Algae products refer to a diverse group of commercially valuable compounds and materials derived from microalgae and macroalgae (seaweeds), which are cultivated or harvested for their biochemical content. These products are used when there is a demand for sustainable and natural alternatives to synthetic, animal-derived, or chemically processed ingredients, offering benefits such as high nutritional value, bioactivity and functional properties.
The global algae products market reached a value of nearly $5,675.72 million in 2024, having grown at a compound annual growth rate (CAGR) of 6.07% since 2019. The market is expected to grow from $5,675.72 million in 2024 to $7,784.53 million in 2029 at a rate of 6.52%. The market is then expected to grow at a CAGR of 6.09% from 2029 and reach $10,461.14 million in 2034.
Rising Demand For Plant-Based And Vegan Products
Rising demand for plant-based and vegan products contributed to the growth of the algae products market in the historic period. The plant-based diets and vegan lifestyles drove significant uptake of algae proteins, algal oil and supplements as alternatives to animal-derived products. Algae provided a nutrient-rich, sustainable source of proteins and omega-3s, making it a key ingredient in vegan foods, beverages and dietary supplements. For example, in April 2023, according to a report by Amy's Kitchen, a US-based company that manufactures organic and non-GMO convenience and frozen foods, 52% of Americans expressed interest in vegan food, underscoring the burgeoning appeal of plant-based options in the food market. Therefore, the rising demand for plant-based and vegan products drove the growth of the algae products market.
Development Of High-Lipid Algae Strains And Algae-Derived Lipid Products For Biofuels And Omega-3 Supplements
Major companies in the algae products market are focusing on the development of high-lipid algae strains and algae-derived lipid products to serve the increasing demand for biofuels and omega-3 supplements. These innovations focus on improving lipid yield, purity and sustainable production methods, while also offering cost-effective omega-3 alternatives to fish oil and scalable biofuel feedstocks. For instance, in December 2024, Nature's Bounty, a US-based supplement company, launched a new plant-based Omega-3 dietary supplement sourced directly from algae. The product delivers 1,000 mg (milligram) of vegetarian algae oil per softgel, providing high levels of EPA (Eicosapentaenoic Acid) and DHA (Docosahexaenoic Acid) without using fish oil, aimed at consumers seeking sustainable and plant-based health solutions. By leveraging algae as the source of these essential fatty acids, the company addresses both environmental concerns associated with overfishing and the growing preference for vegan-friendly supplements.
The global algae products market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 83.82% of the total market in 2024.
Algae Products Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global algae products market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for algae products? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The algae products market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider algae products market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by form, by source, by distribution channel and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by form, by source, by distribution channel and by application in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments- Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for algae products providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Lipids; Carrageenan; Carotenoids; Alginate; Algal Protein
- 2) By Form: Liquid; Solid
- 3) By Source: Blue-Green Algae; Brown Algae; Green Algae; Red Algae
- 4) By Distribution Channel: Online; Offline
- 5) By Application: Food And Beverage; Nutraceutical And Diet Supplement; Animal Feed; Personal Care; Pharmaceutical; Other Applications
- Companies Mentioned: DSM-Firmenich AG; Cargill Inc; Archer Daniels Midland; BASF SE; Kerry Group Plc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; algae products indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.