- Red Algae
- Green Algae
- Brown Algae
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:
Fastest Growing Market
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.
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.