Algae Snacks Market Synopsis

Algae Snacks Market Size Was Valued at USD 117.95 Million in 2023 and is Projected to Reach USD 273.60 Million by 2032, Growing at a CAGR of 9.8% From 2024-2032.

• The 2011 International Algae Competition witnessed the participation of various countries like Australia, Canada, China, France, Germany, Hong Kong, India, Italy, New Zealand, Singapore, Spain, Thailand, United Kingdom, USA, and Zimbabwe. The participants submitted recipes, menus, new foods, and food products incorporating algae as a featured ingredient. Innovative food preparations were made by using microalgae like Spirulina, and Chlorella and macroalgae like nori, wakame, dulse, kombu, kelp, and algal ingredients like agar and carrageenan. There were recipes for main course, dessert, ice cream, cookies, chips, snacks, appetizers, pasta, noodles, soup, stew, dips, drinks, shakes, cereals, and more. This was an initiative to highlight the algalicious foods with the thought
• The global algae biomass market is worth between $ 5- 7 billion of which the health food sector accounts for $2 billion and the aquaculture applications account for $ 0.7 billion. Algal products such as Spirulina and Chlorella, have significant benefits as potential single cell protein sources. But the market value of these products is not very high; Spirulina was sold at a price of $20 per kg in 2010 and Chlorella at a price of $44 per kg. Beta-carotene has the largest share of the carotenoids market valued at $247 million in 2007, this segment is expected to be worth $285 million by 2015. This proves algae is playing vital and valuable role in the world market.
• The increasing worldwide population is projected to be around 9.7 billion in 2050 (Ehrlich and Harte, 2015; UN DESA, 2022), with massive demand for proteins either from animal-based foods (meat, poultry, fish, eggs, and dairy foods) or plant-based foods (fruits, vegetable, grains, nuts, and seeds) has driven researchers to investigate more sustainable food sources such as algal-based foods (Matos, 2020; Amorim et al., 2021). Current protein demand is approximately 202 million tonnes globally (Henchion et al., 2017), and according to the British nutrition foundation, the reference nutrient intake (RNI) for protein for adults is 0.75 g protein per kg body weight per day; this equates to 56 g/day and 45 g/day for men and women of average body weights (75 and 60 Kg), respectively.
• This statistic shows the market value of algae products worldwide from 2020 to 2023. In 2020, the value of the global algae products market amounted to 2.8 billion U.S. dollars and it was forecast to reach over 3.17 billion U.S. dollars by 2023.

Algae Snacks Market Trend Analysis

More than 85% of biomass is used in the application areas as “functional foods” and “food supplements”.

• Algae increasingly are being marketed as “functional foods” or “nutraceuticals”; these terms have no legal status in many nations but describe foods that contain bioactive compounds, or phytochemicals, that may benefit health beyond the role of basic nutrition (e.g., anti-inflammatories, disease prevention; Bagchi 2006; Hafting et al. 2012). The path from algal research to the launching of new food products or dietary supplements is strongly affected by industrial, regulatory, and nutritional considerations (e.g., see Borowitzka 2013a; Finley et al. 2014). The widespread interest in algal foods and/or their functional food potential is evident in numerous recent reviews (Warrand 2006; MacArtain et al. 2007; Kulshreshtha et al. 2008; Bocanegra et al. 2009; Mendes et al. 2009; Cottin et al. 2011; Harnedy and FitzGerald 2011; Holdt and Kraan 2011; Lordan et al. 2011; Pangestuti and Kim 2011; Stengel et al. 2011; Cornish et al. 2015; Hafting et al. 2015) and books (Rhatigan 2009; Mouritsen 2013; Tiwari and Troy 2015; Fleurence and Levine 2016).
• Many studies report the potential nutritional or bioactive content of different algae but many fewer studies quantify the bioavailability of nutrients and phytochemicals from algal foods. Our purpose is to review and assess what is known about different food components (i.e., proteins, polysaccharides, lipids, vitamins, minerals, and antioxidants, potential toxicants) in the context of improving knowledge about the efficacy of algal foods. There are rich opportunities for phycologists to collaborate with other scientists and clinicians in this emerging field from algal “prospecting” to defining nutritional value, bioaccessibility, and subsequent bioactivity, to the design and construction of mid-large cultivation systems for production of commercial-scale product.
• A large market for aquaculture feeds could be developed from microalgal biomass containing long chain omega-3 fatty acids replacing fish-meal and oil, but production costs must be reduced from the current $50-$100 to $1-2 per kg. Pharmaceuticals are the fastest growing section of the market, but as of now there are only two approved omega-3 based pharmaceuticals in the world, which together account for 1.6% of consumption with nearly $1.5 billion in sales. Other EPA and DHA based triglyceride reduction products are under development, but it will take some time before these achieve regulatory approval and eventual commercialization.
• The current wholesale market price for algae omega-3 oil is about $140 per kg, which is higher than the pricing for fish oil derived products. The Global Organization for EPA and DHA, and Frost and Sullivan estimated that the global market for EPA and DHA omega-3 oils exceeded 85,000 tons in 2009 and was estimated to grow to 135,000-190,000 tons by 2015. Although >95% of the astaxanthin market consumes synthetically derived astaxanthin, consumer demand for natural products makes the synthetic pigments much less desirable and provides an opportunity for the production of natural astaxanthin by Haematococcus

