Algae Products Market to be Worth $3.92 Billion by 2030

Algae Products Market by Type (Hydrocolloids, Carotenoids, Lipids, Algal Protein), Source (Seaweed, Microalgae {Chlorella, Spirulina}), Form (Dry, Liquid), Application (Food & Beverage, Nutraceuticals, Cosmetic), and Geography – Global Forecast to 2030

In terms of size, The Algae Products Market is expected to reach $3.92 billion by 2030, at a CAGR of 5.4% from 2023 to 2030. The growth of this market is attributed to the increasing preference for algae-sourced products, algae being a source of high nutrients and minerals, increasing vegetarianism, and rising demand for natural food colors. Moreover, the growing demand for biofuels is expected to offer significant growth opportunities for players operating in the algae products market. However, factors such as a lack of R&D activities in underdeveloped countries and the complex production process of algae products are expected to hinder the growth of this market to a certain extent.