Algae Products Market Global Forecast Report by Type (Lipids, Carrageenan, Carotenoids, Algal Protein, Alginate, Others), Source (Brown Algae, Blue-Green Algae, Red Algae, Green Algae), Form (Solid, Liquid), Application (Food and Beverages, Nutraceuticals and Dietary Supplements, Personal Care, Feed, Pharmaceuticals, Chemicals, Others), Countries and Company Analysis 2024-2032

Growth Drivers for the Algae Products Market 

Increasing Demand for Sustainable Food Sources 

Increased population pressure and awareness of the effect of our production methods on the planet’s eco-system increases demand for other sources of protein and foods derived from algae are seen as healthier solutions to the market. Spirulina and chlorella which are types of algae contain proteins and various nutrients aligned with the current trend of desire for healthy foods and plant based diets. Also, algae are environmentally friendly than traditional crops because they demand less water and space for growth and culture. Another market related to the growing demand for sustainable sources of food is the algae product market which is slowly growing. The SUBMARINER Network initiated the AlgaeProBANOS (APB) project in July 2023 for building up sustainable products from algae in different sectors.

Rising Applications in the Nutraceutical and Pharmaceutical Industries 

Algae products are today used for nutritional and therapeutic value, and scrimmage with bioactive substances hence find application in nutraceutical and pharmaceutical industries. The high demand of customer-friendly products with high concentrations of omega-3 fatty acids, antioxidants, vitamins, and minerals makes the algae-serviced supplements an attractive option. With increased scientific revelations on the benefits of algae, including its use as anti-inflammatory and an immune booster, these pharmaceutical entities are including these materials to new formulations as supplements. The rising awareness of the health benefits of algae fuels market demand and the innovations of new uses for algae in health related and nutritional goods. In January 2023, Kemin Industries came up with an algae beta glucan that is ideal for functional foods and supplements.

Growing Interest in Renewable Energy and Biofuels 

The increasing use of renewable energy sources accelerates the algae products, especially in the production of biofuel industry. The use of algae makes it very possible to produce bio fuels like biodiesel and bio ethanol to compete with fossil fuels. Algae based bio fuels are also emerging as a potential low carbon energy solution as more and more governments and industries turn towards beating carbon emission and fighting climate change. Moreover, processing engineering systems of algae also enhance its ability to compete effectively as a source of biofuels reducing the costs of production encouraging more investors and interest in the products from algae. April 2024, The U.S. Department of Energy opened MACRO funding opportunity on the issues concerning the conversion of algae to biofuels and bioproducts, The DoE made available up to $18.8 million in grant.

Europe Algae Products Market 

The European algae products market is relatively large and continues to grow because of increasing concern in natural food additives, cosmetics, and health enhancing supplements. High principles regarding sustainability and environmentally friendly products add strength to the market respectively. Algae production and new product innovation is in advanced stage in countries like France, Germany and UK.

Germany Algae Products Market 

The algae products market in Germany is steadily expanding with higher sales opportunities stimulated by changing consumer habits towards availability of eco-friendly and nutritious food. People are becoming more concerned with organic food additives, nutritional supplements and cosmetics from algae because they are environmentally friendly and contain many nutrients. In Germany, research and development of algae production are on the cutting edge, and improving technologies of processing make products better and more efficient. Moreover, the German government has encouraged sustainable use of materials that are ecofriendly; this makes the use of algae in different sectors encouraged. Increasing concern of the public on environment coupled with knowledge on the positive impact of algae propel Germany as a major market for algae products in Europe. May 2023 – SUBMARINER Network is heading AlgaeProBANOS project which is under the European Union’s Horizon Europe program. The special purpose of the project is to produce environmentally friendly products from algae for the Blue Mission BANOS lighthouse project. Therefore, this campaign is under the EU Mission Restore our Ocean and Waters and seeks to implement solutions to identify and solve threats to the overall welfare of our seas and oceans. It will be carried over four years with over €12 million funding, and more emphasis will be put on the development of high value-added outputs with algae characteristics.

