Global Microalgae-based Products Market was valued US$ XX Bn. in 2019 and is expected to grow around US$ 2.8 Bn. by 2027, at a CAGR of XX% during the forecast period.
Global Microalgae-based Products Market
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Microalgae-based products have risen to commercial relevance in food and feed industries, thanks to their potential in producing bioactive compounds, such as carotenoids and proteins. Over the years, continuous advances in microalgae cultivation and processing technologies have been opening new avenues for producers to meet the range of needs of nutraceuticals and dietary supplements industry. In 2018, the market of the microalgae-based product stood at nearly US$ 1.7 Bn.
An increase in the demand for microalgae-based products in various applications, such as food & beverages, animal feed, pharmaceuticals, nutraceuticals, and biofuel in Europe and North America is driving the market of the microalgae-based product in the region. The commercialization of microalgae-based products and consistent capacity additions by key producers across the globe are expected to affect the prices of products.
Several countries across the globe are taking the steps to develop the bio-economy within their capacities. An adoption of the bio-economy is based on the increase in the usage of sustainable biological resources to meet the demand for food and energy. In this situation, microalgae are used as developing biological resources for its potential application in different fields, including food, animal feed, biofuel, and other industrial applications. This is expected to boost the market of the microalgae-based product in forecast period and same is analyzed in the report with total market opportunity in numbers.
However, stringent regulations reduce the pace of commercialization of microalgae-based products, scarcity of investment in resources has constrained the microalgae production to reach economy of scale, and lack of awareness of the potential of these products in food and feed industry are the key restraining factor.
By product, spirulina is a type of microalgae that is consumed as a dietary supplement or feed, because of its excellent nutritional value and health benefits. It serves as an excellent choice for human consumption, because of its high protein and vitamin content. Spirulina also possesses excellent anti-inflammatory and antioxidant properties.
Spirulina is used as a protein supplement and health food. Thus, it has gained popularity in the human nutraceutical industry in numerous developing and underdeveloped regions, for example, India and Africa where malnutrition is prevalent.
Rise in the demand for cyanobacteria, thanks to their contribution to weight reduction, and increase in the number of health clubs and fitness centers are expected to boost the spirulina segment in the future.
Global Microalgae-based Products Market1
Region-wise, Europe accounted for the largest market share of the global microalgae-based products market in 2018. Because of the large-scale production activities in the region. Multinational corporations in Europe are engaged in R&D and technology development to manufacturing high-value microalgae products.
The microalgae-based products market in North America is estimated to grow significantly, on account of a shift in the inclination toward biofuel and the health benefits offered by microalgae-based food & beverages in the region. The innovative use of cultivation and harvesting technology to provide quality microalgae-based products is expected to boost the market of the microalgae-based product in North America in the future.
In September 2018, Cynotech Corporation, an established player in the global microalgae-based products market, announced that it had joined Algae Biomass Organization, for the development of viable commercial markets for renewable and sustainable commodities derived from algae.
The objective of the report is to present a comprehensive analysis of the Global Microalgae-based Products Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Microalgae-based Products Market dynamics, structure by analyzing the market segments and project the Global Microalgae-based Products Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Microalgae-based Products Market make the report investor’s guide.
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Scope of the Global Microalgae-based Products Market
Global Microalgae-based Products Market, By Product
• Beta Carotene
• PUFA Fatty Acid
• Others (including Phycobiliproteins, Zeaxanthin, and Lycopene)
Global Microalgae-based Products Market, By Application
• Food & Beverages
• Personal Care
• Nutraceuticals & Dietary Supplements
• Animal Feed
• Others (including Fertilizers)
Global Microalgae-based Products Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Microalgae-based Products Market
• Euglena Co., Ltd.
• Cyanotech Corporation
• AstaReal AB
• Ocean Nutrition
• E.I.D. – Parry (India) Limited
• Proalgen Biotech Ltd.
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