ALGAE MARKET ANALYSIS

Algae MarketSize and Trends

Global algae market was valued at US$ 4,681.4 Million in 2022 and is expected to reach at 7,927.1 Million during the forecast period (2023 to 2030), exhibiting a CAGR of 6.81 %. .

Global Algae Market- Trends

Increasing Demand for Algae-based Products

Algae-derived products are marketed as healthy food available in different forms like capsules, tablets, and liquids. In country like China and region like Europe, shift in consumer demand for the dietary supplements category is witnessed. Algae ingredients are mixed with candies, gums, snacks, and beverages, due to its high protein and nutritious nature. Nutraceutical products like nutrient bars, functional beverages, and supplements are prime applications of microalgae. Algae like Arthospira and Chlorella are commonly used in food supplements. Spirulina and Chlorella are most popular algae ty. Algae products are also used in biofuel sector.

For Instance, According to cyanotech reports, Cyanotech Corporation, a world leader in microalgae-based, high-value nutrition and health dietary supplement products, announced financial results for the third quarter and first nine months of fiscal year 2023, ended December 31, 2022. “Sales in the third quarter improved by $712,000, or 14%, compared to the second quarter, as we saw modest improvement in consumer movement on both finished goods and bulk sales. However, both of our online finished good sales and our international bulk sales are still not performing to historical levels. On the international bulk sales, as the global supply chain issues eased, customers made adjustments to their inventory levels that impacted our sales. The inventory levels have improved but are still a headwind. We are focused on taking steps and making changes to improve these sales channels.”