Algae Products Market to Reach $5.55 Billion by 2030

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

The Algae Products Market is projected to reach $5.55 billion by 2030, at a CAGR of 7.8% during the forecast period of 2023 to 2030. In terms of volume, the algae products market is projected to reach 460,870.9 tons by 2030, at a CAGR of 9.0% during the forecast period of 2023–2030. The growth of the algae products market is driven by consumers’ increasing preference for algae-sourced products, the growth in vegetarianism, the rising demand for natural food colors, and the rapid growth of the nutraceuticals industry.

However, complexities in algae production and low awareness regarding the benefits of algae restrain the growth of this market. Furthermore, the growing demand for biofuels is expected to generate growth opportunities for the players operating in this market. However, the risk of algae contamination is a major challenge impacting market growth. Additionally, the increasing adoption of algae products is a prominent trend in the algae products market.