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Algae Products Market worth $7.3 billion by 2028 - Exclusive Report by MarketsandMarkets™

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MarketsandMarkets

23 Jun, 2023, 03:00 GMT

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CHICAGO, June 23, 2023 /PRNewswire/ -- The algae products market is estimated at USD 5.3 billion in 2023 and is projected to reach USD 7.3 billion by 2028, at a CAGR of 6.4% from 2023 to 2028 according to a report published by MarketsandMarkets™. Algae products have diverse applications across various industries, including food and beverages, pharmaceuticals, cosmetics, animal feed, biofuels, and wastewater treatment. The versatility of algae and their ability to be processed into different forms, such as powders, extracts, and oils, make them attractive ingredients for a wide range of products, driving market growth.

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Browse in-depth TOC on "Algae Products Market"

140 – Tables
130 – Figures
260 – Pages

Carotenoids segment, by type is projected to account for the Second highest CAGR during the forecast period

The growing consumer awareness of the importance of antioxidants and their potential health benefits has increased the demand for algae products rich in carotenoids. These compounds are sought after for their role in maintaining overall health and well-being. The use of algae-derived carotenoids as natural food colorants in the food and beverage industry further drives their market growth.

Blue green algae segment, by source is projected to witness the highest CAGR during the forecast period.

Blue-green algae are widely distributed in various aquatic environments, including freshwater lakes, rivers, and oceans. They are naturally abundant and can be easily cultivated, making them a reliable and sustainable source for algae-based products. The availability of blue-green algae in large quantities ensures a consistent supply for commercial production.

Blue-green algae contain various pigments, such as chlorophyll and phycocyanin, which give them their distinctive blue-green color. These natural pigments are used as food colorants in the food and beverage industry, replacing synthetic dyes. The demand for natural and plant-based food colorants has driven the use of blue-green algae as a sustainable alternative.

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North America is expected to account for the largest market share in 2023.

The algae products market industry has been studied in North America, Europe, Asia Pacific, South America and Rest of the World. North America is home to several key market players in the algae products industry, including algae cultivators, processors, and product manufacturers. These companies have significant expertise, infrastructure, and distribution networks to meet the growing demand for algae-based products in the region. Their market presence and strong market strategies contribute to the overall market growth and drive the adoption of algae products across various sectors.

Major players operating in the algae products market includes 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).

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Browse Adjacent Reports @ Food and Beverage Market Research Reports & Consulting

Browse Other Food & Beverages Domain Reports:

Seaweed Protein Market by Source (Red Seaweed, Green Seaweed & Brown Seaweed), Mode of Application (Food, Animal Feed & Additives, Personal Care & Cosmetics), Extraction Process (Conventional Method & Current Method), & Region - Global Forecast to 2027

Meat Substitutes Market by Product (Tofu, Tempeh, Textured Vegetable Protein, Seitan, Quorn and Other Product), Source (Soy Protein, Wheat Protein, Pea Protein and Other Sources), Types ( Concentrates, Isolates and Textured), Form (Solid, Liquid), Category (Frozen, Refrigerated and Shelf Table) and Region (North America, Europe, Asia Pacific, Rest of the World) - Forecast 2027

Spices and Seasonings Market by Type, Application (Meat & Poultry Products, Snacks & Convenience Food, Soups, Sauces, and Dressings, Bakery & Confectionery, Frozen Products, Beverages), Nature, & Region - Global Trends and Forecast to 2026

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/algae-product-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/algae-product.asp

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