The algae products market was valued at US$ 2,405.5 million in 2019 and is projected to reach US$ 4,339.3 million by 2027; it is expected to grow at a CAGR of 7.8% from 2020 to 2027.

Algae are the base of the aquatic food chain and major supplement of food and energy in the modern food industry. Marine algae are a rich source of minerals, vitamins, and proteins and considered as superfoods. Spirulina is an example of algae widely used as food and nutritional supplement in human and animals. They are known to boost the immune system, lowering cholesterol, and improving memory. Algae are rich in antioxidants and carotenoids and hence are extremely useful in nutraceutical & dietary supplements. Algae are manufactured into powder, tablets, and liquids. In addition, algae can have high biofuel yields.

The algae products market is anticipated to grow in the forecast period owing to driving factors such as rising consumer awareness regarding health benefits of algae-based products coupled with rising demands for natural ingredients. Growing applicability in multiple industries such as pharmaceuticals and food and beverage industry further fuels the growth of the algae products market. However, climatic conditions affect the algae production and this may restrict the market growth. Nonetheless, untapped markets of developing nations showcase major growth opportunities for algae products market during the forecast period.

The global algae products market is segmented into source, type, form, and application. Based on source, the market is further segmented into brown algae, blue-green algae, red algae, green algae, and others. Based on type, the markets further classified into lipids, carrageenan, carotenoids, alginate, algal protein, and others. Based on form, the market is further bifurcated into as solid and liquid. Based on application, the market is further categorized into food & beverages, nutraceuticals & dietary supplements, personal care products, feed, pharmaceuticals, and others.

Algatechnologies Ltd, Algenol, BASF SE, Cargill, Incorporated., Cellana Inc., Corbion nv, CP Kelco (J.M. Huber- Corporation), Cyanotech Corporation., DSM Nutritional Products AG, and E.I.D. Parry Limited are among the key players that were profiled during the algae products market study. In addition to these players, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global algae products market and its ecosystem.

Impact of COVID-19 Pandemic on Algae Products Market

The COVID-19 outbreak has created multiple challenges in the food &beverages industry. However, marine red algae may hold the key to prevent the spread of coronavirus as biocompatible compounds extracted from them can be used as a coating material on sanitary items. Canadian researchers use algae to develop serological test kits for COVID-19 that are low-cost. It helps determining the novel coronavirus infection in a suspect. According to the researchers at the University of Western Ontario in Canada, the new method overcomes the shortfalls of existing processes while saving money.

The overall size of the global algae products market has been derived in accordance with primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the algae products market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in algae products.