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Global Algae Market Size, Share, Growth, Trends, Forecast: By Type: Spirulina, Astaxanthin, Chlorella, Chlorella, Hydrocolloids, Others; By Material Source: Brown Algae, Red Algae, Green Algae, Blue Green Algae, Others; By Form; By Application; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Algae Market Outlook
The global algae market size reached a value of approximately USD 23.89 billion in 2023. The market is projected to grow at a CAGR of 10.60% between 2024 and 2032, reaching a value of USD 59.16 billion by 2032.
Algae is an aquatic eukaryotic organism that is capable of performing photosynthesis but lacks the specialised multicellular reproductive structures of a plant including true stem, root, and leaves. Algae is extensively used in the production of food and beverages and dietary supplements, among others.
Algae encompass a wide range of organisms, differing in size, colour, structure, and habitat. They include both prokaryotic forms (like cyanobacteria) and eukaryotic forms (like green, red, and brown algae). Like plants, algae conduct photosynthesis, converting sunlight, carbon dioxide, and water into oxygen and biomass, making them important oxygen producers.
Algae contribute significantly to global oxygen production through photosynthesis. Phytoplankton in the ocean is particularly vital in this regard. Algae also absorb carbon dioxide from the atmosphere and water, playing a role in carbon sequestration and climate regulation. Algae serve as a primary food source for a variety of aquatic organisms, including fish, shellfish, and zooplankton.
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Key Trends in the Market
Algae is emerging as a promising alternative to chemical pesticides and insecticides
One of the crucial algae market trends is the growing usage of algae as a replacement for chemical pesticides and insecticides owing to its ability to repel pests and suppress the growth of soil-borne plant pathogens, allowing improved plant growth. Some algae produce bioactive compounds that have been found to have pesticidal properties. These compounds can deter, inhibit, or kill agricultural pests, including insects, fungi, and weeds.
Unlike many chemical pesticides, certain algal-based treatments have the potential to be more selective, targeting specific pests without harming beneficial insects, soil health, or the surrounding ecosystem.
Utilising algae as a natural pesticide reduces dependence on chemical pesticides, which are often associated with environmental and health risks, such as soil degradation, water pollution, and harm to non-target species including pollinators. Algal-based pesticides support sustainable and organic farming practices, aligning with the growing consumer demand for eco-friendly and organic produce.
Algae have become increasingly popular as a source of dietary supplements
Various algal species have high protein content and are rich in essential minerals, such as folate, zinc, and magnesium, because of which they are widely used in dietary supplements, boosting the algae market growth. Organic blue-green algae such as spirulina and chlorella are composed of 70% protein and contain minerals, trace elements, and vitamins.
Spirulina is a blue-green algae renowned for its high protein content, vitamins (especially B vitamins), minerals (such as iron and magnesium), and antioxidants. It's credited with supporting immune function, improving gut health, and potentially having anti-inflammatory and antioxidant effects. Available in powder, tablet, and capsule forms, it's a popular supplement among vegetarians and vegans for its high plant-based protein content.
Chlorella is a single-celled green algae known for its ability to bind to heavy metals and other toxins, aiding in detoxification. It's a rich source of proteins, omega-3 fatty acids, fibre, vitamins, and minerals and is often used to boost immune health, improve cholesterol levels, and as an antioxidant.
Algae's versatility is increasingly recognised in various sectors, including food, paint, and even toothpaste
Increasing applications of algae in the preparation of food products including chocolates, jellies, and ice creams, as well as various other products such as paints and toothpaste is enhancing the algae market demand.
Algae-derived ingredients like carrageenan (from red algae) and alginate (from brown algae) are used as thickeners, stabilisers, and gelling agents in various food products, including ice creams, jellies, and dairy products. Certain algae, such as blue-green spirulina, are used as natural food colourants, offering a healthier alternative to synthetic dyes.
Algae are being explored as a source of natural pigments for paints. These pigments are not only eco-friendly but also offer a range of colours based on the type of algae used. Certain types of algae have also been used as mild abrasive agents in toothpaste, helping in the effective cleaning of teeth without damaging the enamel.
Global Algae Market Analysis
The global algae market based on type can be segmented into spirulina, astaxanthin, chlorella, astaxanthin, and hydrocolloids, among others. On the basis of material source, the market is divided into brown algae, red algae, green algae, and blue green algae, among others. By form, the market is categorised into solid and liquid. On the basis of application, the market is divided into personal care, food and beverage, nutraceutical and dietary supplements, chemicals, and feed, among others.
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Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global algae market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Euglena Co., Ltd.
- Algae Systems, LLC
- Cyanotech Corporation
- Cargill Inc.
- Exploritech, Inc.
- Corbion NV
- Algatech LTD
- Cellana Inc.
- Earthrise® Nutritionals LLC
- BASF SE
- DuPont de Nemours, Inc.
- Others
Market Share by Application
The food and beverage segment accounted for a significant portion of the algae market share owing to the rising applications of algae in food products due to various nutritional benefits provided by them. Algae is widely known for its richness in proteins, antioxidants, vitamins, fatty acids, and fibre, along with minerals such as phosphorous, magnesium, iron, and zinc, which are essential for the optimum functioning of the body.
