Macroalgae Market Report 2024 (Global Edition)

Global Macroalgae Market Report 2024 Market Size Split by Type Outlook: (Spirulina, Chlorella, Dunaliella Salina, Aphanizomenon Flos-Aquae), by Application Outlook: (Dietary supplements, Food/Feed, Ph...

Macroalgae Market Report Description

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Macroalgae Market Insights Video

Competitive Landscape of the Macroalgae Market

A wide range of small-scale manufacturers, well-established industry participants, and up-and-coming startups with an emphasis on cutting-edge applications make up the competitive landscape of the macroalgae market. Businesses compete based on things like pricing, sustainable sourcing, product quality, and technological developments in farming and processing techniques. New product formulations have resulted from increased research and development expenditures, especially in the fields of cosmetics, biofuels, and nutraceuticals. The availability of marine resources and favorable government regulations also influences regional rivalry in the industry. Competition is further heightened by industry-academia collaboration for biotechnology applications, where scalability and sustainability emerge as crucial differentiators.

In November 2022, GNT introduced a new powder composed of spirulina and turmeric to its line of green EXBERRY-colored foods. Bright Green EXBERRY Shade Powder produces vivid, blue-green hues for powdered and dry uses, including spices and pastry mixes. (Source: https://exberry.com/en/color-insights/gnt-launches-green-exberry-powder-made-from-turmeric-and-spirulina/) In September 2022, DIC Corporation declared that it would invest about ¥1.2 billion (US$9.0 million) in environmental projects at its subsidiaries Hainan DIC Microalgae Co., Ltd. in the People's Republic of China (PRC) and Earthrise Nutritionals, LLC in the U.S. state of California. Both companies produce edible blue-green algae Spirulina and LINABLUE, a natural blue food coloring derived from Spirulina. (Source: https://www.dic-global.com/ap/news/2022/ir/20220914094911.html)

Top Companies Market Share in Macroalgae Industry: (In no particular order of Rank)

• Lonza
• Eastman Chemical Company
• Daicel Corporation
• Laxmi Organic Industries Ltd.
• Mitsubishi Chemical Co.
• Ltd.
• Zhangjiagang Hope Chemicals Co.
• Ltd.
• Nantong Acetic Acid Chemical Co.
• Ltd.
• Ningbo Wanglong Technology Co.
• Jubilant Life Sciences Ltd.
• Toronto Research Chemicals.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Macroalgae Market

Which Region Dominates the Macroalgae Market in 2024?

According to Cognitive Market Research, North America currently dominates the Macroalgae market, and the region is expected to have significant growth during the projected period. The growing demand for plant-based and sustainable goods is contributing to the expansion of the North American macroalgae market. Because of their high nutritional content and health advantages, macroalgae are frequently employed in dietary supplements and functional foods in the United States, which fits with the trend toward wellness-focused consumption. To promote regional industries and exports, Canada is utilizing its abundant coastal resources to create aquaculture systems for the development of macroalgae. Both nations are seeing an increase in interest in using macroalgae to clean water and produce biofuel. Advances in marine biotechnology, government subsidies for aquaculture, and growing uses in cosmetics, pharmaceuticals, and animal feed present opportunities.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Due to the region's long-standing reliance on seaweed for food and its burgeoning industrial uses, the Asia-Pacific macroalgae market is booming. Due to developments in processing technologies, macroalgae are frequently used in China in food goods, medicines, and biofuels. Japan is a leader in producing high-quality edible seaweed for both local and international markets, including kombu and nori. Utilizing the antioxidant qualities of the algae, South Korea concentrates on creative applications in nutraceuticals and cosmetics. With government support, seaweed farming is expanding in India to produce animal feed and biofertilizers. Market expansion is driven by investments in marine biotechnology and the growing demand for plant-based goods throughout the region.

The current report Scope analyzes Macroalgae Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Macroalgae

According to Cognitive Market Research, the global Macroalgae market size was estimated at USD 12541.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 5016.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Macroalgae market with a market size of USD 3958.10 million in 2024 and is projected to grow at a CAGR of 4.8% during the forecast period. As a renewable and environmentally friendly resource, macroalgae fits well with the U.S.'s emphasis on sustainable food ingredient procurement.
• The Canada Macroalgae market had a market share of USD 601.99 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period. Canada's extensive coastal regions make it simple to obtain high-quality macroalgae, which supports the market expansion for products made from seaweed.
• The Mexico Macroalgae market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 456.51 million in 2024.

