The market for algae products market is estimated at USD 5.3 billion in 2023; it is projected to grow at a CAGR of 6.4% to reach USD 7.3 billion by 2028. Algae play a crucial role in the aquaculture industry as a natural food source for fish and other aquatic organisms. With the rising demand for seafood and the need for sustainable aquaculture practices, there is an increased focus on the production and utilization of algae in fish feeds and aquaculture systems.
Major manufacturers in this market are based in North America, Asia and Europe. DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), E.I.D Parry (India), International Flavors & Fragrances Inc (US), Cynotech Corporation (US), Earthrise Nutritionals LLC (US), CP Kelco U.S., Inc (US), Cargill, Incorporated (US), and Algea (Norway) are among a few leading players operating in the algae products market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the algae products market.
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DSM, also known as Royal DSM, is primarily engaged in the production of health & nutritional products. The company has three business segments— Animal Nutrition & Health (ANH), Health, Nutrition & Care (HNC) and Food & Beverage (F&B). It provides algae products through Animal Nutrition & Health (ANH) segment.
The company has its operations in 98 countries in Asia, Africa, the Americas, and Europe. Its subsidiaries include Fortitech, Inc. (US), Microbia, Inc. (US), DSM Food Specialties B.V. (Netherlands), Aland (Jiangsu) Nutraceutical Co., Ltd. (China), DSM Nutritional Products AG (Switzerland), DSM Dyneema LLC (US), DSM India Private Limited (India), and Ocean Nutrition Canada (Canada).
BASF is primarily engaged in the production of various industrial goods such as petrochemicals, resins, personal care products, cement additives, fungicides, herbicides, and human & animal nutritional ingredients. The company has 11 divisions grouped into six segments, namely, Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. The nutrition & care segment includes vitamins, carotenoids, enzymes, organic acids, clay products, and other food additives, as well as ingredients for pharmaceuticals and personal care products. Algae products are offered under this segment.
The company operates globally through its subsidiaries in more than 80 countries with 84 strategic business units. It primarily operates in Europe and has an active presence in North America, Asia Pacific, South America, Africa, and the Middle East.
Cyanotech Corporation is a developer and seller of natural products, such as astaxanthin and spirulina derived from microalgae. The company offers its products to the food coloring and immunological diagnostics industries and microalgae-based products and nutritional supplements. The company incorporates natural production methods and resources that employ extensive recycling of raw materials, which helps the company to reduce its operating costs.
Nutrex Hawaii, Inc. (US) is a wholly owned subsidiary of Cyanotech Corporation. Apart from Hawaii, the company has its presence in Los Angeles, California.
Cargill, Incorporated is a global conglomerate catering to the demand in various industries. The company operates through the following business segments: Agriculture, Animal Nutrition, Beauty, Bioindustries, Foodservices, Food & Beverage, Industrial, Pharmaceutical, Meat & Poultry, Risk Management, Supplements, and Transportation. It offers a wide range of nutraceutical ingredients, including biopolymers (xanthan gum and scleroglucan), carrageenan, galactomannans (LBG), and pectin to numerous food companies, as well as to the pharmaceutical and cosmetic industries. It offers algae products through the food & beverage business segment, which has a diverse portfolio of specialty ingredients, ingredient systems, and finished food systems.
The company operates in around 70 countries. It has an additional sales presence in nearly 125 countries across North America, Latin America, Asia Pacific, Europe, the Middle East, and Africa. Some of the subsidiaries of the company include Cargill Meat Solutions (US), Cargill Asia Pacific Holdings Pte Limited (Singapore), Cargill RSA (Pty) Limited (South Africa), Cargill España SA (Spain), Cargill Nordic A/S (Sweden), Provimi (Netherlands), and NatureWorks (US).
CP Kelco U.S., Inc.
CP Kelco U.S., Inc. is one of the leaders in manufacturing nature-based ingredient solutions. It has various product lines for applications in the food, beverage, and consumer industries. J.M. Huber Corporation is CP Kelco’s parent company. The company is in 22 nations globally and is equipped with technologically advanced operations and systems. Carrageenan, citrus fiber, xanthan gum, diutan gum, fermentation-derived cellulose (FDC), gellan gum, pectin, and refined locust bean gum are some key products offered by Kelco.
The company serves key end-use industries, such as bakery, beverage, clinical nutrition, fruit applications, health and personal care, dairy and dairy alternatives, household products, paper making, confectioneries and desserts, and other industrial applications. The company also has high-quality standards and certifications such as Quality ISO 9001:2008, KOSHER, and Environmental ISO 14001.
Algae Products Market by Type (Lipids, Carotenoids, Carrageenan, Alginate, Algal Protein), Form (Liquid, Solid), Source (Brown Algae, Green Algae, Red Algae, Blue-green Algae), End Application and Region - Global Forecast to 2028
Mr. Aashish Mehra
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