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The Algae Products Market is projected to reach $5.55 billion by 2030, at a CAGR of 7.8% from 2023 to 2030. The growth of the algae products market is driven by consumers’ increasing preference for algae-sourced products, the growth in vegetarianism, the rising demand for natural food colors, and the rapid growth of the nutraceuticals industry.
However, complexities in algae production and low awareness regarding the benefits of algae restrain the growth of this market. Furthermore, the growing demand for biofuels is expected to generate growth opportunities for the players operating in this market. However, the risk of algae contamination is a major challenge impacting market growth. Additionally, the increasing adoption of algae products is a prominent trend in the algae products market.
Here are the top 10 companies operating in the Algae Products Market
Founded in 1865 and headquartered in Ludwigshafen, Germany, BASF manufactures and supplies a wide range of products. The company operates through six business segments: Chemicals; Materials; Industrial Solutions; Surface Technologies; Nutrition & Care; and Agricultural Solutions. The company provides algae products for human nutrition, animal nutrition, and personal care through its Nutrition & Care segment. The company also provides its products to various industries, such as petrochemicals, coatings, chemicals, food, industrial, and agriculture.
With its subsidiaries and strong distribution network in more than 90 countries, the company has a geographical presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of December 2022, the company had a headcount of 111,481 employees globally.
Cargill, Incorporated (U.S.)
Founded in 1865 and headquartered in Minneapolis, U.S., Cargill, Incorporated manufactures and markets food, agriculture, and industrial products and services. The company operates through five business segments, namely, Food Ingredients & Bio-industrial, Animal Nutrition, Protein & Salt, Agriculture Supply Chain & Energy, and Transportation & Metals. It offers algae products for skin care and the food industry.
Cargill has launched the Red Seaweed Promise program to address key sustainability challenges for the harvesting and cultivation of red seaweed, a raw material to produce carrageenan for various applications such as dairy, confectionary, and personal care products.
With manufacturing facilities in 70 countries, Cargill distributes its products in more than 125 countries. The company has a strong geographic presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of 2023, the company had a headcount of 160,000 employees globally.
Founded in 1906 and headquartered in Westchester, U.S., Ingredion is an ingredients solutions provider that transforms corn, tapioca, potatoes, stevia, grains, fruits, gums, and vegetables into value-added ingredients and biomaterials for different industries. The company operates through five business segments, namely Food, Beverage, Brewing, Animal Nutrition, and Others. Ingredion has microalgae cultivation ponds and offers spirulina in powder and tablet forms and astaxanthin in the form of oleoresin, powder, and soft gels. The company provides algae hydrocolloid ingredients for different applications. Ingredion caters to snacks and bakery, savory, dairy, meat and dairy alternatives, beverages, confections, home & beauty, pharma, and paper & packaging.
With its subsidiaries and a strong distribution network in more than 120 countries and with 47 manufacturing facilities, the company has a geographic presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of December 2022, the company had a headcount of approximately 11,700 employees.
DIC Corporation (Japan)
Founded in 1908 and headquartered in Tokyo, Japan, DIC Corporation specializes in the manufacturing of printing inks and also produces organic pigments and synthetic resins. The company offers its products to the automotive, electronics, food, and housing industries. It operates in three business segments, namely Packaging & Graphic, Functional Products, and Color & Display. The Color & Display segment offers spirulina and phycocyanin.
DIC has a broad portfolio of microalgae. It offers microalgae products, including spirulina and phycocyanin in the form of powder and tablets, through its subsidiary companies Earthrise Nutritionals, LLC (U.S.), Sun Chemical Corporation (U.S.), and Hainan DIC Microalgae Co., Ltd. (China).
Linablue is Earthrise Nutritional’s spirulina extract product. The company offers its phycocyanin products in powder and liquid form. Phycocyanin can be used as a natural food colorant as well as a functional food ingredient. It is approved as a natural blue colorant in the U.S., Europe, and Asia.
With its subsidiaries and a strong distribution network, the company has a presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of December 2022, the company had a headcount of 22,743 employees worldwide.
Incorporated in 1983 and headquartered in Kailua-Kona, U.S., Cyanotech is engaged in the cultivation and production of natural products derived from microalgae for health and human dietary supplements. The company operates through three business segments, namely Natural Astaxanthin Products, Spirulina Products, and Contract Extraction Services. The company has microalgae cultivation ponds and offers spirulina in powder and tablet forms and astaxanthin in the form of oleoresin, powder, and soft gels.
Cyanotech caters to food, agriculture, animal feed, dietary supplements, nutraceutical, and cosmetic industries. With its subsidiaries and a strong distribution network, it has a geographic presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of March 2022, the company had a headcount of 86 employees.