Europe Macroalgae

According to Cognitive Market Research, the global Macroalgae market size was estimated at USD 12541.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 3762.45 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.

• The United Kingdom Macroalgae market had a market share of USD 632.09 million in 2024 and is projected to grow at a CAGR of 6.1% during the forecast period. The UK's expanding biotechnology industry makes investments in inventions based on algae, which propels market expansion.
• The France Macroalgae market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 346.15 million in 2024.
• According to Cognitive Market Research, the German Macroalgae market size was valued at USD 744.97 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Germany is a leader in sustainability, emphasizing natural, eco-friendly products and encouraging the use of macroalgae in a variety of sectors, particularly agriculture and biofuels.
• The Italy Macroalgae market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 323.57 million in 2024.
• The Russian Macroalgae market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 583.18 million in 2024.
• The Spain Macroalgae market is projected to witness growth at a CAGR of 4.4% during the forecast period with a market size of USD 308.52 million in 2024
• The Luxembourg Macroalgae market is projected to witness growth at a CAGR of 5.4% during the forecast period, with a market size of USD 116.64 million in 2024.
• The Portugal Macroalgae market is projected to witness growth at a CAGR of 5.1% during the forecast period, with a market size of USD 79.01 million in 2024.
• The Greece Macroalgae market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 45.15 million in 2024.
• The Rest of Europe's Macroalgae market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 583.18 million in 2024.

Asia Pacific Macroalgae

According to Cognitive Market Research, the global Macroalgae market size was estimated at USD 12541.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 2884.55 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.8% from 2024 to 2031.

• According to Cognitive Market Research, the China Macroalgae market size was valued at USD 1298.05 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. The demand for macroalgae in food goods and pharmaceuticals is rising in China, which is the world's largest consumer of seaweed.
• The Japan Macroalgae market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 398.07 million in 2024.
• The India Macroalgae market had a market share of USD 346.15 million in 2024 and is projected to grow at a CAGR of 10.6% during the forecast period. The need for functional foods and nutraceuticals, which contain macroalgae as essential ingredients, is being driven by India's expanding middle class.
• The South Korean Macroalgae market is projected to witness growth at a CAGR of 7.9% during the forecast period, with a market size of USD 288.45 million in 2024.
• The Australian Macroalgae market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 150.00 million in 2024.
• The Southeast Asia Macroalgae market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 199.03 million in 2024.
• The Rest of Asia Pacific Macroalgae market is projected to witness growth at a CAGR of 8.6% during the forecast period, with a market size of USD 204.80 million in 2024.

South America Macroalgae

According to Cognitive Market Research, the global Macroalgae market size was estimated at USD 12541.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 627.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Macroalgae market size was valued at USD 268.39 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period. Access to diverse macroalgae species is made possible by Brazil's abundant biodiversity, which benefits the food and cosmetics sectors alike.
• Argentina's Macroalgae market had a market share of USD 105.35 million in 2024 and is projected to grow at a CAGR of 7.1% during the forecast period. Argentina's expanding wellness movement drives the demand for macroalgae in dietary supplements and nutraceuticals.
• Colombia's Macroalgae market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 55.81 million in 2024.
• Peru's Macroalgae market is projected to witness growth at a CAGR of 6.4% during the forecast period, with a market size of USD 51.42 million in 2024.
• Chile's Macroalgae market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 45.15 million in 2024.
• The Rest of Latin America's Macroalgae market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 100.96 million in 2024.

Middle East and Africa Macroalgae

According to Cognitive Market Research, the global Macroalgae market size was estimated at USD 12541.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 250.83 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031..

• The GCC Countries Macroalgae market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 107.36 million in 2024. Sustainable aquaculture methods are being promoted by the GCC, which is also raising demand for biofuels and macroalgae as feed.
• The Egypt Macroalgae market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 26.34 million in 2024.
• The South African Macroalgae market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 39.63 million in 2024. A consistent source of macroalgae for use in food, feed, and fertilizers is supplied by South Africa's plentiful coastal waters.
• The Turkey Macroalgae market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 21.57 million in 2024.
• The Nigeria Macroalgae market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 26.34 million in 2024.
• The Rest of the MEA Macroalgae market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 29.60 million in 2024.

