You need to separate the fuel from the fuel production
Any way you add it up, using algae to make rocket fuel is just another form of solar power, and solar power is limited. While you could put your algae in some sort of wings to increase surface area as L Dutch suggested in his answer, you don't want them so big that they impede your daily activities too much; so, you probably have at most about 1 square meter of "solar panel" you can carry. On Earth, you get an average of 571.2 watts per square meter of sunlight at mid day with an average of 163.2 watts per square meter averaged over 24 hours, +/- a bit depending on your season and latitude. Biological photosynthesis is only about 1-2% efficient. The average human can only sustain about 20-200 minutes of direct sunlight a day depending on their complexion; so, depending on who's waring this thing, they are only going to get about 14-130kJ of solar energy absorption, minus what the algae actually spends on it's own biological functions. If we assume your protagonist is a person of medium complexation, who spends a fair amount of time outdoors, and that the algae needs to consume about 25% of its energy on maintaining itself, you are looking at about 50kJ per day.
Jet fuel has about 43,000 kJ/liter of potential energy meaning that it would take nearly 2 1/2 years of wearing this thing to produce a single liter of jet fuel which is not nearly efficient enough to justify walking around all day with a giant set of solar panels on your back. Even if you replace algae with much more efficient mono-crystal silicon based solar panels, you'd still be looking at only 910 kJ per day which is still too inefficient to justify the wings.
All this said, algae based jet fuel may still be worth producing in special solar farms, and put into a traditional jetpack. First of all, your algae is always going to be dead-weight if you make it part of the flight suit. It takes up extra storage space, water, and hydroponic equipment that you don't need to lug around if you produce your fuel separately; so, unless it is producing fuel in real time, it's not going to be worth the weight. Secondly, an algae pool does not care about how big it is or how much time it spends outside. Just by keeping your algae pool outside instead of strapped to your back, you increase your power generation to about 780 kJ per day. The real cost saver of algae over solar panels is not efficiency per square meter, but that it is self replicating. So, if you have a small 100x100m lake, you could fill it with the algae and produce 180 liters of jet fuel a day at practically no cost... enough to keep a whole platoon of jetpack troopers running regular missions. In contrast, a solar powerplant that could do the same thing would would be smaller, but probably cost a few million dollars.
Unless your algae is not algae...
So, all of this hinges on the idea that you have a photosynthetic tank of something on your back that produces jet fuel... but lets look at the goal instead of the mechanics. What the OP wants is a jetpack that produced jet fuel from the air. If instead of algae, if you have a nuclear powered device that turns the CO2 in the air into jet fuel, this idea might work. The air itself does not contain a significant amount of CO2... but the human breath does. The air that you breath out contains over 400 times as much CO2 as the air you breath in; so, if you assume you are collecting the CO2 from your jetpack trooper, instead of the air, you will have enough CO2 to work with.
The average person exhales about .2 kg of total carbon per day, and jet fuel is about 20% carbon; so, if you combine the CO2 from your breath with liquid water for the extra hydrogen and oxygen you need, then you can produce about a liter of jet fuel a day from your own breath, as long as you have a future tech power source like a miniature nuclear reactor to manage that much conversion.