A wide range of dairy products, including milk, cheese, and whipped topping, among others, utilise algae as an ingredient. Further, the use of algae as a food additive in meat processing plants to improve the taste and shape is further boosting its demand across the globe.
The demand for algae in personal care products is rising, driven by trends towards natural, sustainable, and effective ingredients in the beauty and skincare sector. Algae are loaded with essential nutrients like vitamins A, C, E, and B-complex, and minerals like iodine, selenium, and zinc, which are beneficial for skin health.
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Market Share by Region
North America held a large share of the algae market owing to the rising population in the region, which is increasing the demand for various food products, including dairy. People are becoming more health conscious and thus, the demand for dietary supplements and nutraceutical products is also increasing, which is boosting the demand for algae.
The surge in plant-based diets has boosted the demand for algae as a protein source and as an ingredient in vegan and vegetarian food products. The trend towards eco-friendly and sustainable personal care products is also driving demand for algae-based ingredients.
The market in the Asia Pacific region is also anticipated to grow rapidly over the forecast period owing to the rising disposable income of consumers in countries such as India, Japan, and China, and the growing consumption of food and cosmetic products. In many Asia Pacific countries, algae have been a traditional part of the diet for centuries. For example, seaweeds like nori in Japan, kelp in Korea, and various seaweeds used in Chinese cuisine are integral to regional diets. Additionally, the rising population of health-conscious individuals in the region is further boosting the demand for algae.
Competitive Landscape
Euglena Co., Ltd. was founded in 2005 and is headquartered in Tokyo, Japan. It is a biotechnology company that is known for researching, developing, producing, and marketing microalgae that is used in various functional foods and cosmetics.
Algae Systems LLC was founded in 2009 and is headquartered in Nevada, United States. The company is focused on providing autotropic algal solutions for water treatment to its customers globally.
Cyanotech Corporation was established in 1983 and has its headquarters located in Hawaii, United States. The company is focussed on producing micro-algae such as BioAstin®, Natural Asthaxanthin and Hawaiian Spirulina Pacifica.
Other algae market players include Cargill Inc., Exploritech, Inc., Corbion NV, Algatech LTD, Cellana Inc., Earthrise® Nutritionals LLC, BASF SE, and DuPont de Nemours, Inc., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Material Source |
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| Breakup by Form |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Algae Market Analysis
8.1 Key Industry Highlights
8.2 Global Algae Historical Market (2018-2023)
8.3 Global Algae Market Forecast (2024-2032)
8.4 Global Algae Market by Type
8.4.1 Spirulina
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Astaxanthin
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Chlorella
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Hydrocolloids
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Algae Market by Material Source
8.5.1 Brown Algae
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Red Algae
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Green Algae
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Blue Green Algae
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Algae Market by Form
8.6.1 Solid
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Liquid
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Algae Market by Application
8.7.1 Personal Care
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Food and Beverage
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Nutraceuticals and Dietary Supplement
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Chemicals
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Feed
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Others
8.8 Global Algae Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Algae Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Algae Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Algae Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Algae Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Algae Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code - 121221)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Euglena Co., Ltd.
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Algae Systems, LLC.
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Cyanotech Corporation
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Cargill Inc.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Exploritech, Inc.
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Corbion NV
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Algatech LTD
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Cellana Inc.
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Earthrise® Nutritionals LLC
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 BASF SE
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 DuPont de Nemours, Inc.
18.2.11.1 Company Overview
18.2.11.2 Product Portfolio
18.2.11.3 Demographic Reach and Achievements
18.2.11.4 Certifications
18.2.12 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Algae Market: Key Industry Highlights, 2018 and 2032
2. Global Algae Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Algae Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Algae Historical Market: Breakup by Source (USD Billion), 2018-2023
5. Global Algae Market Forecast: Breakup by Source (USD Billion), 2024-2032
6. Global Algae Historical Market: Breakup by Form (USD Billion), 2018-2023
7. Global Algae Market Forecast: Breakup by Form (USD Billion), 2024-2032
8. Global Algae Historical Market: Breakup by Application (USD Billion), 2018-2023
9. Global Algae Market Forecast: Breakup by Application (USD Billion), 2024-2032
10. Global Algae Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Algae Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Algae Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Algae Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Algae Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Algae Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Algae Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Algae Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Algae Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Algae Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Algae Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Algae Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Major Importing Countries by Value
23. Major Exporting Countries by Value
24. Major Importing Countries by Volume
25. Major Exporting Countries by Volume
26. Global Algae Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 23.89 billion in 2023.
The market is projected to grow at a CAGR of 10.60% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 59.16 billion by 2032.
The key drivers of the market include rising adoption of algae by the cosmetics industry, increasing health consciousness among individuals, and rising disposable incomes.
The key trends of the market include increasing awareness about pest repelling properties of algae, increasing demand as a dietary supplement, and increasing applications of algae across various end user industries.
The various types of algae are spirulina, astaxanthin, chlorella, astaxanthin, and hydrocolloids, among others.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key 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., among others.
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