Opportunity

Opportunity to create health-conscious, nutrient-rich snacks using algae, appealing to consumers seeking innovative, vegan, and functional foods.

• Recently, algae have been used for the production of nutraceuticals apart from other high-value products. Algal proteins have an amino acid composition similar to soy protein, one of the most common plant protein sources. The amount of essential amino acids in algae is also comparable to that of soya proteins. Spirulina and Chlorella proteins are used as protein supplements and functional foods owing to their vitamin and mineral-enriched protein having numerous therapeutic properties. Opportunity to develop a rich and rewarding collaboration among phycological, nutritional, medical, analytical, and industrial groups investigating algae as nutritional and functional foods.
• Spirulina protein is approximately 60% of the total biomass and has anticancer, antiviral, antioxidant and anti-inflammatory properties. It also has vitamins C, B6 and B12 and high amount of dietary fiber (https://www.antenna.ch/wp- content/uploads/2017/03/AspectNut_UK.pdf). It has been stated by Sanaraj and Sivaskat that „one gram of Spirulina protein is equivalent to one kilogram of assorted vegetables. Chlorella contains approximately 55-60% protein, which has omega-3 fatty acids, vitamins (B12), minerals and iron. Chlorella protein has numerous therapeutic properties such as antioxidant, antidiabetic and helps in improving immune response. Recently, innovative foods have been in vogue.
• The consumers want to embrace the most innovative healthy food options. Many sea weeds/vegetables such as Porphyra, Palmaria and Alaria are being used in European cuisines, which not only impart distinct flavor and texture but also add protein, vitamins and minerals to improve the nutritive value of the food. In addition, algal protein is the most suitable option for consumers who want to switch to vegan diets. This has led to the utilization of algae in various food products such as energy bar, cookies, pasta, sushi, probiotics, bread, yoghurts, etc. Supplementation with algal protein not only enhances the protein content but also forms a wholesome nutritive snack/food product.
• Tortilla chips is an important flavorful snack prepared using corn flour. Khakhara is an Indian snack which is savoured for its rich taste all over the world. On the other hand, energy bar is suited for high energy snacking as an „on the go‟ food item. Typically, snacks are dense calorie foods consisting of high carbohydrate and fat content, but with respect to the amount of protein content, they have low nutritional value. Thus, most snacks are referred to as “empty calorie” foods as they provide less than 2% protein nutrition.

Algae Snacks Market Segment Analysis:

Algae Snacks Market is segmented on the basis of Source, Type, and Distribution Channel.

By Type, Red Segment Is Expected to Dominate the Market During the Forecast Period

• Red algae now dominate the algae-based food additive market because of their numerous key advantages. Their presence in large numbers and wide distribution in water habitats make them a resource that is easy to access. The process of growing and collecting red algae has been improved to guarantee a steady and excellent source for the food sector. With the rise in consumer interest for natural and eco-friendly food items, there is projected to be a high demand for red algae. The preferred status of red algae is due to their easy availability, various functional benefits, and alignment with consumer preferences.
• The pigments phycoerythrin and phycocyanin in seaweed are responsible for its red color, hiding pigments like chlorophyll, beta-carotene, and xanthophylls. Various types of red seaweed that are commonly used for commercial purposes are Palmaria palmata, Chondrus crispus, Mastocarpus stellatus, coralline, kappaphycus, betaphycus, gracilaria, gelidium, and pterocladia. The significance of red seaweed in nori sheet production is heightened due to the increasing popularity of sushi, leading to a direct impact on market growth. The market is expanding due to the rising consumer interest in red seaweed-based foods and snacks, as well as growing awareness of their health advantages.
• It is believed that red seaweed is likely utilized in the production of nori sheets, so the widespread consumption of sushi will lead to increased sales in the red seaweed industry. The growth of the seaweed snacks market is expected to be driven by a rise in awareness about the health advantages of the product, as well as a growing demand for food and snacks made from red seaweed.

