Selbyville, Delaware, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a new research report by Global Market Insights Inc., the global Algae-Based Ingredients Market is speculated to cross USD 6.2 billion by 2030.
The increasing rollouts of government-backed initiatives focused on accelerating algae production as one of the major factors propelling the industry expansion. There is massive growth in world population and the subsequent rise in demand for food. This has encouraged governments and policymakers to foster R&D projects, production scale demonstrations, and multidiscipline collaborations for the development of algae-based food and feed products at competitive prices.
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Growing skin concerns to foster the adoption of Beta Carotene
Beta Carotene segment was worth more than USD 10 million in 2021 and is projected to exhibit over 8% CAGR between 2022 and 2030. Beta Carotene, which is converted into Vitamin A in the body after consumption, is known to support good eye health and vision, a strong immune system, and healthy mucous membranes. Researches suggest that antioxidants such as Beta Carotene can help maintain skin appearance & health and also protect the skin against harmful UV radiation, further opening new growth avenues for the algae-based ingredients market.
Positive health impacts to bolster the demand for red algae-based ingredients
The red algae-sourced ingredients segment is likely to record a valuation worth more than USD 800 million by 2030, depicting a CAGR of over 4.5% during the analysis timeframe. Red algae contain unique peptides and proteins, displaying exceptional prebiotic and anti-inflammatory properties, which assists digestion, bolstering the product demand. Besides, the presence of non-amino acid in red algae has depicted positive outcomes in reducing cholesterol levels and improving thyroid functions, skin, and gut health, stimulating the market outlook.
Browse key industry insights spread across 340 pages with 241 market data tables & 24 figures & charts from the report, “Algae-based Ingredients Market Size By Ingredient (Carrageenan, Alginates, Algae protein, Beta Carotene, Algae oil, Agar, Others), Source (Red Algae, Green Algae, Brown Algae), By Application (Food and Beverages, Personal Care, Nutraceuticals [Dietary supplements, functional foods], Pharmaceuticals, Animal Feed [Aquaculture, Poultry, Swine, Cattle, Pet Food]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/algae-based-ingredients-market
Increasing healthcare expenditure to drive the product demand across personal care products
The algae-based ingredients market share from personal care applications is expected to surpass USD 430 million by 2030. The demand for personal care products has reached an all-time high ever since the COVID-19 pandemic has taken over. The emerging health concerns and the growing awareness about well-being have increased people's expenditure on nutritional and personal care products. In addition, the ongoing advancements in product formulations and the proliferating cosmetics sector may augment the demand for algae-based ingredients.
Increasing uptake of protein supplements to support market expansion across Europe
Europe algae-based ingredients market is poised to depict significant growth trends and exceed USD 1.5 billion by 2030. The increasing uptake of algae-based ingredients as an alternative protein source is one of the leading factors positively influencing the regional landscape. Moreover, the presence of several feed manufacturing giants in the region undertaking R&D and new product innovations may fuel the Europe industry during the projection period.
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Portfolio expansion remains the key growth strategy
Notable players partaking in the algae-based ingredients industry are Corbion, Aliga Microalgae, Triton, Cargill, Gino Biotech, CP Kelco U.S. Inc., AEP Colloids, KIMICA, Marine Hydrocolloids, AgarGel, Hispanagar SA, Taiwan Chlorella Manufacturing Company, Bioriginal Food & Science Corp, LUS Health Ingredients BV, Manta Biofuel, and Algenol Biotech.
The competitive landscape is defined by the increasing strategic exchanges and alliances between prominent participants to aid the expansion of their nutritional offerings and strengthen their position in the market.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