Macroalgae Market Analysis

How are Segments Performing in the Global Macroalgae Market?

Macroalgae Market Type Segment Analysis

According to Cognitive Market Research, spirulina is likely to dominate the Macroalgae Market over the forecast period. Because of its high nutritional content and numerous health advantages, spirulina, a form of blue-green algae, is becoming more and more popular in the macroalgae market. Spirulina, which is abundant in protein, vitamins, minerals, and antioxidants, is utilized extensively in functional foods, beverages, and dietary supplements, particularly in health-conscious countries like North America and Europe. Because of its ability to treat skin, it is also becoming more and more well-liked in the cosmetics sector. Significant investments are being made in the production and processing of spirulina, especially in Asia-Pacific and Latin America, as the demand for plant-based and sustainable goods continues to rise globally.

The Chlorella is the fastest-growing segment in the Macroalgae Market. The market for macroalgae is seeing an increase in demand for the green microalga chlorella because of its remarkable nutritional profile, which includes a high protein content, vital vitamins, minerals, and antioxidants. Because of its ability to cleanse and strengthen the immune system, it is frequently found in nutritional supplements, functional foods, and beverages. Chlorella's popularity has increased due to the growing trend of sustainable and eco-friendly solutions as well as the increased emphasis on natural and plant-based health products. Further propelling market expansion is its use in anti-aging and skin-health cosmetics, especially in North America, Europe, and Asia-Pacific, where wellness trends are flourishing.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Macroalgae Industry. Request a Free Sample PDF!

Macroalgae Market Application Segment Analysis

According to Cognitive Market Research, the Dietary supplements segment holds the largest share of the market. One of the main forces behind the macroalgae market's expansion is the dietary supplement sector. Macroalgae, like chlorella and spirulina, are prized for their health advantages because they are abundant in vital nutrients like proteins, vitamins, minerals, and antioxidants. They are found in supplements that enhance intestinal health, increase immunity, and improve general wellness. In North America, Europe, and Asia-Pacific, where health-conscious consumers are more common, the demand for macroalgae-based supplements is growing because of growing consumer awareness of the value of plant-based nutrition and a growing desire for natural, organic components.

In the Macroalgae Market, the Pharmaceutical has been expanding at a rapid pace. The use of macroalgae in the pharmaceutical sector is growing because of their bioactive chemicals, which have a variety of medicinal uses. Due to their abundant antioxidants, anti-inflammatory, and antibacterial qualities, macroalgae—especially those like Spirulina, Chlorella, and Red Algae—are perfect for the creation of medications that target infections, chronic illnesses, and a range of metabolic disorders. Furthermore, a lot of attention has been drawn to macroalgae's potential for neuroprotection, cardiovascular health, and cancer treatment. The need for macroalgae in pharmaceuticals is continuously increasing as marine biotechnology research and development expands, especially in areas with sophisticated healthcare systems like North America, Europe, and portions of Asia.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Macroalgae Distribution Channel Outlook: Segment Analysis

Macroalgae Market Distribution Channel Segment Analysis

According to Cognitive Market Research, The Consumer Channel segment holds the largest market share. The demand for macroalgae is rising through the consumer channel as more people become aware of its health advantages. More and more macroalgae, including kelp, chlorella, and spirulina, are being sold in stores as snacks, supplements, and powders. The nutritional benefits of macroalgae, such as its high protein content and vital vitamins and minerals, are becoming increasingly widely recognized by consumers. Growing health consciousness and the popularity of plant-based diets have led to the incorporation of macroalgae into a variety of food products, such as protein supplements, energy bars, and smoothies. Worldwide demand is being driven by the growing trend of health-conscious consumption, particularly in the wellness and sustainable food industries.

In the Macroalgae market, the rapidly growing sector is the Business Channel. The main factor driving business channel demand for macroalgae is its use in a variety of sectors, including agriculture, food & beverage, and pharmaceuticals. Because of macroalgae's nutritional value, anti-inflammatory qualities, and capacity to promote sustainable practices, businesses in various industries are using it more and more. The food and beverage industry uses macroalgae as a natural ingredient in plant-based products and functional foods. Companies in the agriculture industry also use products made from macroalgae as additions to animal feed or as soil improvers. Because of its many uses and environmentally favorable characteristics, macroalgae is becoming more and more in demand from commercial channels as sustainability initiatives expand.

• Consumer Channel
• Business Channel

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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