The presence of advanced facilities provides a competitive advantage and significantly contributes to the United States' dominance within the marine algae market.

Rockville, July 21, 2023 (GLOBE NEWSWIRE) -- As per a new research report by Fact.MR, a provider of market research and competitive intelligence, the estimated sales Marine Algae Market is US$ 3,612.3 million in 2023 and US$ 5,798.1 million in 2033. the Fact.MR analysis shows that the market for marine algae is anticipated to rise globally during the following ten years at a CAGR of 4.8%.

In marine habitats, marine algae fulfill critical ecological roles. By using photosynthesis to absorb solar energy, they act as primary producers and form the basis of the marine food chain. In addition, marine algae help to safeguard coastlines by lowering wave energy and supplying habitat for a variety of marine life. Marine algae are significant ecologically but also have a number of useful uses. It uses in human consumption and as animal feed for aquaculture species, it serves as a source of nourishment.

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Additionally, marine algae are used to make biofuels, medications, cosmetics, fertilizers, and other industrial goods. Research and development into marine algae and its possible uses have been accelerated by the increased interest in renewable and natural resources.

Marine algae live in marine environments such as oceans, seas, and coastal regions.it is a form of algae, which is a non-flowering aquatic plant that produces energy-dense organic molecules which come from sunlight, carbon dioxide, and nutrients through photosynthesis.

Key Takeaways from the Marine Algae Report:

• By 2033, the market for marine algae is projected to be worth US$ 5,798.1 million.
• Over the projection period, the demand for marine algae is anticipated to grow at a rate of 4.8% CAGR
• By 2033, it is expected that the market for blue-green marine algae, broken down by kind, will be worth US$1,340.5 million.
• The cosmetic and personal care marine algae market is anticipated to grow at a 6.6% CAGR by application over the forecast period.
• By 2033, the United States is anticipated to have a significant value share of 31.7% of the global market.
• By 2033, it is anticipated that the marine algae market in China will be worth US$ 595.1 million.
• The value CAGR for the India market is anticipated to be 8.6% over the projection period.
  

“Increasing consumer desire for natural and sustainable products, the growth of the health and wellness sector, and the need for environmentally friendly solutions are some of the factors driving the market potential for marine algae. They expect the marine algae market to continue to grow and offer lucrative investment opportunities.” – says a lead analyst at Fact.MR

Who is Winning?

In order to keep up with consumer demand, top producers frequently introduce a new line of goods. To obtain a competitive edge in the market, they are also employing techniques including mergers and acquisitions, partnerships, distribution agreements, collaborations, ads, and celebrity endorsements.

Cargill, Incorporated, Acadian Seaplants Limited, CP Kelco, Dow Chemical Company, E. I. du Pont de Nemours and Company, Gelymar SA, Irish Seaweeds, Marcel Trading Corporation, Qingdao Gather Great Ocean Algae Industry Group (GGOG), Seasol International Pty Ltd, Yan Cheng Hairui Food Co., Ltd., Ocean Harvest Technology Limited, Mara Seaweed, Algatechnologies are key marine algae manufacturers listed in the report.

These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market.

For instance,

• In 2022, DSM announced the start of a new campaign with a sustainability theme that promotes the usage of omega-3 components sourced from algae.
• In 2022, Thalgo added a new line of marine cleaners made with micronized algae filtrate.
• In 2023, Body Declic Cellulite and Contouring Cream from Phytomer is made with organic sea algae.
• In 2023, Natural Wax Announce to Replace Petroleum in Cosmetics and Personal Care Products

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Get More Valuable Insights

Fact.MR, in its new offering, provides an unbiased analysis of the global Marine Algae market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The study incorporates compelling insights on the marine algae market based on by type (brown algae, green algae, blue-green algae, red algae), by application (food & beverages, animal feed, nutraceuticals, pharmaceuticals, cosmetics & personal care, others), across various regions.

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