Marine Algae Market

Marine Algae Market Analysis on the Basis of Type (Brown Algae, Green Algae, Blue-Green Algae, Red Algae), By Application and Region - Global Market Insights 2023 to 2033

Analysis of Marine Algae Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Marine Algae Market Outlook (2023 to 2033)

The global marine algae market size is estimated to secure a valuation from US$ 3,612.2 million in 2023 to US$ 5,798.9 million by 2033. Over the next ten years (2023 to 2033), global sales are likely to soar at 4.8% CAGR.

Key Trends Listed by Fact.MR :

  • Increasing uses of Sustainable resources and algae is considered a sustainable and renewable resource
  • Growing awareness of carbon sequestration and the reduction of greenhouse gas emissions. So algae can be used in wastewater treatment and aquaculture systems
  • Rising demand for plant-based and vegan products
  • Rapid growth in consumption of functional food and ingredient applications
  • Advances in cultivation techniques, biotechnology, and processing methods have improved the efficiency and scalability of algae
  • Governments and research institutions are investing in the development and promotion of algae-related industries
  • Algal-based products are becoming more popular as the emphasis on health and wellness increases.

Marine algae provide a commercial application that is used in various industries, including food and beverages, pharmaceuticals, cosmetics, biofuels, and agriculture.it is used as a food source in the cultures of Asia, Africa, South America, Australia, and Pacific islands, indigenous populations have long relied on marine as natural medicaments.

Consumers have discovered unique therapeutic attributes in algae, which now inspire modern drug discoveries and clinical trials. These algae combat cancer cells as they have the anti-inflammatory properties of brown extracts, consumers have discovered unique therapeutic attributes in algae. algae-based ingredients are used and explored for their health benefits, such as antioxidant and anti-inflammatory properties.

Attributes Key Insights

Estimated Global Market Size (2023E)

US$ 3,612.2 million

Projected Market Value (2033F)

US$ 5,798.9 million

Value-based CAGR (2023 to 2033)

4.8%

Top 3 Countries’ Value

US$ 1,266.9 million

According to Fact.MR analysis, global sales grew at a CAGR of 4.6% from 2018 to 2022. Over the next ten years, the global market for marine algae is expected to expand at a CAGR of 4.8%.

Animal merchandise has several environmental impacts, which has consisting of weather trade, water pollution, and deforestation. As consumers are aware of these issues they are choosing the most sustainable and environmentally friendly food options.

As it has several health benefits such as vitamins, minerals, and antioxidants, and it is improving health, boosts the immune system, and reducing inflammation. It has free radicals unstable molecules that can damage cells and contribute to the development of diseases such as cancer and heart disease.

Consumer demand is driving advancements in cosmetics made with safe ingredients. They prefer cosmetics made of natural ingredients that work actively on their skin, and they are willing to pay more for products that promise greater skin benefits.

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Adjacent Markets Overview :

Algae Product Market :

Attributes Algae Product Market

CAGR (2023 to 2033)

5.4%

Market Value (2033)

US$ 9,140.8 million

Growth Factor

The global market for algae products includes high demand from the pharmaceutical industry, growing demand for feed and food supplements, and an increase in the global population.

Opportunity

It is projected that the growing use of algal for nutraceutical applications would open up a profitable new revenue stream for algae product makers.

Key Trends

Global demand for algae products is being driven by growing consumer knowledge of the health advantages of omega-3 fatty acids and cross-industry coverage.

Algae Oil Market :

Attributes Algae Oil Market

CAGR (2023 to 2033)

4.7%

Market Value (2033)

US$ 3,512.4 million

Growth Factor

The main factors promoting the rise of natural products and, consequently, the algae oil market are their adaptability and the associated health benefits.

Opportunity

Increasing consumption of protein supplements and growing demand for nutrient-dense dietary products.

Key Trends

Growing consumer preference for organic food items has increased demand for natural food ingredients.

Algae Proteins Market :

Attributes Algae Proteins Market

CAGR (2023 to 2033)

5.5%

Market Value (2033)

US$ 1,421.5 million

Growth Factor

Microalgae protein's numerous health advantages raise the prospect of its use in the nutraceutical industry.

Opportunity

Increased government efforts to promote the manufacture of items made from algae.

Key Trends

Expanding the use of algal proteins to lower the risk of contracting specific illnesses.

Country-wise Insights :

North America - CAGR

Country CAGR (%)
United States 12.2%

Europe - CAGR

Country CAGR (%)
United Kingdom 3.3%

Asia Pacific - CAGR

Country CAGR (%)
China 7.3%
India 8.6%
Japan 7.4%

North America - BPS Analysis

Country BPS Analysis
United States 120

Europe - BPS Analysis

Country BPS Analysis
United Kingdom 70

Asia Pacific - BPS Analysis

Country BPS Analysis)
China 40
India 100
Japan 40

North America - Market Value (2033)

Country BPS Analysis
United States US$ 1,679.1 million

Europe - Market Value (2033)

Country Market Value (2033)
United Kingdom US$ 485.0 million

Asia Pacific - Market Value (2033)

Country Market Value (2033)
China US$ 605.1million
India US$ 624.5 million
Japan US$ 571.1 million

Will the United States continue to dominate the markets for marine algae in North America?

