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

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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.

Algae Extracts Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

7.3%

Largest Market

Asia Pacific

Fastest Growing Market

Asia Pacific
Algae Extracts Market Dynamics

The increasing prevalence of vascular diseases across the world is the major market driver in the Algae Extracts Market during the forecast period. Changing lifestyle needs high-quality, nutritious food, but changes in habitat restrict the fulfillment of all nutritional value, lack of required protein, amino acid consequences risk associated with anxiety and depression along with degradation of muscle and bones. Consumers' rapid shift towards high dietary supplements accelerates the demand for algae, such as spirulina, to boost the immune system, which drives the demand in the market. Hence, this will drive the global market growth at a significant rate.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario

Algae Extracts Market Segmentation

By Source
  • Red Algae
  • Green Algae
  • Brown Algae
By Form
  • Liquid
  • Powder
By Application
  • Food and Beverages
  • Pharmaceuticals
  • Nutraceuticals
  • Personal Care
  • Animal Feed
  • Others

Frequently Asked Questions

The algae extracts market size was valued at USD 4,983.6 million in 2023, growing at a 7.3% CAGR from 2024 to 2030

The leading players in the algae extracts market are Olmix Group, Corbion NV, Kelp, Allmicroalgae, Earthrise Nutritionals LLC. (DIC Corporation), Goerlich Pharma GmbH, Cyanotech Corporation, Phycom Microalgae, Tagrow Co., Ltd, Arizona Algae Products, LLC

Historic years considered for the market study are 2019 through 2023, 2023 is considered as the base year for market estimation and Seven years forecast presented from 2024 – 2030.

  • Olmix Group
  • Corbion NV
  • Kelp
  • Allmicroalgae
  • Earthrise Nutritionals LLC. (DIC Corporation)
  • Goerlich Pharma GmbH
  • Cyanotech Corporation
  • Phycom Microalgae
  • Tagrow Co., Ltd
  • Arizona Algae Products, LLC, 

Adjacent Markets