Algae Based Ingredients Market Overview 2024-2028: Top Opportunities And Upcoming Trends As Per The Business Research Company’s Algae Based Ingredients Global Market Report 2024
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LONDON, Jan. 09, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Algae Based Ingredients Global Market Report 2024, the algae-based ingredients market has displayed robust growth in recent years, expanding from $3.77 billion in 2023 to an estimated $4.04 billion in 2024, reflecting a commendable Compound Annual Growth Rate (CAGR) of 7.1%. This remarkable algae-based ingredients market growth in the historic period can be attributed to an increased emphasis on environmental sustainability, rising demand from the cosmetic and personal care industry, government initiatives, and heightened consumer awareness.
Projected Green Growth
The algae-based ingredients market is poised for continued strong growth in the coming years, with forecasts indicating a market size of $5.34 billion by 2028, boasting a CAGR of 7.3%. The anticipated algae-based ingredients market growth is driven by escalating health and wellness awareness, the rise in vegan and vegetarian populations, and an increasing demand for natural colorants.
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Emerging Trends
Major trends in the forecast period include noteworthy technological advancements in algae cultivation and processing, substantial government support for algae production and research, expanding applications of algae-based ingredients, and a wave of product innovations.
Industry Leaders
Key players in the algae-based ingredients market include industry giants such as Cargill Inc., Corbion N.V., and CP Kelco U.S. Inc. Other major contributors include Bioriginal Food & Science Corp., Cynotech Corporation, and Algenol Biofuels Inc. Companies like Earthrise Nutritionals LLC, AlgaEnergy S.A., and Algae Systems LLC are also playing pivotal roles in shaping the market.
Technological Innovations
Companies operating in the algae-based ingredients market are actively pursuing innovation to enhance their position and meet the demand for natural and sustainable cosmetic products. For instance, in April 2023, Upwell Cosmetics Inc. introduced an innovative algae-derived cosmetic wax as a sustainable alternative to petroleum-based wax. This ingredient, sourced sustainably, meets the growing consumer demand for environmentally friendly components in cosmetic products.
Regional Dynamics
North America took the lead as the largest region in the algae-based ingredients market in 2023, while the market projects Asia-Pacific to be the fastest-growing region in the forecast period.
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Market Segmentation
The algae-based ingredients market, as detailed in this report, is segmented based on:
- Ingredients: Carrageenan, Alginates, Algae Protein, Beta Carotene, Algae Oil, Agar, Other Ingredients
- Source: Red Algae, Green Algae, Brown Algae, Other Sources
- Form: Liquid, Dry
- Application: Food And Beverages, Personal Care, Nutraceuticals, Pharmaceuticals, Animal Feed, Other Applications
In conclusion, the Algae-Based Ingredients Global Market Report 2023 offers valuable insights into a burgeoning market. Industry players can leverage this comprehensive report to strategically position themselves by identifying emerging trends, fostering innovation, and capitalizing on opportunities in this dynamic and environmentally conscious market.
Algae Based Ingredients Global Market Report 2024 by The Business Research Company provides insights on the algae based ingredients market size, algae based ingredients market segments, algae based ingredients market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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