Microalgae based Products Market: Global Industry Analysis And Forecast (2022-2029)

Microalgae based Products Market size was valued at US$ 11.39 Bn. in 2021 and the total Microalgae-based Products Market revenue is expected to grow at 8.5% from 2022 to 2029, reaching nearly US$ 21.88 Bn.
Microalgae based Products Market Overview:
The microscopic algae known as microalgae is typically found in freshwater and marine environments. Minerals and nutrients include vitamin A, B1, B2, C, E, protein, iron, and magnesium are abundant in microalgae. These qualities make the microalgae suitable for commercial usage in a number of sectors, including biofuels, pharmaceuticals, food & feed, and cosmetics. The use of microalgae products in various industries results in a rise in consumer awareness of these items.



To know about the Research Methodology :- Request Free Sample Report

Sales in the market are expected to grow owing to the increasing use of marine microalgae components and proteins in the manufacture of aquaculture, pharmaceutical, and nutraceutical products. Growing government efforts to standardise the microalgae cultivation method are expected to be a major driver of the growth.The industry is also expected to grow as a result of the quick development of new strains thanks to technology advances that can manage high salinity and improve energy efficiency. It is expected that the pressing need for early pollutant identification open up new growth prospects for emerging photobioreactor microalgae producers.

Report Objective:

The study's objective is to give industry participants a thorough overview of the complementary and alternative medicine sector. The research examines the market's recent, ongoing, and expected future changes. It also provides a straightforward analysis of intricate data. The important players, including new entrants, market leaders, and followers, actively and thoroughly conduct research. Along with the possible outcomes of the market's microeconomic components, the analysis also displays the results of the PORTER and PESTEL assessments. Decision-makers will have an unmistakable futuristic vision of the market after considering internal and external factors that may have a positive or negative impact on the organisation.

By using the study's market segmentation analysis and market size prediction, readers may have a better understanding of the dynamics and structure of the DRAM market. The report serves as a buyer's guide by clearly outlining the comparative analysis of the top complementary and alternative medicine businesses by price, financial situation, product, product portfolio, growth strategy, and geographical presence.

Research Methodology:

To assess and forecast the market for microalgae, we started by gathering data on the earnings of the major vendors. Attempts to fragment the market, by Type (Spirulina, Chlorella, Dunaliella Salina, Aphanizomenon Flos-Aquae) by Application (Nutraceuticals, Food and Beverages, Animal Feed, Cosmetics, Other) vendors' offerings are taken into account. In-depth interviews with significant individuals, including chief executive officers (CEOs), vice presidents (VPs), directors, and executives were later conducted in order to confirm these divides through primary research.

Using bottom-up methods, the size of the market is estimated. The top market players in the DRAM industry are found, and their market revenues are calculated, through primary and secondary research. The main manufacturers' annual and financial reports were examined, and significant opinion and business leaders in the sector, including CEOs and marketing executives, were interviewed, as opposed to using secondary research. Algatechnologies Ltd., Allmicroalgae - Natural Products, SA Beijing Gingko Group, Bluetec Naturals Co., Ltd, C.B.N.Bioengineering Co., Ltd. is among the most important rivals in the global Microalgae-based Products Market. Throughout the forecast period, they will continue to plan mergers and acquisitions to increase their market shares and growth potential.
COVID-19 Impact on Microalgae based Products Market:
The market for microalgae has been slightly impacted by the COVID-19 pandemic. To prevent the infections from spreading further, people must confine themselves to their houses. In an effort to stop the disease's spread, governments have been forced to enact and maintain social and movement restrictions.

In this case, the production units were temporarily closed and the microalgae production came to a temporary halt. The shutdown also caused a disturbance in the supply chain, which had an impact on the microalgae industry. However, throughout the lockdown, there has been a rise in demand for microalgae. This is because customers all over the world have started spending money on dietary supplements and food that has been fortified in order to stay healthy.
Microalgae based Products Market Dynamics:
Market Drivers:

Growing demand for products derived from spirulina, notably Omega-3 fatty acids. Additionally rising malnutrition, increasing usage of spirulina in aquaculture, increasing investments from major colour houses, and growing vegetarianism are some of the factors contributing to the market's growth. Chlorella is a widely studied algae that has been the subject of numerous articles from academic, medical, and research institutions. It is the most popular health food supplement in Japan, with more than 30% of the population taking it as their primary supplement. Its purifying, nourishing, and renewing qualities, which improve the effectiveness of the body's natural defence and repair systems, raise the market value for this niche.