By Type, Nori Sheets Segment Held the Largest Share In 2023

• The market for seaweed snacks is divided into strips & chips, flakes, bars, and other products based on the product type. The strips and chips sector had the biggest market share and is expected to experience substantial growth because of the innovative new products being launched by major companies. Ocean's Halo introduced three new items in January 2017: chili lime, dark chocolate strip, organic sushi nori, and Korean BBQ flavored sheets.
• During the forecast period, Nori sheets, which are dried seaweed that looks like black paper, are projected to play a major role in the market and are anticipated to grow at a CAGR of 10.1%. Nori is frequently used in Japan to wrap steamed rice in sushi rolls (makizushi) and onigiri and is a traditional breakfast ingredient paired with rice. Nori sheets are highly sought after because of their high levels of protein, carbohydrates, vitamins A and C, and vitamin B1, which aids in fighting off mental exhaustion.
• Seaweed flakes can be used as garnishes or toppings for a variety of dishes such as salads, rice, pasta, pi117.95a, grilled foods, and snacks, showing their versatility. Vegetarian consumers prefer them because they are abundant in enzymes, vitamins, minerals, high-quality proteins, and antioxidants. Expect an increase in the utilization of seaweed flakes in a variety of food items due to the growing popularity of organic products and vegetarianism. It is expected that the market growth will be fueled by the nutritional benefits of seaweed flakes.
• In 2019, the nori sheets category dominated the seaweed snacks market, thanks to their nutritional value and the increasing demand for sushi and Japanese food. The rise of creative sushi options like Nigiri sushi, along with the growing craze for Japanese food, are key factors likely to propel the seaweed snacks market with a CAGR of more than 10.0% in the predicted timeframe.

Algae Snacks Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast Period

• The market for seaweed snacks is divided by region into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. It is anticipated that North America will show a significant compound annual growth rate in the upcoming period, due to growing health worries among individuals and higher levels of obesity. These factors are driving the need for healthier snack choices, such as seaweed snacks. As an example, Nora Snacks, a subsidiary of Taokaenoi Food & Marketing PCL, introduced a diverse range of seaweed chips in the U.S. Moreover, the company expanded the availability and popularity of seaweed snacks by launching them on Amazon and other online retailers.
• North America is the leading region in the global algae snacks market, due to the rise in farming practices focused on maximizing crop output, which drives the need for snack items. The area's emphasis on well-being has caused a rise in popularity of healthy and functional foods, such as seaweed snacks. Consumers are more and more looking for snacks that provide health advantages, like being high in protein, vitamins, and minerals, while still tasting good and being convenient.
• Companies such as Nora Snacks are also helping to drive market growth through the introduction of new products and flavors. These items are designed for health-conscious consumers who want to incorporate nutritious ingredients into their diets in innovative ways as their preferences continue to change. The increasing availability of seaweed snacks in online retail is simplifying consumers' access to these products, contributing to the market's growth.
• In the seaweed snacks market, North America's strong position is supported by health awareness, creative product options, and effective distribution networks. The anticipated trend of regional expansion is projected to persist due to increasing demand for healthier snack choices among consumers.