Meticulous Research in its latest publication on Algae Products Market has predicted the growth of 7.8% during the forecast year 2023-2030.
Algatechnologies Ltd. (A Part of Solabia Group) (Israel)
Founded in 1998 and headquartered in Kibbutz Ketura, Israel, Algatechnologies is engaged in developing and cultivating microalgae. The company produces Nannochloropsis and natural astaxanthin, sourced from the microalga Haematococcus pluvialis in the form of oleoresin extract, powder, softgels, and gummies. AstaPure, a brand of the company, caters to the nutrition, food and beverages, and cosmetics industries.
Algatechnologies also provides logistics, warehousing, and lab support services, offering customers a reliable supply and prompt response.
With its strong distribution network across 35 countries, the company has a geographical presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. As of March 2023, the company had a headcount of over 13,650 employees worldwide.
Founded in 1950 and headquartered in Burgos, Spain; HISPANAGAR is engaged in the manufacturing and distribution of purified seaweed extracts. The company specializes in agar production and operates through three reportable business segments: Agar; Peptone; and Agarose. The company produces three different types of agars, namely bacteriological agar, food agar, and others for tissue culture, pharmaceutical, and cosmetic formulations. HISPANAGAR is certified by ISO 9001, IFS, Green Production Certification, KOSHER, and Halal.
With its strong distribution network, the company has a geographical presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Bluetec Naturals Co., Ltd (China)
Founded in 1998 and headquartered in Inner Mongolia, China, Bluetec is engaged in manufacturing and distributing algae products. The company has a large algae production facility and produces around 500 tons of spirulina annually. Moreover, the company also produces phycocyanin, chlorella, astaxanthin, and spirulina extracts. In 2016, the company developed an innovative technology to extract phycocyanin from spirulina.
Besides existing products, Bluetec Naturals is also capable of producing blue spirulina, spirulina extract, and phycocyanin products according to special or customized formulations for its customers. The company offers its products in liquid, powder, softgels, and capsule forms to the food, cosmetics, and pharmaceutical industries. The company is also certified by FSSC22000, ISO9001, HACCP, BRC, Organic, Kosher, and Halal. Further, the company has a geographic presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
COMPAÑIA ESPAÑOLA DE ALGAS MARINAS S A (Spain)
Founded in 1966 and headquartered in Pontevedra, Spain, CEAMSA is engaged in the production, development, and distribution of natural hydrocolloids (carrageenan, pectin, fiber, alginate, and locust bean gum). The company provides its hydrocolloid products for food as well as non-food industries, including pharmaceuticals, cosmetics, and others. Currently, the company operates through two production plants located in Spain and the Philippines.
The company has also undergone research and development project ‘Hydrocolloid Technical Development for obtaining new products and processes developed for food applications with better properties and functionality (HIDROCONEW)’ in the period from 2017—2022 for the development of new hydrocolloids and dietary fibers and its manufacturing process. The company is certified by ISO 9001, ISO 14001, and ISO 45001.
With its strong distribution network, the company has a geographical presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of 2023, the company had a headcount of 440 employees.
W Hydrocolloids, Inc. (Philippines)
Founded in 1980 and headquartered in Metro Manila, Philippines, W Hydrocolloids, Inc. is engaged in the manufacturing and supply of food ingredients. It specializes in carrageenan-based food ingredient manufacturing. The company offers its ingredients for application in frozen desserts, dessert jelly, meat, beverages, sauces and dressing, cheese, confectionery, pet food, air freshener gel, pharmaceuticals, personal care & cosmetics, beer, and vegan alternatives.
The company operates through four production plants: W HYDROCOLLOIDS, INC. CARMONA, MARINE DEVELOPMENT RESOURCES CORPORATION, PHILIPPINE BIO-INDUSTRIES, CEBU CARRAGEENAN CORPORATION, with an annual production capacity of more than 10,000 MT. Additionally, the company is certified by FSSC 22000, Halal, KOSHER, and SGS Certification.
With its strong distribution network, the company has a geographical presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As of December 2023, the company had a headcount of more than 200 employees.
Popular Mention: Lyxia Corporation (a subsidiary of Shenzhen Qianhai Xiaozao Technology Co., Ltd.) (U.S.), BDI BioLife Science GmbH (Austria), Tianjin Norland Biotech Co., Ltd. (China), Seagrass Tech Private Limited (India), SNAP Natural & Alginate Products Pvt. Ltd. (India), and Harsha Enterprises (India).
Authoritative Research on the Algae Products Market – Global Opportunity Analysis and Industry Forecast (2023-2030)
Need more information? Meticulous Research®’s new report covers each of these companies in much more detail, providing analysis on the following:
- Recent financial performance
- Key products
- Significant company strategies
- Partnerships and acquisitions
The Comprehensive report provides global market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends.
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