benefits of plant-based products is facilitating the demand in the market.

Algae Omega 3 Market: Algae omega is also known as n-3 fatty acids and are extensively consumed to boost the metabolism and reduce the risk of cardiovascular diseases. This is expected to increase their application for dietary supplements and food products, aiding the growth in the market.

Brown Algae Protein Market: The brown algae are primarily produced in Peru, Chile, China, Korea and some European countries such as Scotland, Ireland and Norway. Due to the high protein content, brown algae protein is gaining preference as a plant protein alternative.

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SOURCE Fact.MR