Middle East and Africa Algae Products Market – Industry Trends and Forecast to 2030

Middle East and Africa Algae Products Market, By Type (Hydrocolloids, Lipids, Carotenoids, Algal Protein, Algal Antioxidants, and Other Types), Source (Macroalgae and Microalgae), Form (Solid and Liquid), Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Personal Care, Feed, Pharmaceuticals, Specialty Chemical, Biofuel, Pollution Control, Paints and Colorants, Fertilizers, and Others), Distribution Channel (Direct and Indirect) – Industry Trends and Forecast to 2030.

Middle East and Africa Algae Products Market Analysis and Size

Algae products are bio resources which act as a sustainable and renewable feedstock for the production of numerous valuable goods, including biofuels, medications, nutraceuticals, and bioplastics. The utilizing technologies based on algae not only makes it easier to reduce carbon emissions but also encourages resource efficiency and helps to create an industrial landscape that is environmentally friendly and commercially viable.                

Data Bridge Market Research analyses that the algae products market which was USD 167.74 million in 2022, would rocket up to USD 232.63 million by 2030, and is expected to undergo a CAGR of 4.3% during the forecast period. This indicates that the market value. “Hydrocolloids” dominates the type segment of the algae products market owing to the growing demand for increasing awareness among consumers regarding the benefits of algae products. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the Market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Middle East and Africa Algae Products Market Scope and Segmentation

Market Definition

Algae products play a crucial role in the market due to their exceptional benefits and numerous applications across industries. Algae provide a renewable and sustainable source of raw materials. They make a good substitute for conventional resources because of their capacity to expand quickly and flourish in a variety of environments. Businesses can help to lessen their carbon footprint and promote environmental sustainability by using products made from algae.

Middle East and Africa Algae Products Market Dynamics

Drivers

• Increasing awareness among consumers about health benefits of algae products

The market has been significantly impacted by consumers' growing knowledge of the health benefits of products made from algae. Consumers are actively looking for natural and sustainable alternatives in their dietary and lifestyle choices as they become more health conscious.

• Multiple industry coverage

Due to their diverse uses and numerous advantages, algae products have seen a remarkable rise in the popularity across  various industries. Algae are used in the food and beverage industry as a nutritional powerhouse, enhancing the value of goods like plant-based protein substitutes, dietary supplements, and functional food ingredients. Algal extracts' potent moisturising, anti-aging, and skin-rejuvenating qualities are harnessed by the cosmetics and personal care industry.

• Alternative food and energy source

Algae products have become a promising alternative food and energy source that addresses the growing concerns about the global food security and energy sustainability. Algae is an excellent food source because they are rich in essential fatty acids, vitamins,  minerals, and protein. They can be grown successfully in a variety of conditions, such as seawater and non-arable land, which relieves pressure on conventional agricultural resources.

Opportunities

Furthermore, the growing up of new markets based on products derived from Microalgae biomass will extend profitable opportunities for the market players in the forecast period of 2023 to 2030. In addition, the paradigm shift towards healthy lifestyle, rising investments in algae production, will further expand the market growth rate in the future.

Restraints/Challenges

The high production costs associated with growing and processing algae are one of the main obstacles facing the European market for algae products. Establishing algae cultivation facilities, putting advanced technologies into use, and maintaining ideal growing conditions can require a sizeable initial investment. The production costs are further increased by the fact that the extraction and processing of algae biomass to yield valuable products frequently requires labor and energy-intensive processes are projected to challenge the market in the forecast period of 2023-2030.

This algae products market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, Market share, impact of domestic and localized Market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market . To gain more info on the algae products market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In May 2020, DSM launched a plant based DHA oil product named life’sDHA SF55-O200DS oil produced from Schizochytrium algae for boosting the nutrition in mothers and infants. This new product launch by DSM increased its product portfolio in nutrition business thereby increased demand for its product in market leading to increased revenue in future
• In May 2020, DIC CORPORATION uses corporate venture capital to leverage Checkerspot Inc.’s, a biotech startup in order to start sustainable microalgae materials innovation platform. This increases the credibility of DIC CORPORATION in the market thereby increased demand for its product in future.

Middle East and Africa Algae Products Market Scope

The algae products market is segmented on the basis of type, source, form, application, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

TYPE

• Hydrocolloids
• Lipids
• Carotenoids
• Algal protein
• Algal antioxidants
• Other Types

SOURCE

• Macroalgae​​​​​​​
• Microalgae

FORM

• Solid
• Liquid

APPLICATION

• Food & Beverages
• Nutraceuticals & Dietary Supplements
• Personal Care
• Feed
• Specialty Chemical
• Biofuel
• Pollution Control
• Paints and colorants
• Fertilizers
• Others

DISTRIBUTION CHANNEL

• Indirect
• Direct

Algae Products Market Regional Analysis/Insights

The algae products market is analysed and market size insights and trends are provided by type, source, form, application, and distribution channel as referenced above.

The countries covered in the algae products market report are South Africa, Saudi Arabia, Oman, Qatar, UAE, Kuwait, and Rest of Middle East and Africa.

South Africa dominates the algae products market because of the strong base of consumers, strong presence of the major players in the market and the rising number of research activities in this country in terms of market share.  

The South Africa is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increasing awareness among consumers about health benefits of algae products growing research activities in the region, availability of massive untapped markets, large population pool, and the growing demand for algae products in the country.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the Market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data. 

Competitive Landscape and Algae Products Market Share Analysis

The algae products market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to surgical microscopes market.

Some of the major players operating in the Algae Products Market are:

• BASF SE (Ludwigshafen, Germany)
• DSM (Heerlen, The Netherlands)
• Corbion (Amsterdam, The Netherlands)
• DuPont (Delaware, U.S.)
• Cargill, Incorporated (Delaware, U.S.)
• DIC CORPORATION (Tokyo, Japan)
• FENCHEM (Nanjing, China)
• CP Kelco U.S., Inc. (Georgia, U.S.)
• Kemin Industries, Inc. (Iowa, U.S.)