Microalgae Market is segmented by Distribution Channel (Consumer Channel, Business Channel), Type (Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics) and Geography.
The Microalgae Market is anticipated to reach a market value size of USD 1.8 billion by 2028, at 10.3% CAGR during the forecast period of 2021-2028.
Microalgae are microscopic organisms that are made up of a single-cell photosynthetic micro-organisms that dwells on saline or freshwater environments. Microalgae can be utilized in many industries because it offers a wide array of advantages and benefits being a good source of bio fuel, health supplements, pharmaceutical products and can even be included in cosmetics industry.
The Microalgae market owes its continuous growth to factors such as, growing concerns towards health and wellness trends along with the flourishing health supplements industry, increasing demand for natural food colorants, increasing shift to vegetarianism, development in the nutraceutical industry and consumer preference on microalgae sourced products. There are hindrances in the growth of the microalgae market as well, these are, unfamiliarity with the benefits of microalgae and the composite processes involved in the production of algae products.
The Impact of COVID-19 on the Microalgae Market
Majority of the industries will have to adapt to the changes that will be imposed upon them by their governments and adopt strategic ways to elevate their game in the market. Containing the widespread of the virus is a difficult challenge to all of the countries because many sectors will have to compromise and deal with the effects in the most advantageous way possible. A solid pull back on the growth of the microalgae market is the disruption of supply chain since manufacturing and distribution of key players or companies are being limited, if not, controlled by governments through imposing lock downs and halting travels across borders.
The real challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Microalgae suppliers have also experienced repercussion because imports and exports in almost all countries have been restricted. The lock downs have caused a delay in the operations and facility shutdowns became a real challenge that these key players needed to face. Some raw materials needed for the production can only actually be acquired through importing and suppliers in turn, were having a hard time exporting these supplies due to border restrictions and hold up.
Key Findings in the Microalgae Market
In terms of type, the microalgae market is further segmented into, Spirulina, Chlorella, Dunaliella salina, Haematococcus pluvialis, and other microalgae. Among all of these, Spirulina remains as the largest product type in the market in 2028. This growth is mainly attributed to the increasing awareness on heath and wellness trends as well as the flourishing of the dietary supplements industry, increasing demand for natural food colorants, increasing shift to vegetarianism, stricter policies on application of synthetic colorants and flavors, rising cases of malnutrition, preference for spirulina sourced products is increasing, growing application of spirulina in aquaculture, large investments made by major color companies, and growing products where spirulina is included in its ingredients.
In terms of application, the nutraceuticals segment is projected to have the largest share in the market accounted for in 2021. this is mainly attributed to factors such as, the blooming market of nutriceuticals sector, geriatric population’s increasing health concerns in different regions, and growing awareness on proper nutrition along with health. The food and beverages segment however, is projected to grow at a rapid CAGR in 2021-2028 due to factors such as, increasing demand for microalgae-sourced food colors application in confectionery products, desserts, desserts coatings, frozen sweet goods, and toppings.
Regional Market Analysis
In terms of regional segment, North America is anticipated to have the largest share in the microalgae market globally in 2021, followed by Asia Pacific and Europe. This is mainly because of growth factors such as, consumption of health supplements in large amounts, stringent regulations on application of synthetic colorants, developing subsidiary industries such as bio fertilizers as well as cosmetics, natural protein sources are much preferred, emergence of key algae biomass manufacturers whose production is in large volume. During the forecast period, Europe however, is anticipated to be seen with a significant growth owing to factors like, growing adoption of microalgae, particularly spirulina and chlorella with respect to manufacturing products that are therapeutic and with nutritional values, preference over synthetic colorants, high demand for natural blue colorants, and large investments from major key players in the pigment industry.
Based on an extensive assessment, these major key players on the Microalgae Market a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Fuqing King Dnarmsa Spirulina Co.Ltd. (China), Earthrise Nutritionals, LLC (U.S.), E.I.D. - Parry (India) Limited (India), Cyanotech Corporation (U.S.), Dongtai City Spirulina Bio-Engineering Co. Ltd. (China), Yunnan Green A Biological Project Co., Ltd. (China), Jiangshan Comp Spirulina Co., Ltd. (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals Co., Ltd. (China), Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan), Sun Chlorella Corporation (Japan), Far East Microalgae Industries, Co., Ltd. (Taiwan), Roquette Klötze GmbH & Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), Yaeyama Shokusan Co., Ltd. (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech Co., Ltd (China), Phycom BV (the Netherlands), Allmicroalgae Natural Products S.A. (Portugal), Duplaco B.V. (the Netherlands), Taiwan Wilson Enterprise Inc. (Taiwan), Daesang Corporation (Korea), Algalimento S.L (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou OuQi Food Co., Ltd. (China), and Shaanxi Rebecca Bio-Tech Co., Ltd (China).
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Distribution Channel Analysis (Revenue, USD Million, 2021 - 2028)
• Business Channel
• Consumer Channel
Type Analysis (Revenue, USD Million, 2021 - 2028)
• Dunaliella Salina
• Haematococcus Pluvialis
• Other Microalgae
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Food and Beverages
• Animal Feed
• Other Applications
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Microalgae Industry Research Report
• Europe Microalgae Industry Research Report
• Asia Pacific Microalgae Industry Research Report
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