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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
North America Algae Products Market Size
The North America algae products market 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.
North America Algae Products Market Report Snapshots
North America Algae Products Market Size
North America Algae Products Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 1.63 billion.
The market is estimated to grow at a CAGR of 5.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 2.65 billion by 2032.
The market is being driven by the growing demand for sustainable energy resources, naturally derived protein supplements, and organic feedstock for animals.
The key trends aiding the market expansion include innovations in the fashion industry, increase in artificial cultivation of algae, and the rise of seaweed farming.
The major countries are the United States of America and Canada.
The major applications of algae products include personal care, food and beverage, nutraceuticals and dietary supplements, and animal feed, among others.
The major players in the market are BASF SE, Archer-Daniels-Midland Co., Cyanotech Corporation, Corbion NV, Cellana, Inc., Arizona Algae Products, LLC, Pond Technologies, Inc., Algenol Biotech, Triton Algae Innovations, and Smallfood Inc., among others.
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