Meticulous Research® has recently released a new report titled “Algae Market by Type (Macroalgae/Seaweed {Red, Brown}, Microalgae {Spirulina, Chlorella, D. Salina}), Distribution Channel (B2B, B2C), Form (Dry, Liquid), Application (Nutraceuticals, Food Beverages, Animal Feed, Cosmetics) - Global Forecast to 2030.” According to this publication, the global algae market is projected to grow at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2030, reaching a total market value of $29.8 billion by 2030. Several factors are driving this growth, including the growing demand for dietary supplements, the increasing use of natural food coloring, a shift towards vegetarianism, and expanding interest in nutraceuticals. Additionally, government efforts to promote algae cultivation are boosting the market. However, challenges such as limited consumer awareness of algae’s benefits and the complexity of production processes are expected to restrain some market growth.
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Meticulous Research® highlights that the global algae market is analyzed in various segments: type, distribution channel, form, and application. The study evaluates market data from 2021 and 2022, offers current estimates for 2024, and projects trends through 2030. In terms of type, the market is divided into macroalgae, including red, brown, and green algae, and microalgae, such as Spirulina, Chlorella, Dunaliella salina, and Haematococcus pluvialis. The report also considers different distribution channels (B2B and B2C), forms (dry and liquid), and applications (food beverages, nutraceuticals, animal feed, and cosmetics). Additionally, the report evaluates major competitors and provides regional and national market analyses.
Meticulous Research® reports that within the type segment, microalgae are expected to witness the highest CAGR during the forecast period. This is due to a variety of factors, including the rising popularity of health and wellness trends, the growing dietary supplement market, and the demand for natural food colors. Microalgae like Spirulina are gaining attention due to their use in producing Omega-3 fatty acids and other health supplements. Strict regulations on synthetic colors and flavors are further boosting the demand for microalgae, particularly in the aquaculture and food sectors. Investments from key players in the color industry and the increasing incorporation of Spirulina in various products are additional growth drivers.
Meticulous Research® indicates that, by distribution channel, the B2B segment is anticipated to account for a larger market share in 2024. This is primarily attributed to the bulk purchasing practices of algae by manufacturers in industries such as nutraceuticals, food and beverages, and animal feed. These industries often buy algae in large quantities for further processing and product development. As companies seek natural, sustainable ingredients for their products, algae are increasingly being incorporated into product formulations, further boosting demand in the B2B segment.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3-4 years. The key players profiled in the global algae market research report are Fuqing King Dnarmsa Spirulina Co.Ltd. (China), Earthrise Nutritionals, LLC (U.S.), E.I.D. - Parry (India) Limited (India), Cyanotech Corporation (U.S.), Seaweed Co. (U.K.), Green Rise Agro Industries (India), Ocean Rainforest Sp/F (Denmark), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals Co., Ltd. (China), Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan), Sun Chlorella Corporation (Japan), Far East Algae Industries, Co., Ltd. (Taiwan), Roquette Klötze GmbH Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), Yaeyama Shokusan Co., Ltd. (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech Co., Ltd (China), Phycom BV (the Netherlands), AllAlgae Natural Products S.A. (Portugal), Duplaco B.V. (the Netherlands), Taiwan Wilson Enterprise Inc. (Taiwan), Daesang Corporation (Korea), and Algalimento S.L (Spain), among others.
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Key Questions Answered in the Report-
- Which are the high-growth market segments in terms of type, distribution channel, form, application, and region/country?
- What was the historical market size for algae across the globe?
- What are the market forecasts and estimates for 2024–2030?
- What are the major drivers, restraints, opportunities, and challenges for the global algae market?
- Who are the major players in the global algae market?
- What is the competitive landscape, and who are the market leaders in the global algae market?
- What are the recent developments in the global algae market?
- What are the geographical trends and high-growth regions/countries?
- Who are the local emerging players in the global algae market, and how do they compete with the global players?
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