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Tue. Jul 23rd, 2024

Algae-based food additive market expected to reach $349.1 million by 2033, says Future Market Insights

By Vaseline May31,2024
Algae-based food additive market expected to reach 9.1 million by 2033, says Future Market Insights

Algae-based food additive market expected to reach 9.1 million by 2033, says Future Market Insights
Algae-based food additives market

According to a recent research report by Future Market Insights (FMI), the global market for algae-based food additives is poised for substantial growth, with sales expected to reach $349.1 million by 2033. The market is expected to rise at an impressive compound annual growth rate (CAGR) of 8.3% over the forecast period of 2023 to 2033. In 2023, the market is estimated at $157.3 million.

The escalating demand for algae-based food additives reflects a notable trend in the food industry, driven by consumers’ increasing preference for natural, sustainable and nutrient-rich food products. Algae-based additives have emerged as an excellent source of dietary fiber and antioxidants, offering a range of health benefits that resonate with health-conscious consumers.

“Increasing consumer awareness of the health benefits associated with algae-based additives is a key driver of this trend,” says Future Market Insights. “Additionally, the growing emphasis on sustainable and eco-friendly food solutions amid environmental concerns further strengthens the acceptance of algae-based additives.”

Food manufacturers and processors are increasingly recognizing algae as a viable alternative to conventional additives, leading to a surge in demand for these natural ingredients. As the food industry continues to evolve, algae-based food additives are poised to play a critical role in meeting the demand for healthier and more sustainable food options.

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Key Takeaways from the Algae-Based Food Additives Market Research:

  • The algae-based food additive industry in the United States is poised to exhibit a CAGR of 4% in the estimated period.
  • China’s strategic advantage in the global algae-based food additive industry has led the country to grow by a 6% CAGR through 2033.
  • Germany’s increasing emphasis on wellness is expected to help the algae-based food additives market record a CAGR of 2.5% 3% in the forecast period.
  • Based on product type, the carrageenan segment is expected to have a market share of 6% by 2023.
  • Based on the source, the red algae segment is expected to have a market share of 45% by 2023.

“Although the market for food additives made from algae is a niche market, there is room for growth in the coming years. This is due to customers’ growing desire for natural, healthy and sustainably sourced food products. Food companies are looking for sustainable solutions to reduce their environmental impacts, and algae-based food additives could be the answer.”says a lead analyst at Future Market Insights (FMI).

Competitive landscape

The algae-based food additives market is characterized by the presence of several key players, each striving to gain a larger market share. These companies often engage in various strategies, such as mergers and acquisitions, partnerships, product innovations and expansions, to strengthen their position in the market. Companies invest in research and development to generate unique formulations that target specific needs.

A handful of the leading companies offering algae-based food additives include Corbi, Aliga Microalga, Triton Algae Innovation, Cargil, Gino Biotec, CP Kelco US Inc., AEP Colloid, KIMI, Hispanagar S, Algama Foods and Arizona Algae Products , LLC .

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For example,

  • The AlgaeProBANOS (APB) project, initiated by the SUBMARINER Network in 2023, aims to develop new, high-performance algae-based products for a variety of industries, including textiles, cosmetics, pet food, human nutrition and more.

Get more valuable insights into the algae-based food additives market

Future Market Insights (FMI) in its new offering provides an unbiased analysis of the algae-based food additives industry, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The research includes compelling insights into the algae-based food additives market, by product type (carrageenan, alginate, agar, spirulina and others), source (red algae, brown algae and green algae), functionality (thickening, gelling, stabilizing, emulsifying and improve texture), application (frozen desserts and dairy products, confectionery and bakery products, convenience foods and snacks, beverages and others) and regions.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Recipient and Member of the Greater New York Chamber of Commerce) provides deep insights into the driving factors driving demand in the market. FMI is the leading global provider of market information, advisory services, consultancy and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial and Chemical markets. With a vast team of more than 400 analysts worldwide, FMI offers global, regional and local expertise on diverse domains and industry trends in more than 110 countries.

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