Algae Products Global Market Report 2024

Algae products constitute a category of photosynthetic organisms found in both marine and freshwater habitats, serving various purposes across different industries. These organisms are known for their rapid growth, thanks to their short doubling time. Algae, being oxygen-exhaling microorganisms, can exist in both unicellular and multicellular forms, consuming carbon dioxide and storing essential nutrients, minerals, and vitamins.

The main types of algae products include lipids, carrageenan, carotenoids, alginate, and algal protein. Algal lipids are particularly utilized in the production of biofuel. These products exist in different forms such as liquid and solid, sourced from various types of algae, including blue-green algae, brown algae, green algae, and red algae. Algae products are distributed through online and offline channels, finding applications in diverse industries such as food and beverage, nutraceutical and diet supplementation, animal feed, personal care, pharmaceuticals, and more.

The algae products market research report is one of a series of new reports that provides algae products market statistics, including algae products industry global market size, regional shares, competitors with a algae products market share, detailed algae products market segments, market trends and opportunities, and any further data you may need to thrive in the algae products industry. This algae products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The algae products market size has grown strongly in recent years. It will grow from $13.01 billion in 2023 to $14.03 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historical period can be attributed to factors such as increasing sustainability concerns, recognition of the nutritional benefits of algae products, the exploration of alternative protein sources, utilization in cosmetics and personal care industries, and adherence to environmental regulations.

The algae products market size is expected to see strong growth in the next few years. It will grow to $19.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period can be attributed to efforts in climate change mitigation, the use of algae products in aquaculture and animal feed, the rising popularity of plant-based foods, the development of biofuels and renewable energy sources, and initiatives promoting the circular economy. Key trends expected in this forecast period include a plant-based food revolution, the exploration of sustainable protein sources, the incorporation of marine ingredients in cosmetics, applications of algae products in carbon sequestration, and advancements in biotechnology related to algae.

The burgeoning demand for nutritious food items is anticipated to be a significant driver in the burgeoning growth of the algae products market. Nutritious foods are those that encompass essential nutrients to enhance overall health and well-being. Algae-based products are rich in beneficial elements such as carbohydrates, essential minerals, polyunsaturated fatty acids, and vitamins, which are widely integrated into health-conscious food items. An analysis by the Good Food Institute (GFI) and Plant Based Foods Association (PBFA) in March 2022 revealed a notable shift in consumer behavior, with 27% of individuals opting for reduced meat consumption and showing a preference for plant-based food alternatives, signifying an increasing interest in healthier options. This burgeoning demand for healthier food choices augments the growth trajectory of the algae products market.

The ascendancy of organic farming practices is poised to become a pivotal driver for the algae products market in the forthcoming period. Organic farming techniques rely on ecological pest control measures and the use of biologically derived fertilizers sourced from animal and plant waste, along with nitrogen-fixing cover crops. Algae can serve as a significant bio-fertilizer in organic farming, contributing an essential source of organic matter within agroecosystems. As a key contributor to photosynthesis, algae play a pivotal role in the organic agriculture sector. As reported by the UK's Department for Environment Food and Rural Affairs in May 2023, organic farmed land in the UK expanded by 0.4% in 2022, reaching 509 thousand hectares, driven by an upsurge in entirely organic land by 0.8%. The rise in organic farming practices is expected to be a pivotal factor in fostering the growth of the algae products market.

A prevailing trend within the algae products market is the development of alternative protein sources, particularly microalgae, which is gaining substantial traction. The creation of alternative protein sources such as microalgae represents a fundamental stride toward achieving a more sustainable and balanced food system. Notably, Unilever, a prominent UK-based consumer goods company, established a partnership with Algenuity, a UK-based company specializing in algae products, to innovate and produce groundbreaking microalgae products for Unilever's plant-based portfolio. Algenuity's collaboration with Unilever's Foods and Refreshment (F&R) division's R&D team is geared towards exploring various food innovations incorporating microalgae.

Leading companies in the algae products market are pioneering the development of innovative design kits, exemplified by the creation of algae-based materials such as the Pollinator Kit. This specialized kit utilizes algae as a foundational raw material, offering a sustainable alternative to conventional petroleum-derived products. The Pollinator Kit's mission centers on democratizing the product design process, deviating from traditional practices and advocating for creative innovation in an inclusive ecosystem. An illustration of this initiative is seen in the December 2022 launch by Checkerspot, a US-based biotechnology company, of the Pollinator Kit, which introduces an algae-based plastic material as a potential replacement for petroleum-derived polyurethane resin commonly found in various household items.

In September 2022, Aliga Microalgae, a Denmark-based company specializing in food tech and microalgae production, made an undisclosed acquisition of Duplaco BV. Aliga Microalgae's strategic acquisition of Duplaco BV aims to significantly augment its capacity for producing Chlorella algae products targeted for the dietary supplement and food additive markets. Duplaco BV, based in the Netherlands, is known for its expertise in the production of fresh Chlorella and other microalgae.

Major companies operating in the algae products market include BASF SE, Cargill Inc., E. I. du Pont de Nemours and Company, DSM Nutritional Products AG, East India Distilleries & Parry Limited, Cellana Inc., BlueBioTech International GmbH, Corbion NV, Earthrise Nutritionals LLC, Cyanotech Corporation, AlgaeCan Biotech Ltd., Bioprocess Algae LLC, Algenol Biofuels Inc., Euglena Co. Ltd., Kerry Group PLC, DIC Corporation, CP Kelco ApS, Algae Systems LLC, Acadian Seaplants Limited, Wild Irish Seaweeds Ltd., Beijing Leili Marine Bioindustry Inc., Archer Daniels Midland Company, ACCEL Carrageenan Corporation, Koninklijke DSM N.V., International Flavors & Fragrances Inc., Algae Bio-Tech India (P) Ltd., Algaen Corp, Algaeventure Systems (AVS), Algaetech International, Algarithm Ingredients Inc., Algix LLC

North America was the largest region in the algae products market in 2023. The regions covered in the algae products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the algae products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The algae products market consists of sales of bioplastics, industrial lubricants, green chemicals,cosmetics. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.