The report of Microalgae-based Products Market by Product (Spirulina, Chlorella, Astaxanthin, Beta Carotene, PUFA Fatty Acid, Lutein, and Others), Application (Food & Beverages, Personal Care, Nutraceuticals & Dietary Supplements, Pharmaceuticals, Chemicals, Fuel, Animal Feed, and Others), and Region (North America, Asia Pacific, Europe, South America, and Middle East & Africa) is expected to reach around US$ 2.8 Bn by 2027, at a CAGR of XX% during the forecast period.
The rise in the demand for microalgae-based products in various applications, such as food & beverages, animal feed, pharmaceuticals, nutraceuticals, and biofuel in Europe 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 adopting the strategy of emerging bio-economy. The 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 the future.
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 can be 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.
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.
Key players operating in the Microalgae-based Products market are Euglena Co., Ltd., Cyanotech Corporation, AstaReal AB, BlueBioTech, Cargill, Incorporated, Necton, Ocean Nutrition, E.I.D. – Parry (India) Limited, and Proalgen Biotech Ltd.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Microalgae-based Products Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global Microalgae-based Products Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Microalgae-based Products Market positioning of competitors.
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