The ageing population, increasing consumer awareness of preventative healthcare, the rise of the self-directed consumer (self-diagnosis over health practitioner diagnosis), channel proliferation (various marketing techniques and E-Commerce), and the transition from ingredient-focused messaging to broader brand positioning are all contributing factors to the growth of the dietary supplement industry (grouping supplements together solely to form a healthy benefits package). Globally, the price and sales of nutritional, herbal, and vitamin products are significantly increasing.

The market for microalgae is primarily driven by the increase in demand for tiny algae in pharmaceutical applications. owing to the fact that it produces bioactive substances such monoclonal antibodies, antibiotics, substances with hepatotoxic and neurotoxic effects, subunit vaccines, enzymes, hormones, and other substances. These chemicals are difficult to manufacture chemically, yet they are essential in the pharmaceutical and therapeutic fields.

Additionally, the health advantages of microalgae pigments, such as the prevention of cancer, neurological disorders, heart ailments, and eye diseases, stimulate lucrative market growth. Because of their distinctive qualities, including their high growth and inexpensive media and their post-translational modifications, which are far more akin to mammalian cells than bacterial cells, microscopic algae are an essential component in the production of recombinant proteins.

Market Restraints:

The large-scale collection of microalgae for feed and food present technical difficulties that limits market growth. Supplemental nutritional items for both people and animals use microalgae that are produced commercially. The use of microalgae in the production of biofuels, energy, and other things has a lot of potential.

Before algal biomass production technology is widely used, there are a number of problems that must be solved. Although some species are now grown in raceway ponds for commercial purposes, they are still not produced in the volumes or with the cost-effectiveness needed for fuels and feeds.

Global demand for algal biomass is still rising, but producers need technological advancements that lower costs while maintaining or perhaps improving product quality. To drive cost reduction of downstream processing and ultimately biofuel generation, low-cost, effective, and scalable harvesting and subsequent dewatering processes are required. Therefore, in the forecast years, market growth hampered by technological difficulties with seaweed harvesting.

Less commercialization of microalgae-based goods is another factor limiting market growth. The selection of algal strains with high protein levels, dewatering, and commercial-scale harvesting appear to be major obstacles for manufacturers of microalgae-based products.

Market Opportunities:

An increase in the volume of R&D activity. The growing market for microalgae benefits from the increase in investment in algae cultivation. In order to advance their strategy for generating renewable energy and reducing their carbon footprint, many leading microalgae enterprises are growing in the UK.

Since they are non-toxic and have a single chloroplast with a high protein content, microscopic algae are an excellent candidate for vaccine transporters. Examples of these recombinant proteins include the E2 protein, which is used in immunizations against the classical swine fever virus, and the D2-CTB fusion protein, which is utilised in the oral vaccine. Additionally, tiny algae are a viable source of energy for biofuels and pharmaceuticals. The market for microscopic algae grew rapidly as a result of the dearth of substrate supplies, improved yields, and GRAS status of compounds related to microalgae. Owing to their GRAS accreditation, algae products are useful not only for the pharmaceutical but also for the food industry. Thus, the market's growth is being fueled by an increase in demand for microscopic algae across a number of business verticals.

Recent Development:

Cyanotech Corporation unveiled BioAstin, a microalgae-based product, in October 2020. The programme has shown helpful in treating conditions like cardiovascular disease, skin conditions, and joint health. The recently launched item enhanced sales and the company's product line.

Omega-3 DHA algal oil made by Algarithm was given non-GMO certification in January 2019. This certification proved that the business was making an effort to follow the tight guidelines and best GMO practises in order to preserve the product's quality. The company's reputation in the microalgae industry was enhanced by this accreditation.
Microalgae based Products Market Segment Analysis:
Based on Type, The Spirulina segment is expected to grow at the highest CAGR during the forecast period. Owing to its superior nutritional content and numerous health advantages, spirulina is being used more frequently as a dietary supplement and in feed applications. Because of its rich protein and vitamin content, it is an important food option for humans. Additionally, spirulina has potent antioxidant and anti-inflammatory capabilities.

Spirulina is consumed as a food supplement and source of protein. As a result, it has grown in prominence in the human nutraceutical sector in poor and emerging countries where malnutrition is a problem. Spirulina demand is expected to grow during the forecast period as cyanobacteria demand rises because to its role in weight loss and as more health clubs and exercise facilities open up.