Algae Snacks Market Active Players

• Singha Corporation Co., Ltd. (Thailand) 
• SEAWEED MARKET OÜ (Estonia) 
• Ocean’s Halo (U.S.) 
• SeaSnax (U.S.) 
• KPOP Foods, Inc. (U.S.) 
• Kimnori USA, Inc. (U.S.) 
• Annie Chun’s, Inc. (U.S.) 
• Frito-Lay North America, Inc. (U.S.) 
• Gimme Health Foods Inc. (U.S.) 
• TAOKAENOI FOOD & MARKETING PCL (Thailand) 
• PepsiCo, Inc. (U.S.) 
• CJ CheilJedang Corporation (South Korea) 
• KwangCheon Kim Co., Ltd. (South Korea) 
• New Frontier Foods, Inc. (U.S.) 
• Eden Foods, Inc. (U.S.) 
• Corbi (Country not specified) 
• Aliga Microalga (Country not specified) 
• Triton Algae Innovations (U.S.) 
• Cargill (U.S.) 
• Gino Biotec (Country not specified) 
• CP Kelco USA, Inc. (U.S.) 
• AEP Colloid (Country not specified) 
• KIMI (Country not specified) 
• Hispanagar (Spain) 
• Algama Foods (France) 
• AlgaeProBANOS (Norway)
• Arizona Algae Products, LLC (U.S.) and other active players

Key Industry Developments in the Algae Snacks Market:

• In May 2023, The SUBMARINER Network launched the AlgaeProBANOS (APB) project to create new, high-value algae-based products for several industries, ranging from human food and animal feed to textiles, cosmetics, and more.
• In Sep 2021, Tofurky, a plant-based meat company, and Triton Algae Innovations, a San Diego-based company, joined hands to innovate algae-based meat by using Triton's protein-rich, non-GMO essential red algae.
• In Mar 2020, Gimme Health Foods Inc., launched its new sea salt and avocado oil roasted flavor. It is inspired by consumer trends and the health benefits of these snacks.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. ALGAE SNACKS MARKET BY SOURCE (2017-2032)
   1. Algae Snacks Market SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. RED
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
   4. BROWN
   5. GREEN
7. ALGAE SNACKS MARKET BY TYPE (2017-2032)
   1. Algae Snacks Market SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. NORI SHEETS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. FLAKES
   5. BARS
   6. CHIPS
8. ALGAE SNACKS MARKET BY DISTRIBUTION CHANNEL (2017-2032)
   1. Algae Snacks Market SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. HYPERMARKETS & SUPERMARKET
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. CONVENIENCE STORE
   5. SPECIALTY STORES
   6. ONLINE
9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
   1. COMPETITIVE LANDSCAPE
      1. Competitive Benchmarking
      2. Algae Snacks Market Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
   2. SINGHA CORPORATION CO., LTD
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
   3. SEAWEED MARKET OÜ (ESTONIA) 
   4. OCEAN’S HALO (U.S.) 
   5. SEASNAX (U.S.) 
   6. KPOP FOODS, INC. (U.S.) 
   7. KIMNORI USA, INC. (U.S.) 
   8. ANNIE CHUN’S, INC. (U.S.) 
   9. FRITO-LAY NORTH AMERICA, INC. (U.S.) 
   10. GIMME HEALTH FOODS INC. (U.S.) 
   11. TAOKAENOI FOOD & MARKETING PCL (THAILAND) 
   12. PEPSICO, INC. (U.S.) 
   13. CJ CHEILJEDANG CORPORATION (SOUTH KOREA) 
   14. KWANGCHEON KIM CO., LTD. (SOUTH KOREA) 
   15. NEW FRONTIER FOODS, INC. (U.S.) 
   16. EDEN FOODS, INC. (U.S.) 
   17. CORBI (COUNTRY NOT SPECIFIED) 
   18. ALIGA MICROALGA (COUNTRY NOT SPECIFIED) 
   19. TRITON ALGAE INNOVATIONS (U.S.) 
   20. CARGILL (U.S.) 
   21. GINO BIOTEC (COUNTRY NOT SPECIFIED) 
   22. CP KELCO USA, INC. (U.S.) 
   23. AEP COLLOID (COUNTRY NOT SPECIFIED) 
   24. KIMI (COUNTRY NOT SPECIFIED) 
   25. HISPANAGAR (SPAIN) 
   26. ALGAMA FOODS (FRANCE) 
   27. ALGAEPROBANOS (NORWAY)
   28. ARIZONA ALGAE PRODUCTS, LLC (U.S.) AND OTHER ACTIVE PLAYERS
10. GLOBAL ALGAE SNACKS MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Source
       4. Historic And Forecasted Market Size By Type
       5. Historic And Forecasted Market Size By Distribution Channel
       6. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
11. INVESTMENT ANALYSIS
12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies
       1. 1. Thailand
          2. Vietnam
          3. The Philippines
          4. Australia
          5. New-Zealand
          6. Rest Of APAC
    3. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    4. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
13. INVESTMENT ANALYSIS
14. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies