The global marine algae market is positioned for remarkable growth, with its expected worth projected to increase from US$ 3,612.2 million in 2023 to a substantial US$ 5,798.9 million by 2033. Over the upcoming decade, spanning from 2023 to 2033, the market is poised to experience strong sales growth, demonstrating a steady Compound Annual Growth Rate (CAGR) of 4.8%.
Present-day consumers are increasingly attuned to the environmental repercussions associated with animal-based products, encompassing concerns related to climate change, water pollution, and deforestation. This heightened environmental consciousness is steering a transition toward more sustainable and eco-friendly dietary choices. Marine algae, renowned for its multifarious health benefits, including an array of vitamins, minerals, and antioxidants, is gaining prominence for its potential to enhance well-being, fortify the immune system, and mitigate inflammation. Furthermore, it boasts of antioxidants that counteract free radicals—unstable molecules capable of causing cellular damage and contributing to the onset of diseases like cancer and heart disease.
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Key Takeaways from the Marine Algae Report:
- By 2033, the market for marine algae is projected to be worth US$ 5,798.1 million.
- Over the projection period, the demand for marine algae is anticipated to grow at a rate of 4.8% CAGR
- By 2033, it is expected that the market for blue-green marine algae, broken down by kind, will be worth US$1,340.5 million.
- The cosmetic and personal care marine algae market is anticipated to grow at a 6.6% CAGR by application over the forecast period.
- By 2033, the United States is anticipated to have a significant value share of 31.7% of the global market.
- By 2033, it is anticipated that the marine algae market in China will be worth US$ 595.1 million.
- The value CAGR for the India market is anticipated to be 8.6% over the projection period.
“Increasing consumer desire for natural and sustainable products, the growth of the health and wellness sector, and the need for environmentally friendly solutions are some of the factors driving the market potential for marine algae. They expect the marine algae market to continue to grow and offer lucrative investment opportunities.” – says a lead analyst at Fact.MR
Competitive landscape:
In order to keep up with consumer demand, top producers frequently introduce a new line of goods. To obtain a competitive edge in the market, they are also employing techniques including mergers and acquisitions, partnerships, distribution agreements, collaborations, ads, and celebrity endorsements.
For instance :
- In 2022, Thalgo added a new line of marine cleaners made with micronized algae filtrate.
- In 2023, Body Declic Cellulite and Contouring Cream from Phytomer is made with organic sea algae.
- In 2023, Natural Wax Announce to Replace Petroleum in Cosmetics and Personal Care Products
Key Companies Profiled:
- Cargill, Incorporated
- Acadian Seaplants Limited
- CP Kelco
- Dow Chemical Company
- E. I. du Pont de Nemours and Company
- Gelymar SA
- Irish Seaweeds
- Marcel Trading Corporation
- Qingdao Gather Great Ocean Algae Industry Group (GGOG)
- Seasol International Pty Ltd
- Yan Cheng Hairui Food Co., Ltd.
- Ocean Harvest Technology Limited
- Mara Seaweed
- Algatechnologies
Marine Algae Market by Category :
- By Type :
- Brown Algae
- Green Algae
- Blue-Green Algae
- Red Algae
- By Application :
- Food & Beverages
- Animal feed
- Nutraceutical
- Pharmaceuticals
- Cosmetics & Personal Care
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Questionnaire answered in the Market outlook Report of Marine Algae include:
- What is the key strategy deployed by large players to maximize Marine Algae Market growth?
- What are the main challenges faced by players in the Marine Algae market Demand?
- With the advent of technological advancement, how will the Marine Algae market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Marine Algae market size?
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