Market Overview:
Algae Market size is projected to reach USD 3,754.8 Million by 2028 from an estimated USD 2,979.4 Million in 2021, growing at a CAGR of 3.36% globally.
Algae is a large and diverse group of photosynthetic eukaryotic organisms. It is a polyphyletic grouping of species from several distinct clades. The organisms included range from unicellular microalgae like Chlorella, Prototheca, and diatoms to multicellular forms like giant kelp. Algae are plant-like organisms with simple reproductive structures and no roots, leaves, stems, or vascular tissue. They can be found in seawater, freshwater, soil, air, and other organisms. Because algae are high in carbohydrates, protein, enzymes, and fiber, it is used as a food and is beneficial to one’s health. Agar, carrageenan, and alginate pigments found in various algae species supply natural pigments that can be used as alternatives to artificial chemical dyes and coloring agents, as well as for food coloring. Natural algal pigments are also better for paper recycling than manufactured chemical inks because they degrade more easily. Carrageenan is a type of algae that is commonly used as a food stabilizer to prevent mixture separation. It’s also used as a thickener in foods like ice cream, toothpaste, and cosmetics.
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Major Key Players for Algae Market:
- Algae Tec (Western Australia)
- Pond Biofuels Incorporated (ON)
- LiveFuels, Inc (US)
- Algae Systems LLC (US)
- Sapphire Energy, Inc. (US)
- Solazyme, Inc. (US)
- Algenol (US)
- Kai BioEnergy Corp. (US)
- Algix (US)
- DSM Nutritional Products (Netherlands)
- Phycal LLC (Highland Heights, OH)
- Kent BioEnergy Corporation (US)
Market Dynamics and Factors:
Because micro and macro algae contain various nutrients, there is a growing awareness of their various health benefits, which is driving up demand for them. As a result, the algae market grows. The alae are Chlorella and Spirulina. Chlorella is beneficial in the prevention of cardiovascular disease and non-alcoholic fatty liver disease. Chlorella contains nutrients that are essential for collagen synthesis, resulting in healthy, elastic, and even-toned skin. According to a report published by Memorial Sloan Kettering Cancer Center, spirulina can also have promising effects on a variety of viruses. Calcium spirulina, a Spirulina extract, inhibited the doubling of HIV, herpes simplex virus, cytomegalovirus, and influenza viruses in laboratory experiments. Few plant-based foods contain all nine essential amino acids, but spirulina and chlorella both do. Isoleucine, leucine, lysine, methionine, phenylalanine, threonine, tryptophan, histidine, and valine are the amino acids. These amino acids help with a variety of important functions, including tissue repair, nutrient absorption, muscle formation, and injury recovery. As a result, the algae market is expected to grow during the forecast period.
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Algae Market Report Highlight:
- In the Algae market, macroalgae are expected to have the maximum market share, during the projected period. Macroalgae contain more fiber as compared to microalgae. It is used in most foods, and that’s helping the market to grow.
- In the Algae market, Food and Beverage industry is expected to dominate the market share during the forecast period. algae are used in the food industry as food supplements and in addition to functional food. Algae are also added to meat products, such as pasty, steaks, frankfurters, and sausages, as well as to fish, fish products, and oils, to improve their quality. As a result, it is expected to have the largest share of the Algae Market during the forecast period.
- The North American region is anticipated to grab the maximum market share of the Algae market over the projected period. High investment in the R&D sector for the development of new and innovative products gives growth to the market.
Key Industry Development:
- In April 2022, Pond technologies grow algae for sustainable products by using CO2 emissions. Its algae growing platform converts CO2 from untreated stack gas from industrial emitters into the animal, human, and nutraceutical feeds, nutraceuticals, and natural fertilizers.
Algae Market Segmentation:
By Type
- Micro Algae
- Macro Algae
By Application
- Food and beverages industry
- Nutraceutical
- Pharmaceutical industry
- Cosmetics
- Animal and Fish feed
- Biofuel
- Fertilizer
- Wastewater treatment
For this report, Introspective Market Research has segmented the Algae Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Algae Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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