Algae Extracts Market: By Source (Red Algae, Green Algae, Brown Algae), By Form (Liquid and Powder), By Application (Food and Beverages, Pharmaceuticals, Nutraceuticals, Personal Care, Animal Feed, and Others), and Geography

Algae Extracts Market size was valued at USD 4,983.6 million in 2023 and is poised to grow at a 7.3% CAGR from 2024 to 2030. The algae extract is a purified extract from marine and red alga, Schizymenia pacifca, a sulfated polysaccharide comprising galactose (73%), sulfonate (20%), and 3,6-anhydrogalactose (0.65%). The growing demand for nutraceuticals to produce numerous supplements and the utilization of algae extract in cosmetic products enhance the market growth.

The rising consumption of nutritional drinks, owing to the high prevalence of lifestyle-related diseases, blue algae, along with other similar algae, are commonly used in the production of supplements used in the treatment of various disorders, such as high cholesterol and blood pressure, which drive the market growth with significant growth. The potential applications of algae enhance the demand in the market due to its therapeutic benefits, such as antivirals, antimicrobials, and antifungal drug production in the pharmaceutical industry. Furthermore, it is used as an antioxidant, which helps inhibit cancerous cell growth, creating lucrative opportunities in the market. The high cost of production from extraction to the final product hampers the market. The formulation also involves complicated process consequences, and increased production costs restrict local and global players in the algae extract market.

Algae Extracts Market Key Developments:

• In November 2022, Merck launched new marine cosmetic ingredients during in-cosmeticsTM Asia 2022. RonaCare® JouvaMer and RonaCare® ReviMer are developed for natural skin renewal.
• In August 2021, BASF introduced the fucoidan-rich algae extract “Seanactiv™” to refresh and revitalize the eye contour. Seanactiv™ harnesses the power of fucus vesiculosus fucoidan to limit visible signs of aging and fatigue around the eyes.
• In June 2018, Algatechnologies (Algatech) launched Fucovital, a patented, “all-natural,” three percent fucoxanthin oleoresin produced and extracted from microalgae.