Algae finds wide applications in industries such as biofuel, nutraceuticals, food & beverages, agriculture, and animal feed due to their high nutritional value and numerous health benefits. Algae help avoid diseases, supply critical vitamins, minerals, and other nutrients to the body. The surging consumer awareness about fitness, nutrition, and wellness is driving the demand for algae supplements. The global algae market is estimated to be valued at US$ 175.33 Mn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the algae market growth is the rising consumption of algae-fortified and algae-based products among health-conscious consumers. The nutritional content of algae like omega-3 fatty acids, proteins, vitamins, and minerals is attracting consumers to incorporate algae into their diet. The increasing usage of algae in food and beverage products like snacks, cereals, energy bars is expected to propel the market growth over the forecast period. Algae supplementation helps improve cardiovascular health, supports brain health, and boosts the immune system. With growing health awareness, consumers are actively seeking nutrient-dense superfoods like algae and algae-fortified products. This growing demand from end-users is projected to drive the global algae market during the forecast timeframe.
Segment Analysis
The Global Algae Market Analysis is dominated by the Spirulina sub segment. Spirulina is preferred over other algae types due to its higher concentration of nutrients. It contains vitamins such as B1, B2, B3, B6, E, K as well as minerals like calcium, magnesium, potassium, iron and copper. Spirulina is cultivated worldwide and used extensively in food supplements due to its high protein content.
Key Takeaways
The global algae market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific region dominates the algae market and is expected to grow at the fastest pace. This is attributed to the presence of major producers of algae like Spirulina in countries such as China. China is the largest producer as well as consumer of algae owing to increased awareness regarding health benefits.
Key players operating in the algae market are DyCare, Costaisa, Meditouch, Signo Motus srl, MEYTEC GmbH Informationssysteme, and Raccoon Technologies Poland LLC. These players are focused on new product launches and strategic partnerships to strengthen their market position. For instance, in 2023 Meditouch partnered with an Australian company to tap into the growing demand for algae-based products in Australia and New Zealand. Such strategic moves by key players will support the overall growth of the global algae market over the forecast period.
Get more insights on this topic: https://www.trendingwebwire.com/algae-market-size-and-share-analysis-growth-trends-and-forecasts/
