Market trends, size, and share for algae

The term "algae" refers to a class of mainly watery, photosynthetic, and nucleus-bearing organisms that lack the real roots, stems, and leaves of plants as well as their specialised multicellular reproductive structures. Their cells have characteristics not found in either plants or animals, and their photosynthetic pigments are also more diversified than those of plants. The nucleus, chloroplast, and mitochondrion are three different types of double-membrane-bound organelles found in eukaryotic creatures called algae. Although some cells are multinucleate, the majority of algal cells only have one nucleus.

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According to this latest publication from Meticulous Research®, the algae market is expected to record a CAGR of 9.3% from 2023 to 2030 to reach $29.8 billion by 2030. The growth of this market is mainly attributed to the inclination towards health & wellness trends, the growing dietary supplements industry, growing demand for natural food colors, rising vegetarianism, the growing nutraceutical industry, increasing preference for algae-sourced products, and growing government initiatives to boost seaweed cultivation. However, low awareness about the benefits of algae and the complex production process of algae products is expected to hinder the growth of the global algae market to some extent.

The global algae market study presents historical market data in terms of values (2021 and 2022), estimated current data (2023), and forecasts for 2030- by type (macroalgae {red algae, brown algae, and green algae}, microalgae {spirulina, chlorella, Dunaliella salina, Haematococcus pluvialis, and other microalgae}), distribution channel (business-to-business [B2B], business-to-consumer [B2C]), form (dry form {algae powder, algae flakes, and other dried forms}, liquid form), and application (food & beverages, nutraceuticals, animal feed, cosmetics, and Others). The study also evaluates industry competitors and analyzes the market at a regional and country level.

Based on type, the algae market is mainly segmented into macroalgae and microalgae. The microalgae segment is expected to grow at the highest CAGR during the forecast period owing to the rising health & wellness trends and dietary supplements industry; rising demand for natural food colors; growing vegetarianism; strict regulations regarding the inclusion of synthetic colors and flavors; increasing preference for Spirulina-sourced products, especially Omega-3 fatty acids; growing use of microalgae in aquaculture; rising investments from leading color houses in microalgae; and an increasing number of products that include Spirulina as an ingredient.

Based on distribution channel, the algae market is mainly segmented into business-to-business (B2B) and business-to-consumer (B2C). The B2B segment is expected to account for a larger share of the global algae market in 2023. The large share of this segment is mainly attributed to the direct bulk purchasing of algae by manufacturers from various industries, such as nutraceuticals, food & beverage, and animal feed, for further product development.

Based on form, the algae market is segmented into dry and liquid forms. The dry form segment is expected to account for the larger share of the algae market in 2023, owing to the growing demand for algae powder from the food and cosmetics industries. Moreover, its several benefits, such as comparatively high shelf-life and ease of transport and storage, are further expected to support the growth of this market. In addition, the segment is also expected to record the highest CAGR during the forecast period.

Based on application, the algae market is mainly divided into food and beverages, nutraceuticals, cosmetics, animal feed, and others. The food and beverage segment is expected to account for the largest share of the global algae market in 2023, owing to the growing demand for organic foods products, increased consumption of plant proteins and vegan products, and increased utilization of algae for human consumption. Moreover, rapid population growth, increasing awareness of algae's health benefits, changes in lifestyle patterns and taste preferences among consumers, healthy eating habits, and rising disposable income are further expected to support the growth of this market.

This research report also analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (China, Japan, India, Australia, and RoAPAC), Latin America (Brazil, Mexico, and RoLATAM), and the Middle East & Africa. Asia-Pacific is expected to account for the largest share of the global algae market in 2023, followed by Europe and North America. The large share of this regional market is mainly attributed to the presence of several local and regional players, various government initiatives to promote the cultivation and usage of algae in several industries, growing demand for organic food products, and increasing applications of commercial sea vegetables, especially in food. Moreover, large-scale production and huge consumption of seaweed, huge availability of raw materials, favorable climatic conditions for the production of algae, and cheap labor availability are further expected to support the growth of the algae market in the region.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3-4 years. The key players profiled in the global algae market research report are Fuqing King Dnarmsa Spirulina Co.Ltd. (China), Earthrise Nutritionals, LLC (U.S.), E.I.D. - Parry (India) Limited (India), Cyanotech Corporation (U.S.), Seaweed & Co. (U.K.), Green Rise Agro Industries (India), Ocean Rainforest Sp/F (Denmark), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals Co., Ltd. (China), Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan), Sun Chlorella Corporation (Japan), Far East Algae Industries, Co., Ltd. (Taiwan), Roquette Klötze GmbH & Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), 

Scope of the Report:

Algae Market, by Type

  • Macroalgae/Seaweed
    • Red Algae
    • Brown Algae
    • Green Algae
  • Microalgae
    • Spirulina
    • Chlorella
    • Dunaliella Salina
    • Haematococcus Pluvialis
    • Other Microalgae

Algae Market, by Distribution Channel

  • Business-to-Business (B2B)
  • Business-to-Consumer (B2C)


Algae Market, by Form

  • Dry Form
    • Algae Powder
    • Algae Flakes
    • Other Dried Forms
  • Liquid Form

Algae Market, by Application

  • Nutraceuticals
  • Food and Beverages
  • Animal Feed
  • Cosmetics
  • Other Applications

 Algae Market, by Geography

  • North America
    • S.
    • Canada
  • Europe
    • Germany
    • France
    • K.
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia-Pacific (RoAPAC)
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America (RoLATAM)
  • Middle East and Africa

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