“Algae-Based Ingredients Market” in terms of revenue was estimated to be worth $4.01 billion in 2023 and is poised to reach $6.88 billion by 2031, growing at a CAGR of 7.24% from 2024 to 2031 according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Algae-Based Ingredients Market are:
- Increasing consumer demand for plant-based products
- Rising awareness of the nutritional benefits of algae
- Expanding applications in the food and beverage industry
The following are the primary obstacles to the Algae-Based Ingredients Market’s expansion:
- High production costs
- Limited consumer awareness
- Hindering widespread adoption and growth in the market
Future expansion opportunities for the global Algae-Based Ingredients Market include:
- Biofuels and renewable energy
- Increased use in agriculture and animal feed
- Growing need from food and beverage industry
Market Analysis:
The algae-based ingredients market refers to the industry focused on cultivating and utilizing various components derived from algae, such as proteins, lipids, and pigments, for applications in food, pharmaceuticals, cosmetics, and other sectors. The growing demand for sustainable and nutritious alternatives in various consumer products drives this market.
List of Prominent Players in the Algae-Based Ingredients Market:
- Corbion,
- Aliga Microalgae,
- Triton, Cargill,
- Gino Biotech,
- CP Kelco U.S. Inc.,
- AEP Colloids,
- KIMIA,
- Marine Hydrocolloids,
- AgarGel,
- Hispanagar SA,
- Taiwan Chlorella Manufacturing Company,
- Bioriginal Food & Science Corp,
- LUS Health Ingredients BV,
- Manta Biofuel,
- Algenol Biotech.
Algae-Based Ingredients Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 4.01 billion |
|
Revenue forecast in 2031 |
USD 6.88 billion |
|
Growth rate CAGR |
CAGR of 7.24% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
By Ingredients, Source, Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Recent Developments:
- In 2021, Azelis was announced as CP Kelco’s exclusive distribution partner across numerous countries and market segments, including GENU Carrageenan product lines and others. This new distribution agreement with Azelis in the EMEA Region enhanced the company’s market and customer expertise to bring the best possible customer experiences and products.
- In 2019, Corbion and Nestlé (Switzerland) entered into a joint development agreement to develop a next-generation platform of algae-based ingredients rich in protein and micronutrients. The agreement will combine Corbion’s microalgae and fermentation capabilities with Nestlé’s expertise in the development of plant-based products. The joint development agreement aims to establish a platform for the production and commercialization of algae-based ingredients.
- In 2019, Solabia Group (France) acquired Algatech Itd. Solabia Group offers an extensive range of active principles and ingredients used throughout the world by the cosmetics, pharmaceutical, and food industries. The acquisition allowed the companies to benefit from an extended network and base of expertise, as well as new marketing channels and an expanded customer base.
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Algae-Based Ingredients Market Dynamics:
Market Drivers: Increasing Consumer Demand For Plant-Based Products
The escalating consumer demand for plant-based products drives the Algae-Based Ingredients Market. As health and sustainability concerns gain prominence, consumers are actively seeking alternatives to traditional animal-derived ingredients. Algae-based ingredients offer a compelling solution, being rich in nutrients, environmentally friendly, and versatile in various applications, including food, cosmetics, and pharmaceuticals. The inherent plant-based nature of algae aligns with the growing preference for sustainable and ethical consumption, driving the market’s expansion. With consumers prioritizing health-conscious choices and environmentally friendly options, algae-based ingredients are positioned as a key player in meeting these evolving demands in the global market.
Challenges: High Production Costs
The algae-based ingredients market faces significant challenges, with high production costs being a prominent hurdle. The cultivation and processing of algae into viable ingredients incur substantial expenses, stemming from the need for specialized equipment, energy-intensive production methods, and sophisticated technology for optimal growth conditions. Additionally, the complexity of maintaining consistent quality and purity standards adds to the overall cost. These high production costs can limit market scalability, hinder widespread adoption, and potentially result in elevated prices for end-products, making it crucial for industry stakeholders to explore cost-effective innovations and sustainable practices to address this challenge and foster the growth of the algae-based ingredients market.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North American algae-based Ingredients Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is due to the increasing consumer demand for sustainable and plant-based products. The region’s strong focus on health and wellness, coupled with a rising awareness of environmental concerns, has propelled the adoption of algae-derived ingredients in various industries. The United States and Canada are at the forefront of this trend, witnessing a surge in the use of algae-based ingredients in food and beverage, pharmaceuticals, and cosmetics. Additionally, supportive government initiatives and a growing emphasis on clean and green technologies further contribute to the market’s expansion in North America.
Segmentation of Algae-Based Ingredients Market-
By Ingredients –
- Carrageenan
- Alginates
- Algae protein
- Beta Carotene
- Algae oil
- Agar
- Others
By Source-
- Red Algae
- Green Algae
- Brown Algae
- Others
By Application-
- Food and Beverages
- Personal Care
- Nutraceuticals
- Dietary supplements
- Functional Foods
- Others
- Pharmaceuticals
- Animal Feed
- Poultry
- Swine
- Cattle
- Aquaculture
- Pet Food
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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