The global Algae Products Market size is estimated to be valued at USD 4.7 billion in 2021 and is projected to reach USD 6.4 billion by 2026, recording a CAGR of 6.3% during the forecast period. The demand for algae products is increasing because of the rise in health awareness and nutritional benefits associated with the consumption of food products that are incorporated with microalgae. Furthermore, increasing applications and usage of micro and macro algae in fertilizers, dietary supplements, and cosmetics is anticipated to strengthen algae products market growth in the near future.
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Key players are investing in various R&D initiatives globally, which has led to the development of different types of algae that find application in various applications, thus increasing the total demand for algae products.
The key players in this market include DSM (Netherlands), BASF (Germany), DuPont (US), Cargill (US), E.I.D Parry (India), Corbion (Netherlands), and Cyanotech Corporation (US).
DSM (Netherlands), also known as Royal DSM, is primarily engaged in the production of health & nutritional products. The company has four business segments—nutrition, materials, and innovation center. The nutrition segment of the company caters to different end-use application industries, such as food, feed, nutraceutical, infant nutrition, personal care, and pharmaceutical. The company has a very wide industry coverage in the carotenoids industry with its product offerings, comprising major carotenoid products for both human and animal consumption. The company is engaged in developing various plant-based innovations such as in March 2021, the company has introduced flavor solution Maxavor Fish YE which is derived from algal oil specifically for fish-based vegan and vegetarian products. Furthermore, in May 2017, DSM, and German-based specialty chemical manufacturer Evonik joint ventured to develop omega-3 fatty acids from marine algae. This breakthrough is anticipated to mitigate the impression on ocean resources. As part of this joint venture, commercial-scale production facility for producing algal oil is to be constructed in the US specifically for pet food and salmon aquaculture applications. Such types of strategic moves to support DSM to solidify its position in the global algae products market.
Cargill (US) participates in the manufacturing and marketing of food, agricultural, and industrial products & services. The company’s key business segments include specialty food ingredients & applications and bulk ingredients. It offers a wide range of nutraceutical ingredients, including biopolymers (xanthan gum and scleroglucan), carrageenan, galactomannans (LBG), and pectin to numerous food companies, as well as to the pharmaceutical and cosmetic industries. It offers algae products through the food & beverage ingredients business segment, which has a diverse portfolio of specialty ingredients, ingredient systems, and finished food systems. For instance, Cargill incorporated red Gracilaria in its seaweed powder WavePure ADG 8250 to cater the growing demand for seaweed-based products in the global market. Furthermore, since, 2018 company has been supplying aquaculture feed with algae oil to customers across the globe that has helped Cargill to become one of the emerging players in the global algae products market.
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