The algae products market size is estimated to be valued at US$ 5.3 billion in 2023 and surpass US$ 7.3 billion by 2028. The market is likely to witness a significant CAGR of 6.4% during the forecast period. Consumers are increasingly seeking natural and sustainable alternatives in various industries, including food, pharmaceuticals, cosmetics, and biofuels. Algae products offer a renewable and eco-friendly source of nutrients, bioactive compounds, and raw materials, making them highly attractive to environmentally conscious consumers.
Algae are known to be rich in essential nutrients, such as proteins, vitamins, minerals, and omega-3 fatty acids. The growing awareness of these health benefits, including immune system support, cardiovascular health, and cognitive function, is driving the demand for algae-based dietary supplements, functional foods, and nutraceuticals.
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Based on type, lipids is estimated to account for the largest market share of the algae products market
Based on type, lipids segment is estimated to account for the largest market share. The presence of lipids in algae products allows for their incorporation into functional foods and nutraceuticals. Lipids provide a source of energy and enhance the absorption of fat-soluble vitamins and bioactive compounds. Algae-based lipid ingredients are used in the development of various products, including dietary supplements, protein bars, beverages, and fortified foods.
Blue green algae segment of the algae products market by source is projected to witness the highest CAGR during the forecast period
Based on source, the blue green algae segment estimated to account for the highest growth rate. Blue-green algae are considered a valuable source of plant-based protein. They have a higher protein content compared to traditional plant sources, such as soybeans and wheat. The protein from blue-green algae is of high quality, containing all the essential amino acids required by the human body. This makes blue-green algae an attractive option for protein supplementation in the form of powders, protein bars, and beverages.
Based on end application, personal care segment is projected to witness the highest CAGR during the forecast period
Algae extracts and compounds are known to possess various beneficial properties for skin and hair health. They are rich in vitamins, minerals, antioxidants, and bioactive compounds that nourish and protect the skin and hair. Algae-based ingredients are often used in skincare products, such as moisturizers, serums, masks, and cleansers, to provide hydration, improve skin elasticity, promote cell regeneration, and offer anti-aging effects. In hair care products, algae extracts can enhance hair strength, shine, and manageability.
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The North America market is projected to contribute the largest share for the algae products market
There is a growing awareness among consumers in North America regarding the health benefits and sustainability aspects of algae-based products. Consumers are becoming more conscious of their dietary choices and are actively seeking natural, plant-based alternatives for various applications. This awareness has resulted in a rising demand for algae-derived products, including food and beverages, dietary supplements, personal care items, and biofuels.
According to the CRN’s 2021 Consumer survey on Dietary supplements, showed that 80% of Americans are now using dietary supplements, an increase of 7% from 2020. Also the number of Americans viewing the dietary supplements industry as trustworthy has increased: 79% in 2021, compared to 74% in 2020. This leads to higher demand for algae-infused nutraceuticals in the country.
Prominent companies in this market include well-established, financially stable manufacturers of algae products market. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), E.I.D Parry (India), International Flavors & Fragrances Inc (US), Cynotech Corporation (US), Earthrise Nutritionals LLC (US),  CP Kelco U.S., Inc (US), Cargill, Incorporated (US), and Algea (Norway).