The global algae products market size is estimated to be valued at USD 4.7 billion in 2021 and is projected to reach USD 6.4 billion by 2026, recording a CAGR of 6.3% during the forecast period. The demand for algae products is propelling, owing to several innovations and developments in technologies and formulations. An increase in the demand and consumption of health-based quality food products has been driving the algae products market. Additionally, the consumption of algae-based products is increasing in human nutrition, as they provide anti-inflammatory and immune system benefits. Its properties help in preventing and treatment of cancer, which has translated to the increased sales of algae products.
Key players are investing in various R&D initiatives globally, which has led to the development of different types of algae that find application in various applications, thus increasing the total demand for algae products.
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The key players in this market include DSM (Netherlands), BASF (Germany), DuPont (US), Cargill (US), E.I.D Parry (India), Corbion (Netherlands), and Cyanotech Corporation (US).
DSM (Netherlands), also known as Royal DSM, is primarily engaged in the production of health & nutritional products. The company has four business segments—nutrition, materials, and innovation center. The nutrition segment of the company caters to different end-use application industries, such as food, feed, nutraceutical, infant nutrition, personal care, and pharmaceutical. The company has a very wide industry coverage in the carotenoids industry with its product offerings, comprising major carotenoid products for both human and animal consumption.
Cargill (US) is involved in the manufacturing and marketing of food, agricultural, and industrial products & services. The company’s key business segments include specialty food ingredients & applications and bulk ingredients. 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 ingredients business segment, which has a diverse portfolio of specialty ingredients, ingredient systems, and finished food systems.
Algae Products Market by Type (Lipids, Carotenoids, Carrageenan, Alginate, Algal Protein), Facility Type, Form (Liquid, Solid), Source (Brown Algae, Green Algae, Red Algae, Blue-green Algae), and Region - Global Forecast to 2026
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