The Algae Extracts Market size is likely to exceed USD 8 billion by 2030, according to a new research report by Global Market Insights Inc.
Increasing health consciousness among the younger population and a high prevalence of lifestyle-related disorders will drive the demand for algae extracts. Intake of fast-food items and processed food is leading to several deficiencies among younger adults. As a result, consumers are shifting towards high-nutrition fortified foods and beverages to strengthen their overall health. With the emergence of the COVID-19 crisis, the trend of self-medication using natural dietary supplements and the demand for high-quality nutraceuticals is gaining traction.
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However, a strong consumer preference toward animal-based nutritional products in many regions could hamper the industry growth. Easy access to traditional protein sources like milk and meat along with higher acceptance of nutritional products such as whey or casein may hinder product acceptance. The increasing popularity of plant-based products and rapid adoption of the vegan lifestyle may drive the adoption of algae extracts.
The report estimates that the red algae extracts market share by volume was approximately 197 kilo tons in 2021 and is anticipated to expand at a steady pace through 2030. These compounds offer a myriad of health benefits like promoting healthy blood circulation, maintaining optimum blood sugar levels, and reducing cholesterol levels.
Different types of commercialized red seaweed include Poryphyra species, Kappaphycus alvarezii, Eucheuma species, and Gracilaria species. The Kappaphycus alvarezii and Gracilaria are widely used in food products such as salads and pickles or are directly consumed. The booming pharmaceutical sector driven by technological advancements will favor the use of these compounds.
Browse key industry insights spread across 200 pages with 223 market data tables & 18 figures & charts from the report, “Algae Extracts Market statistics By Source (Red Algae, Green Algae, Brown Algae, Others), By Form (Powder, Liquid), By Application (Food and Beverages, Personal Care, Pharmaceuticals & Nutraceuticals, Animal Feed [Aquaculture, Poultry, Swine, Cattle, Pet Food]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/algae-extract-market
Rising purchase of fortified foods to propel algae extracts demand
The algae extracts market share from the food and beverage application is estimated to be worth over USD 1,800 million by 2030. This growth can be credited to high demand for food products fortified with vegan protein and added fiber. Food products such as protein drinks, bakery & confectionery, breakfast cereal, and snacks are now being infused with these extracts. Rapid urbanization and a growing working population would elevate the use of these compounds in processed food products.
Easy availability of natural ingredients to foster APAC industry trends
Asia Pacific algae extracts market share is projected to exhibit a CAGR of more than 7% through 2030. Rising awareness regarding personal care, driven by the coronavirus pandemic, will be a major factor contributing to the compound demand. The region holds rich reserves of natural ingredients owing to the presence of an agro-based economy. Rising consumer awareness and a shift towards health and wellness products will encourage companies to infuse natural ingredients in their products.
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The competitive landscape of the global algae extracts market is inclusive of companies such as Olmix Group, Corbion NV, Kelp, Allmicroalgae, Earthrise Nutritionals LLC. (DIC Corporation), Goerlich Pharma GmbH, Cyanotech Corporation, Phycom Microalgae, Tagrow Co., Ltd, and Arizona Algae Products, LLC. These companies are focusing on advanced product development as well as expansion of product distribution through supply chain deals with local and international distributors.