Presence facilities present an aggressive benefit and contribute to the United States dominance within the market.

Fact.MR projects that by 2033, the marine algae market in the United States would have grown by US$ 1,679.1 million. In the North American market, it will therefore command a significant value share of 31.7%.

The United States has a massive variety of installed algae production facilities, which include large-scale cultivation websites, research labs, and processing flora. These facilities have the infrastructure and knowledge to cultivate, harvest, and process algae efficiently and value-correctly. The presence of these facilities presents an aggressive benefit and contributes to the United States dominance within the market.

In addition, the United States has a vibrant entrepreneurial subculture and a favorable commercial enterprise environment that encourages innovation and the improvement of recent industries. This has caused the emergence of numerous start-ups and companies dedicated to algae cultivation, processing, and commercialization. The entrepreneurial atmosphere gives help for the boom and scaling of algae-based businesses, fostering competitiveness within the marketplace.

Why does India have a demand for marine algae?

Use of Marine Algae in Indian Cuisine Driving Demand in India

The India Marine Algae industry is projected to exhibit phenomenal growth CAGR of 8.6% over the assessment period, according to Fact.MR analysis. India’s market is expected to grow at a value of US$ 624.1 million by 2033.

Algae is part of Indian culinary traditions for hundreds of years, particularly in coastal regions. Algae, which include fit for human consumption seaweeds and microalgae, are utilized in diverse dishes, chutneys, and snacks, adding specific flavours and textures to Indian delicacies. The cultural affinity and familiarity with algae as food contribute to the excessive use of it.

Some types of algae are thought to have therapeutic benefits and are used to treat a variety of illnesses. The demand in the wellness and conventional medicine industries is fuelled by the frequent inclusion of algae-based compounds in ayurvedic formulations and supplements.

What is the market potential for marine algae in China?

Increasing health awareness of marine algae Boosting Sales in China

Marine Algae demand in China is projected to grow at a steady CAGR of 7.3% during the forecast period from 2023 to 2033. According to the Analysis of Fact.MR by the end of 2033, Also the China market is projected to exhibit growth of US$ 595.1 million by 2033.

China has a population of more than 1.4 billion and offers enterprises in a variety of industries a large market potential. Chinese consumers are becoming more health-conscious and looking for products that support their desires for wellness as income levels rise and the middle class grows in size.

Furthermore, as Chinese citizens take proactive steps to improve their general health and ailments, the concept of wellness has grown in popularity. So there is an increasing demand for functional foods and nutrients that provide unique health advantages over and above basic nutrition. These wellness goals are in line with algae's potential to improve immune system performance, heart health, and antioxidant qualities.

They are more inclined to favor environmentally friendly and sustainable goods. Its farming is seen as a sustainable practice that uses negligible freshwater and land resources, making it an enticing option for customers who care about the environment.

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Category-wise Insights :

Which type of marine algae has the highest demand on the market?

Increasing demand for natural and nutrient-rich products continues to rise

Based on Type, demand is projected to remain high for the blue-green type of Marine Algae during the assessment period. As per Fact.MR, with a CAGR of 5.3%, the blue-green type segment is capturing a valuation of US$ 1,340.5 million in 2033.

A blue-green microalgae known as spirulina is well-known for having a huge variety of nutrients. It is grown for its abundance of essential fatty acids, nutrients, and minerals in addition to its high protein degree. Spirulina is in excessive call for in the fitness and wellbeing quarter due to its widespread use as a nutritional complement, practical meals factor, and natural meal colorings agent.

Compared to conventional agriculture, spirulina cultivation is more sustainable. It is a sustainable choice because it uses less water, land, and fertilizers. Its allure as a sustainable food source is also aided by its capacity to absorb and transform carbon dioxide while photosynthesis is occurring.

The Spirulina has several health advantages such as it reduces oxidative stress and promoting general health. It can reduce inflammation, modulate the immune system, improve liquid metabolism, and promote cardiovascular health.

It has a high protein content with all the necessary amino acids. spirulina is the preferable choice among vegetarians, vegans, and others seeking alternative protein sources. Also, it includes vitamins B and E, minerals, antioxidants, and the bioactive compounds

The widespread availability of Spirulina products in health stores, online platforms, and specialized markets reflects its high demand. However, it is essential to consider that demand for it can fluctuate over time, and the specific market dynamics can vary across regions and countries. Other types, also have significant demand depending on their specific applications and cultural preferences in various markets.

Which application of marine algae gaining traction in the market?

Beneficial Properties of marine algae in Cosmetics

The Cosmetic & Personal care segment is anticipated to thrive at 6.6% CAGR during the projection period to reach a market valuation of US$ 1,782.5 million in 2033.

