The Algae Market is estimated to be valued at US$ 175.33 Mn or Million in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Algae are simple plant microorganisms that can be harvested for a wide variety of products such as food, feed, nutraceuticals, pharmaceuticals, industrial applications, renewable biofuels, and more. Algae contain antioxidants, proteins, minerals, vitamins, omega fatty acids which make them beneficial for human health and nutrition. Spirulina and chlorella algae are commonly used as dietary supplements. Algal biomass is also used as animal feed protein in aquaculture and agriculture.
Growing demand for renewable biofuels: Algal biofuels have gained significant attention as a sustainable alternative to fossil fuels to meet future energy needs. Algae can be used to produce biodiesel, jet fuel, gasoline, and other renewable fuels as their oil content can be extracted and processed into biofuels. This is expected to drive the algae market growth over the forecast period.
Rising adoption in various end-use industries: Algae find wide applications in various industries such as food & beverages, dietary supplements, pharmaceuticals, personal care & cosmetics, agriculture, animal feed and has gained adoption as a renewable fuel source. Increasing commercial production and use of algae-based products in these industries will favor market growth between 2023 and 2030.
The global algae market is segmented into spirulina, chlorella, astaxanthin, beta carotene, and others. Among these, the spirulina segment held the largest market share in 2022 and is expected to dominate the market during the forecast period. Spirulina is a nutrient-rich and protein-dense superfood. It helps prevent cancer, cardiovascular disease, diabetes, arthritis, and aging. Due to its high nutritional value, spirulina witnesses rising demand from the nutraceuticals and food supplement industries.
Political: Governments across countries promote algae cultivation and production through funding and subsidies. For instance, the US government funds research on algae biofuels through its Department of Energy.
Economic: The rising health consciousness is fueling demand for plant-based proteins and superfoods. This drives growth in the nutraceuticals and food supplement industries using algae.
Social: Changing lifestyles and increase in lifestyle diseases boost consumption of dietary supplements and functional foods containing algae extracts.
Technological: Advancements in cultivation techniques help lower production costs and encourage commercial production of high-value algae extracts.
The global Algae Market Share is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand for plant-based proteins and superfoods. The market size is estimated to reach US$ 321.72 Mn by 2030 from US$ 175.33 Mn in 2023.
Regionally, North America dominated the global algae market in 2022 and is predicted to lead throughout the analysis timeframe. This can be attributed to rising health consciousness and widespread adoption of algal dietary supplements in the US and Canada.
Key players operating in the algae market are Cyanotech Corporation, Dic Corporation, 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, Fuqing King Dnarmsa Spirulina Co. Ltd., Sun Chlorella Corporation, and Ecoduna Ag. Cyanotech Corporation and DIC Corporation enjoy a significant market share due to their diversified product portfolios and global marketing networks.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it