Global Algae Market to Grow at a CAGR of 10.60% During 2024-2032, Aided by the Increased Demand from Various Downstream Applications and Growing R&D

Algae are crucial for global oxygen production and carbon sequestration. Phytoplankton, a type of algae, plays a key role in oxygen production. Algae absorb carbon dioxide, helping with climate regulation. Further, they serve as a primary food source for many aquatic organisms, including fish, shellfish, and zooplankton. The growing R&D activities to explore the potential applications of algae in various industries have been a key factor driving the global algae market development.

According to a report by FAO, the State of World Fisheries and Aquaculture 2024, there is a significant rise in the adoption of aquaculture. This not only accelerated fishery production but also algae production around the world. The global aquaculture production reached 130.9 million tonnes in 2022. This included 37.8 million tonnes of algae production, contributing about 29% in terms of volume. The main regions for aquatic animal production were Asia (70%), Europe (9%), Latin America and the Caribbean (9%), Africa (7%), Northern America (3%), and Oceania (1%). Furter, the leading countries in aquaculture production were China (36%), India (8%), Indonesia (7%), Vietnam (5%), and Peru (3%).

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Moreover, rising innovation with algae and biofuel is shaping the market dynamics. For instance, ExxonMobil continues to invest in algae biofuel research despite the challenges that have caused many other companies to abandon the effort. In 2017, ExxonMobil, in partnership with Synthetic Genomics, announced the use of CRISPR gene-editing technology to create an algal strain with the potential for low-carbon fuel production. This research aims to find and develop algae strains that can grow rapidly and produce high amounts of lipids, which are essential for biofuel. Although progress has been slow and the technology remains costly, ExxonMobil remains committed, hoping to produce 10,000 barrels of algae fuel per day by 2025.

Market Breakup by Type, Material Source, Form, Application, and Region:

• Based on type, the market is divided into Spirulina, Astaxanthin, Chlorella, and Hydrocolloids amongst others.

• The market by material source is segmented into brown algae, red algae, green algae, and blue green algae, amongst others.

• The market by form is bifurcated into solid and liquid.

• Based on application, the market can be divided into personal care, food and beverage, nutraceuticals and dietary supplements, chemicals, and feed, amongst others. 

• Region-wise, the global algae market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Algae are emerging as a promising alternative to chemical pesticides and insecticides due to their ability to repel pests and suppress soil-borne plant pathogens. This promotes improved plant growth and reduces environmental and health risks associated with chemical pesticides.

• Algae, particularly species like Spirulina and Chlorella, are gaining popularity as dietary supplements. Their high protein content and rich essential minerals, vitamins, and antioxidants, support immune function, gut health, and detoxification.

• Algae-derived ingredients such as carrageenan and alginate are used as natural thickeners, stabilizers, and gelling agents in the food industry in  products like chocolates, jellies, and ice creams. 

• The versatility of algae is increasingly recognized in multiple sectors, including non-food products such as paints and toothpaste, enhancing market demand. Algae-based pigments offer eco-friendly options for paints and natural abrasives in toothpaste.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for algae for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the type, material source, form, application, and major regions of the algae market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global algae market are Euglena Co., Ltd., Algae Systems, LLC, Cyanotech Corporation, Cargill Inc., Exploritech, Inc., Corbion NV, Algatech LTD, Cellana Inc., Earthrise® Nutritionals LLC, BASF SE, and DuPont de Nemours, Inc, amongst others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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