Northbrook, IL 60062 -- (SBWIRE) -- 06/27/2023 -- The algae products market is predicted to experience significant growth. In 2023, the market is estimated to be valued at USD 5.3 billion, and it is projected to reach USD 7.3 billion by 2028, with a compound annual growth rate (CAGR) of 6.4% during the forecast period.

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Algae products find applications across various industries such as food and beverages, pharmaceuticals, cosmetics, animal feed, biofuels, and wastewater treatment. The versatility of algae and their ability to be processed into different forms, including powders, extracts, and oils, make them highly desirable ingredients for a wide range of products. This factor is driving the growth of the algae products market.

The research report highlights several key segments within the algae products market. The carotenoids segment, in terms of type, is expected to exhibit the second-highest CAGR during the forecast period. The rising consumer awareness regarding the importance of antioxidants and their potential health benefits has led to an increased demand for algae products rich in carotenoids. These compounds are sought after for their role in maintaining overall health and well-being. Additionally, algae-derived carotenoids are utilized as natural food colorants in the food and beverage industry, further driving their market growth.

In terms of source, the blue-green algae segment is projected to witness the highest CAGR during the forecast period. Blue-green algae are abundantly available in various aquatic environments such as freshwater lakes, rivers, and oceans. They can be easily cultivated, making them a reliable and sustainable source for algae-based products. Blue-green algae contain natural pigments like chlorophyll and phycocyanin, which provide them with their distinct blue-green color. These natural pigments are being used as food colorants in the food and beverage industry, replacing synthetic dyes. The demand for natural and plant-based food colorants has propelled the use of blue-green algae as a sustainable alternative.

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Geographically, North America is anticipated to hold the largest market share in 2023. The region is home to several key players in the algae products industry, including algae cultivators, processors, and product manufacturers. These companies possess significant expertise, infrastructure, and distribution networks to meet the growing demand for algae-based products in the region. Their strong market presence and effective strategies contribute to the overall market growth and drive the adoption of algae products across various sectors.

Some of the major players operating in the algae products market include DSM (Netherlands), BASF SE (Germany), Corbion (Netherlands), E.I.D Parry (India), International Flavors & Fragrances Inc (US), Cynotech Corporation (US), Earthrise Nutritionals LLC (US), CP Kelco U.S., Inc (US), Cargill, Incorporated (US), and Algea (Norway).

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