According to a new market research report titled, “Algae Market by Type (Macroalgae/Seaweed {Red, Brown}, Microalgae {Spirulina, Chlorella, D. Salina}), Distribution Channel (B2B, B2C), Form (Dry, Liquid), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics) - Global Forecast to 2030”, the algae market is expected to reach $29.8 billion by 2030, at a CAGR of 9.3% during the forecast period 2023 to 2030.

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Algae is a group of predominantly aquatic, photosynthetic, and nucleus-bearing organisms that lack true roots, stems, leaves, and specialized multicellular reproductive structures of plants. There are more than 10,000 algal species throughout the globe. Autotrophic microalgae are cultivated on land in large ponds or enclosed photobioreactors using enriched CO2. Heterotrophic microalgae are grown in large fermenters using sugar or starch. Seaweed (macroalgae) is cultivated in seawater. Algae are used in various industries. They are used in human food, animal and aquaculture feed, organic farming, and fertilizer products.

The global algae market continues to develop due to functional benefits beyond the usual nutritional and health benefits. Furthermore, algae can provide better oil yields in the biofuel industry than other biofuel feedstocks, such as beets, sorghum, and corn, among others. As a result, the global algae market is likely to flourish. Increasing R&D efforts by manufacturers are further expected to drive the expansion of the global algae market.

The Impact of COVID-19 on the Algae Market

The COVID-19 pandemic has adversely hit many economies around the world. Government measures to combat the COVID-19 pandemic, such as nationwide lockdowns and quarantines, have negatively impacted many industries. Most manufacturers of food products in the F&B sector have felt the brunt of the pandemic. Social distancing, self-isolation, and city-wide lockdowns have forced the closures of many establishments in countries across the world.

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The pandemic strained consumer F&B product manufacturers due to reduced consumption and disrupted supply chains. The F&B sector witnessed a minor decline due to the lockdowns imposed across various countries. This scenario negatively impacted the confectionery industry since people only purchased essential products. In addition, government bodies passed various rules and regulations on purchasing essential goods. According to trade organizations in the nutritional products industry, there has been a significant impact on the global supply chain for functional foods and dietary supplements, which has, in turn, lowered the consumption of microalgal biomass among end-users impacting the growth of this market.

In the algae industry, a major slowdown in algae sales was witnessed in the first quarter of 2020 due to disruptions in logistics and transportation. The market also witnessed interruptions in the entire value chain from raw materials supply for culture media to production, packaging, and biomass distribution.

The effects of the COVID-19 pandemic on this market were felt in China starting in 2020, as the country is one of the world's largest producers and one of the leading consumers of algal species. In China, factory closures, algae processing facilities operating at reduced capacities, and restrictions on importing and exporting algae biomass strongly impacted the algae market. Moreover, the pandemic also adversely impacted the algae market in many countries, including the U.S., India, Australia, Brazil, and the EU-5 countries. Due to the countrywide lockdown in India, many commercial algae production and processing facilities shut down or were operating at reduced capacities, leading to substantial losses in domestic algal production.

However, good nutrition intake is the top priority to maintain an optimal immune system, supporting the strong demand for plant and algae protein food products & beverages through e-commerce platforms. In addition, some of the algal protein products are considered to support the human immune system. For instance, spirulina has immune-boosting and anti-viral properties.

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