Asia Pacific Algae Products Market 

The algae products market in the Asia-Pacific region is growing at a very fast rate due to the growing demand of the health supplement, food additive, and more significantly the biofuel. Algae production and processing in countries like China, Japan, and India are rapidly increasing and so the awareness of Sustainable Development and nutrition acts as a driver to the market.

 China Pacific Algae Products Market 

Market of algae products in China is experiencing rapid progression due to increased customer awareness for health and natural supplements. It ranks among the forerunning producers of diverse algae, particularly spirulina and chlorella which are common ingredients in supplements, food and cosmetic products. Also, there is a bonus factor from the government’s green policies advocating for sustainable use of energy and advocates for green energy through algae biofuels. The improved technology in China’s cultivation and processing increases production capability and subsequently fuels market growth. Due to the growing demand for algae based products they are likely to experience a rise especially in china which is likely to become a major player in the algae market. December 2023, A Hong Kong’s biotech start up developed a portable liquid microalgae air purifier that captures dangerous greenhouse gases.

Algae Products Company Analysis 

The major participants in the Algae Products market includes Archer Daniels Midland Company, Cargill Incorporate, BASF SE, DuPont de Nemours Inc., Koninklijke DSM N.V., Yemoja Ltd., Progress Biotech BV, Aliga Microalgae Company.

Algae Products Company News 

In April 2024, the global regenerative agriculture program of Archer-Daniels-Midland Company surpassed its target of 2 million acres in 2023, with almost 2.8 million acres under its belt. Furthermore, the corporation declared that it will aim to achieve 3.5 million regenerative acres by 2024 and has increased its global objective for 2025 from 4 million to 5 million acres. 

In April 2024, in an effort to grow the flavoring business in DACH, Caldic and Gold Coast Ingredients have partnered. 

March 2023- Provectus Algae received an undisclosed strategic investment from CJ BIO, a division of South Korea-based company CJ CheilJedang.

Type- Industry is divided into 6 viewpoints:

1. Lipids
2. Carrageenan
3. Carotenoids
4. Algal Protein
5. Alginate
6. Others

Source- Industry is divided into 4 viewpoints:

1. Brown Algae
2. Blue-Green Algae
3. Red Algae
4. Green Algae

Form- Industry is divided into 2 viewpoints:

1. Solid
2. Liquid

Application- Industry is divided into 7 viewpoints:

1. Food and Beverages
2. Nutraceuticals and Dietary Supplements
3. Personal Care
4. Feed
5. Pharmaceuticals
6. Chemicals
7. Others

Countries- Industry is divided into 25 viewpoints:

1. North America

1.1 United States

1.2 Canada

2. Europe

2.1  France

2.2  Germany

2.3  Italy

2.4  Spain

2.5  United Kingdom

2.6  Belgium

2.7  Netherlands

2.8  Turkey

3. Asia Pacific

3.1  China

3.2  Japan

3.3  India

3.4  Australia

3.5  South Korea

3.6  Thailand

3.7  Malaysia

3.8  Indonesia

3.9  New Zealand

4. Latin America

4.1  Brazil

4.2  Mexico

4.3  Argentina

5. Middle East & Africa

5.1  South Africa

5.2  Saudi Arabia

5.3  United Arab Emirates

All companies have been covered with 5 Viewpoints

1. Overviews
2. Key Person
3. Recent Developments & Strategies
4. Product Portfolio & Product Launch in Last 1 Year
5. Revenue

Company Analysis

1. Archer Daniels Midland Company
2. Cargill Incorporated
3. BASF SE
4. DuPont de Nemours Inc.
5. Koninklijke DSM N.V.
6. Yemoja Ltd.
7. Progress Biotech BV
8. Aliga Microalgae Companys