Outlook on the $36 Bn Algae Market is Expected to Grow at a CAGR of over 10.5% During 2022-2028 | Vantage Market Research
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WASHINGTON, July 08, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Algae Market finds that the increasing consumption of protein products is expediting market growth. In addition, the increase in government initiatives in supporting research & development and the growing demand from the pharmaceutical industry are also anticipated to bolster the growth of the Global Algae Market during the forecast period. The Global Market revenue was valued at USD 19.8 Billion in 2021.
The Global Algae Market size is forecasted to reach USD 36 Billion by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period; states Vantage Market Research, in a report, titled “Algae Market Size, Share & Trends Analysis Report by Type (Lipids, Carrageenan, Carotenoids, Algae Protein, Alginates, Other Types (Agar, Algal Flour, and Dried Algae), by Application (Food & Beverage, Nutraceutical & Diet Supplement, Animal Feed, Personal Care, Pharmaceutical, Other Applications (Infant Food, Fortified Food, and Pet Food), by Source (Brown Algae, Blue Algae, Green Algae, Red Algae, Other Sources (Yellow-Brown and Golden Algae), by Form (Solid, Liquid), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
According to our primary respondents’ research, the Algae market is predicted to grow at a CAGR of roughly 10.5% during the forecast period.
The Algae market was estimated to be worth roughly USD 19.8 Billion in 2021 and is expected to reach USD 36 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Algae market.
Market Dynamics:
Drivers:
Increasing Consumption of Protein Products to Drive the Market Growth
The increasing consumption of protein products is anticipated to augment the growth of the Algae Market during the forecast period. This is attributable to the evolving living standards and growing health awareness among consumers. Algae protein is used to prevent weight gain, relieve fatigue and anxiety, and treat Attention Deficit-Hyperactivity Disorder (ADHD), diabetes, and premenstrual heart disease, among others. The product's enrichment of nutrient content in food, positive effect on the immune system, and other health-related benefits are driving the market globally. Furthermore, rising sustainability concerns, such as increased greenhouse gas emissions and biodiversity loss during meat production, have shifted consumer preferences toward plant-based and other alternative sources. As health awareness grows, millennials around the globe are increasingly selecting a fit lifestyle. They often participate in athletic events, sports, and other fitness programs.
Furthermore, millennials are increasingly consuming products such as algae, meat, eggs, and supplements to strengthen their muscles and improve their physique. As a result, the global demand for protein-rich products is increasing. This, in turn, is expected to augment the market's growth shortly.
Increasing need in the Pharmaceutical Industry to Stimulate Market Growth
The growing demand from the pharmaceutical industry is expected to fuel the growth of the Algae Market within the estimated timeframe. Algae can potentially be used in the pharmaceutical industry for antimicrobials, therapeutic proteins, antivirals, drugs, and antifungals. Polyphenols, phycobiliproteins, and vitamins, for example, are powerful water-soluble antioxidants found in algae. Antioxidants support the prevention of cancer growth by causing premalignant lesions to regress. However, stringent government regulations are expected to hamper the market's growth during the forecast period. Algae production is governed by the Novel Food Regulation (EU) 2018/2283. The material used in animal and aquaculture feeds is subjected to strict contamination limitations. Algae and algae-derived materials would be allowed to be used in fertilizing products under the EU Fertilising Products Regulation 2019/1009 (FPR), either in CE-marked products or in products authorized under national legislation. Also, the capital investment and operational costs are considerably high, which is also expected to limit the market growth. Moreover, the growing interest of economies in macroalgae cultivation is expected to create immense opportunities for the market's growth shortly.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the chemicals industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Asia Pacific Expected to Dominate the Global Algae Market
Asia Pacific dominated the Global Algae Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the growth of the region's Pharmaceutical, Nutraceutical, Food & Beverage, and Dietary Supplements. Additionally, the increase in health-consciousness among the consumers is also expected to contribute to the market growth in the region. Furthermore, an increase in government initiatives supporting research & development in algaculture is also likely to support the regional growth of the market.
List of Prominent Players in Algae Market:
Cynotech Corporation
Algenol
FEMICO
Algae Health Science
Pond Technologies Holdings Inc.
Seagrass Tech Pvt Ltd
Parry Nutraceutical
Firglas
Manta Biofuel Earthrise Nutritionals
Recent Developments:
May 2022: Thai Union Group, a global tuna giant, announced a US$ 7.9 Mn investment in Mara Renewable Corporation for algae-based bio-products.
October 2020: Cyanotech Corporation announced the launch of Bio Astin Hawaiian Astaxanthin a new delivery form, water-dispersible powder, available in both 1% and 2% concentrations. Bio Astin Hawaiian Astaxanthin is a powerful antioxidant derived from natural Haematococcus Pluvialis microalgae grown on the Kona Coast of the Big Island of Hawaii.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Algae Market?
How will the Algae Market change in the upcoming six years?
Which application and product will take a lion’s share of the Algae Market?
What is the Algae market drivers and restrictions?
What will be the CAGR and size of the Algae Market throughout the forecast period?
This market titled “Algae Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
• Type • Lipids • Carrageenan • Carotenoids • Algae Protein • Alginates • Other Types (Agar, Algal Flour, and Dried Algae)
• Application • Food & Beverage • Nutraceutical & Diet Supplement • Animal Feed • Personal Care • Pharmaceutical • Other Applications (Infant Food, Fortified Food, and Pet Food)
• Source • Brown Algae • Blue Algae • Green Algae • Red Algae • Other Sources (Yellow-Brown and Golden Algae)
• Form • Solid • Liquid
• Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa
Region & Counties Covered
• North America • U.S. • Canada • Mexico
• Europe • U.K • France • Germany • 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 & Africa
Companies Covered
• Cynotech Corporation
• Algenol
• FEMICO
• Algae Health Science
• Pond Technologies Holdings Inc.
• Seagrass Tech Pvt Ltd
• Parry Nutraceutical
• Firglas
• Manta Biofuel Earthrise Nutritionals
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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