The global algae market is estimated to be valued at US$ 175.33 Mn 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 are a diverse group of photosynthetic organisms that are an important foundation in the aquatic food chain. Algae growth can be utilized for various commercial applications such as in food and beverages, dietary supplements, pharmaceuticals, chemicals, and biofuel industries due to their high nutritional value and oil content. Products from algae have numerous health benefits and are sustainable alternatives to conventional sources. Market key trends: Spirulina is one of the fastest growing segments in the algae market due to its high nutritional profile and versatile applications in the food and feed industries. Spirulina contains vital proteins, vitamins, minerals, and antioxidants. It is a rich source of protein, iron, vitamin A, B12 and K and magnesium. The new research shows spirulina can boost the immune system, brain function, blood pressure and cholesterol levels. Hence, it is widely used in dietary supplements, functional foods and beverages. The rising awareness about nutritional benefits of spirulina and clean label trends are expected to drive the growth of this segment during the forecast period. Segment Analysis The global algae market is segmented by type into spirulina, chlorella, dunaliella salina and others. Among these, spirulina holds the largest market share due to its high nutritional value and wide applications in dietary supplements, food & beverages and animal feed. Spirulina is rich in protein, vitamin A, vitamin B1, vitamin B2, vitamin B3, etc. which makes it suitable for use in various end-use industries. Key Takeaways The global Algae Market Share is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand for plant-based proteins, nutraceuticals and dietary supplements. The global algae market size was valued at US$ 175.33 Mn in 2023 and is projected to reach US$ 291.75 Mn by 2030. Regional analysis: North America holds the largest share in the global algae market owing to presence of major players and increasing awareness about the nutritional benefits of algae-based products in the region. Asia Pacific is expected to witness fastest growth over the forecast period mainly due to rising cosmetic industry and growing livestock industry in countries like China and India. 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. These players are focusing on new product launches and expansion of their production facilities to strengthen their market position. Read More, https://www.insightprobing.com/algae-market-trends-size-and-share-analysis
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