The global algae Market is estimated to be valued at US$ 175.33 Million in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Algae consists of various microorganisms that are a rich source of proteins, vitamins, antioxidants and minerals. They find wide applications in food and beverage, dietary supplements, pharmaceuticals, chemicals and animal feed industries due to their nutritional profile and eco-friendly nature.

Market key trends:

One of the key trends in the algae market is the rising popularity of algae-based animal feed. Algae products are increasingly being used as alternatives to soy and fishmeal in animal nutrition due to their high protein content and microbiological safety. Microalgae such as spirulina, chlorella and haematococcus contain 40-60% crude protein and are rich sources of essential fatty acids, vitamins and carotenoids. They improve the digestion, health and feed conversion ratio of animals. The aquaculture industry in particular is actively utilizing algae as a substitute to conventional feed sources. This is expected to drive the growth of the algae market over the forecast period.

Segment Analysis

Algae Market is segmented into Spirulina, Chlorella and Other sub-segments. Among these, Spirulina dominates the market with around 45% share due to its high nutritional properties. Spirulina is a blue-green microalgae which is a rich source of protein, vitamins, carotenoids and minerals. It helps in weight management, enhancing energy and boosting the immune system. With the growing health consciousness among consumers, spirulina demand is increasing significantly in dietary supplements and nutraceuticals.

Key Takeaways

The Global Algae Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing health awareness among consumers and growing adoption of algae-based products in various industries.

Regional analysis

Asia Pacific dominates the global algae market with around 35% share mainly due to high production and consumption of algae-based products in countries like China, Japan and South Korea. China is the leading producer as well as exporter of algae globally. North America is the second largest market for algae owing to increasing trend of veganism and plant-based diets in the region.

Key players

Key players operating in the Algae Market are Cyanotech Corporation, Dic Corporation, Corbion N.V, Valagro SpA, Far East Microalgae Industries Co. Ltd., Beijing Gingko Group, Heliae Development Llc, Pond Technologies Holdings Inc., Algaetech International Sdn Bhd, Fuqing King Dnarmsa Spirulina Co. Ltd., Sun Chlorella Corporation, and Ecoduna Ag. Cyanotech Corporation and Dic Corporation are the market leaders due to their extensive product portfolio and global presence.
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