[Latest Edition] Algae-Based Ingredients Market worth $6.88 Billion by 2031 – Exclusive Report by InsightAce Analytic
“Global Algae-Based Ingredients Market (Ingredient (Carrageenan, Alginates, Algae Protein, Beta Carotene, Algae Oil, Agar, Others), By Source (Red Algae, Green Algae, Brown Algae), By Application (Food And Beverages, Personal Care, Nutraceuticals [Dietary Supplements, Functional Foods], Pharmaceuticals, Animal Feed [Aquaculture, Poultry, Swine, Cattle, Pet Food]))- Market Outlook And Industry Analysis 2031″
The Global algae-based ingredients market is estimated to reach over USD 6.88 billion by 2031, exhibiting a CAGR of 6.99 % during the forecast period.
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Algae have long been used in foods and the manufacturing of food ingredients. There is also growing attention to using them as a source of bioactive ingredients for functional foods and nutraceuticals. The global market for products made from algae is being driven by increasing consumer knowledge of the health advantages of omega-3 and cross-industry coverage.
Additionally, the global population is growing, the demand for feed and food supplements is rising, and the strong demand from the pharmaceutical industry are macroeconomic variables that favourably affect the market for algae-based goods. Other factors will moderate the market’s growth, such as the increased need for healthy food products and the rising need for aquaculture feed for fish breeding.
Key Players in the Algae-based Ingredients Market:
Corbion
Aliga Microalgae
Triton
Cargill
Gino Biotech
CP Kelco U.S. Inc.
AEP Colloids
KIMIA
Marine Hydrocolloids
AgarGel
Hispanagar SA
Taiwan Chlorella Manufacturing Company
Bioriginal Food & Science Corp
LUS Health Ingredients BV
Manta Biofuel
Algenol Biotech
Market Dynamics:
Drivers-
There is a notable rise in the use of healthy food items and dietary supplements everywhere in the globe due to the growing prevalence of chronic diseases, the expanding global population, and people’s changing lifestyles. This is one of the critical elements driving market expansion. Moreover, products made from algae are frequently utilized to remove and modify wastewater contaminants like fertilizers, heavy metals, and xenobiotics.
These products encourage the renewal of damaged skin cells and assist in improving the flexibility and suppleness of the skin. Additionally, they are widely employed in the global beauty and personal care sectors since they aid in detoxifying, cleaning, and toning the skin.
Challenges:
African nations have a low adoption rate because of a shortage of research and development in these areas. The consumption of algae-based products is highest in countries in North America, which has led to an increase in product innovation and the exploration of new uses for algae in the region. In contrast, in underdeveloped African nations, the penetration is significantly lower, and there are no R&D activities to improve the methods for extracting seaweed. The majority of the significant players lack production facilities in the area.
Regional Trends:
The North American algae-based ingredients market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. The region earned the largest market share in North America. Growing sectors like food and beverage, nutraceuticals, pharmaceuticals, and dietary supplements have made a big impact on the market expansion in the US.
Besides, the Asia Pacific is anticipated to grow at a significant rate over the forecast period due to the increase in demand for algae-based products with respect to the nation’s growing population. Due to more health-conscious customers, the rising use of lipids, such as omega-3, in nutraceutical and dietary supplement products has created a market potential for algae-based omega-3 products.
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Recent Developments:
• In October 2020, BioAstin Hawaiian Astaxanthin was a new delivery form, a water-dispersible powder offered in both 1% and 2% concentrations, according to a press release from Cyanotech Corporation. A potent antioxidant called BioAstin Hawaiian Astaxanthin is made from organic Haematococcus Pluvialis microalgae that are farmed on the Kona Coast of the Big Island of Hawaii.
• In February 2020, using Gracilaria red seaweed, which is regarded as a traditional culinary ingredient in the European Union, Cargill launched the WavePure ADG series.
Segmentation of Algae-based Ingredients Market-
By Ingredients-
• Carrageenan
• Alginates
• Algae protein
• Beta Carotene
• Algae oil
• Agar
• Others
By Source-
• Red Algae
• Green Algae
• Brown Algae
• Others
By Application-
• Food and Beverages
• Personal Care
• Nutraceuticals
o Dietary supplements
o Functional Foods
o Others
• Pharmaceuticals
• Animal Feed
o Poultry
o Swine
o Cattle
o Aquaculture
o Pet Food
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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