North America Algae Products Market Report and Forecast 2024-2032

North America Algae Products Market Outlook

The North America algae products market size reached approximately USD 1.63 billion in 2023. The market is projected to grow at a CAGR of 5.5% between 2024 and 2032, reaching a value of around USD 2.65 billion by 2032.

Key Takeaways

• The Department of Energy in the United States revealed funding of approximately $34 million to progress waste and algae bioenergy technology.

• Artificial cultivation of algae is expected to boost the North America algae products market growth. For instance, Pondtech relies on its industrial algae to obtain dietary supplements, protein-rich animal feed, and industrial raw materials like biofuels and cosmetics. 

• Seaweed cultivation is booming in the US aquaculture sector due to its renewable energy potential, cost-effectiveness, and Native Americans' reliance on algae for sustenance and energy.

As per the North America algae products market analysis, neutraceuticals and dietary supplements are expected to lead the demand. This is because of the rise of veganism in North America, which is prompting people to switch to vegetarian/vegan options for consuming omega-3 fatty acids which help in lowering blood pressure and minimising the risk of cardiovascular diseases. People are exploring algae-based supplements as an alternative to fish oils for improving their overall health. The products manufactured by the personal care industry are expected to make increasing use of algae for thickening skin creams and lotions and brightening dark spots and blemishes on the skin. Red, blue, green, and brown algae are expected to be used as extracts in the preparation of sensitive skincare products.

Canada is expected to account for a significant North America algae products market share. As a part of its climate action strategy, Canada can leverage the 17000 km long coastline of the provinces of Labrador and Newfoundland to cultivate seaweed, particularly kelp, for industrial and commercial applications. This includes using kelp as an ingredient in manufacturing shampoos and making biofuels.

The market is anticipated to grow due to the expansion of potential applications of algae products. A notable example of this is the creation of a wax-coated water-resistant jacket made from an algae-based bioplastic by a fashion designer based in New York. This innovative jacket was recognised and awarded the prestigious 2019 Innovation by Design Awards. 

Market Segmentation

North America Algae Products Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Source

• Brown Algae

• Red Algae

• Green Algae

• Blue-Green Algae

Market Breakup by Form

• Solid

• Liquid

Market Breakup by Type

• Algal Protein

• Alginate

• Carrageenan

• Carotenoids

• Lipids

• Others

Market Breakup by Application

• Personal Care

• Food and Beverage

• Nutraceuticals and Dietary Supplements

• Animal Feed

• Others

Market Breakup by Country

• United States of America

• Canada

Competitive Landscape

The market participants are concentrating on technological innovations in algae cultivation to gain a competitive advantage.

• BASF SE

• Archer-Daniels-Midland Co.

• Cyanotech Corporation

• Corbion NV

• Cellana, Inc.

• Arizona Algae Products, LLC

• Pond Technologies, Inc.

• Algenol Biotech

• Triton Algae Innovations

• Smallfood Inc.

• Others

Key Highlights of the Report

North America Algae Products Market Report Snapshots

North America Algae Products Market Size

North America Algae Products Companies