In recent years, using marine algae in cosmetics and personal care products has grown extensively. For their special characteristics and feasible benefits for the skin and hair, extract, oils, and powders are surprisingly prized. It has polysaccharides, antioxidants, nutrients, and minerals that have additional moisturizing, nourishing, and protective qualities.

The chemical derived from algae are present in cosmetic and personal care products including body care, hair care, lotions, creams, serum, and face masks. They had been shown to hydrate the pores and skin, boom its suppleness, inspire the formation of collagen, and have antioxidant and anti-aging homes. Ingredients derived from algae are thought to provide calming and anti-inflammatory traits, making them suitable for sensitive pores and skin.

The rising demand for natural and sustainable beauty products has fuelled the emergence of algae in cosmetics. Consumers are increasingly seeking eco-friendly alternatives to conventional ingredients that align with these preferences. The utilization of marine algae helps reduce the reliance on synthetic and chemical-based ingredients, providing a more natural and environmentally friendly option for personal care products.

Additionally, the unique textures, colors, and marine-inspired branding associated with algae-based cosmetics have caught the attention of consumers looking for innovative and experiential products. It has the inclusion of beauty and skincare routines has become a popular trend, further driving the market growth in this application.

So, the emerging application of it in cosmetics and personal care capitalizes on the nutritional and beneficial properties of skin care and hair care. The increasing demand for natural, sustainable, and effective beauty products positions it as a promising ingredient in the cosmetic industry.

Competitive Landscape :

In order to keep up with consumer demand, top producers frequently introduce a new line of goods. To obtain a competitive edge in the market, they are also employing techniques including mergers and acquisitions, partnerships, distribution agreements, collaborations, ads, and celebrity endorsements.

For instance :

  • In 2022, Thalgo added a new line of marine cleaners made with micronized algae filtrate.
  • In 2023, Body Declic Cellulite and Contouring Cream from Phytomer is made with organic sea algae.
  • In 2023, Natural Wax Announce to Replace Petroleum in Cosmetics and Personal Care Products

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Scope of the Report :

Attribute Details

Market Size Value in 2023

US$ 3612.3 million

Market Forecast Value in 2033

US$ 5,798.9 million

Anticipated Growth Rate (2023 to 2033)

4.8% CAGR

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

Volume (MT) and Value (US$ Million)

Key Regions Covered

  • Latin America
  • North America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • Canada
  • United States
  • Mexico
  • Brazil
  • Chile
  • Peru
  • Argentina
  • Germany
  • France
  • Italy
  • Spain
  • United Kingdom
  • Netherlands
  • Belgium
  • Nordic
  • Russia
  • Poland
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Singapore
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa
  • Central Africa
  • Others

Key Market Segments Covered

  • Type
  • Application
  • Region

Key Companies Profiled

  • Cargill, Incorporated
  • Acadian Seaplants Limited
  • CP Kelco
  • Dow Chemical Company
  • E. I. du Pont de Nemours and Company
  • Gelymar SA
  • Irish Seaweeds
  • Marcel Trading Corporation
  • Qingdao Gather Great Ocean Algae Industry Group (GGOG)
  • Seasol International Pty Ltd
  • Yan Cheng Hairui Food Co., Ltd.
  • Ocean Harvest Technology Limited
  • Mara Seaweed
  • Algatechnologies

Marine Algae Market by Category :

  • By Type :

    • Brown Algae
    • Green Algae
    • Blue-Green Algae
    • Red Algae
  • By Application :

    • Food & Beverages
    • Animal feed
    • Nutraceutical
    • Pharmaceuticals
    • Cosmetics & Personal Care
    • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia
    • Oceania
    • Middle East & Africa

- FAQs -

What is the estimated value of the global Marine Algae Market in 2023?

The global market is estimated to reach a valuation of about US$ 3,612.2 million in 2023.

What is the growth projection for the worldwide Marine Algae industry by 2033?

The global market value is projected to reach US$ 5,798.9 million by 2033.

At what rate is global demand for marine algae expected to increase from 2023 to 2033?

Global demand is anticipated to increase at a CAGR of 4.8% by 2033.

Which region is expected to hold a prominent market share by 2033?

The United States Hold a prominant market share of 31.7% by the end of 2033.

What was the historical CAGR for the Marine Algae Market?

Global demand registered a CAGR of 4.6% historically, from 2018 to 2022.

- Also of Interest -

Algae Extract Market

Algae Extract Market Analysis based on Algae Type (Red Algae, Green Algae, Brown Algae), By Form (Powder, Liquid), By End-use and By Region - Global Market Insights 2023 to 2033

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Algae Products Market By Product (Hydrocolloids, Carotenoids & Pigments, Antioxidants, Lipids, Proteins), By Form (Powder, Liquid Algae Products), By Application (Food & Beverages, Cosmetics & Personal Care), By Sales Channel, By Region - Global Market Insights 2022-2032

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Algae Supplements Market Analysis by Soft Gel, Capsules, Liquid, Tablets, and Powder & Granules from 2023 to 2033