Spirulina decreases influenza virus proliferation and lowers viral-induced mortality, according to numerous studies. For instance, immunologists at the University of California Davis School of Medicine discovered that spirulina greatly enhanced the production of cytokines that fight infection in cultured immune system cells. Spirulina also controls the generation of cytokines, and its bioactive proteins activate the intestinal immune system to relieve allergic rhinitis and increase response to vaccines, according to UC Davis researchers who studied the effects of spirulina on both anaemia and immunological function.



Based on Application, The Nutraceuticals segment is expected to grow at the highest CAGR during the forecast period. The key factors propelling the growth of the supplements industry are the ageing population with increased consumer awareness of preventative healthcare, the rise of the self-directed consumer (self-diagnosis over health practitioner diagnosis), channel proliferation (variety of marketing techniques and E-Commerce), and shift from ingredient-focused messaging to broader brand positioning (grouping of supplements together to form a healthy benefits package). Globally, the market for vitamins, minerals, nutritional supplements, and herbal remedies (VMHS) is growing steadily.

However, the food & beverages segment is expected to experience significant growth over the course of the forecast period due to the rising demand for natural food colours made from microalgae in a variety of confectionery products, including candies, chewing gum, frostings, ice cream, and frozen desserts.
Microalgae based Products Market Regional Insights:
In 2021, North America holds the highest market share for microalgae, followed by Asia-Pacific and Europe. The high consumption of dietary supplements, stringent laws banning the use of artificial colours, growth of related industries like cosmetics and biofertilizers, rising demand for natural protein sources, and the presence of major algae biomass producers with enormous production capacities, particularly in the United States, are the main reasons for this region's large market share.

The increased use of microalgae, particularly spirulina and chlorella, in the production of therapeutic and nutritional products, the growing distaste for the use of synthetic colours, the rising demand for naturally occurring blue colourants, and investments from major colour stakeholders in the phycocyanin market are the main reasons why Europe is expected to experience significant growth during the forecast period.
Microalgae based Products Market Scope: Inquire before buying



Global Microalgae based Products Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 11.39 Bn.


Forecast Period 2022 to 2029 CAGR:
8.5 %
Market Size in 2029:
US $ 21.88 Bn.


 Segments Covered:
by Type
• Spirulina
• Chlorella
• Dunaliella Salina
• Aphanizomenon Flos-Aquae


by Application
• Nutraceuticals
• Food and Beverages
• Animal Feed
• Cosmetics
• Other



Microalgae based Products Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Microalgae based Products Market Key Players
• Algatechnologies Ltd.
• Allmicroalgae - Natural Products, SA
• Beijing Gingko Group
• Bluetec Naturals Co., Ltd
• C.B.N.Bioengineering Co., Ltd.
• Cyanotech Corporation
• DIC Corporation
• DSM N.V.
• E.I.D. - Parry (India) Limited
• Earthrise® Nutritionals LLC
• Fuji Chemical Industries Co., Ltd.
• Fuqing King Dnarmsa Spirulina Co., Ltd.
• Jiangshan Comp Spirulina Co., Ltd.
• Naturex S.A
• Novozymes A/S
• NOW Health Group, Inc.
• Phycom
• Taiwan Chlorella Manufacturing Company
• Yunnan Green A Biological Project Co., Ltd.
• Zhejiang Binmei Biotechnology Co.,Ltd.

FAQs:

1. Which is the potential market for the Microalgae based Products Market in terms of the region?
Ans. In North America region, the growing business and educational sectors are expected to help drive the use of collaborative screens.

2. What are the opportunities for new market entrants?
Ans. The key opportunity in the market is new initiatives from governments that provide funding for Microalgae based Products Markets in educational institutes

3. What is expected to drive the growth of the Microalgae based Products Market in the forecast period?
Ans. A major driver in the Microalgae based Products Market is the prevalence of work from home and remote collaboration created by the COVID-19 pandemic

4. What is the projected market size & growth rate of the Microalgae based Products Market?
Ans. Microalgae based Products Market size was valued at US$ 11.39 Million in 2021 and the total Microalgae based Products Market revenue is expected to grow at 7.6% through 2021 to 2029, reaching nearly US$ 1085.7 Million.

5. What segments are covered in the Microalgae based Products Market report?
Ans. The segments covered are Type ,Application and, Region.