The global Microalgae-based Products market is expected to cross market value of USD 61,876.0 million in 2027 from USD 40,635.8 million in 2020. It is expected to grow at a CAGR of over 6.2% during the forecast period.
Conventionally, microalgae such as chlorella are and spirulina are directly available in the market as supplements. The markets for these products were developed several years ago and their markets are relatively matured and are produced in significantly large quantities. Major production of spirulina is concentrated in Asia Pacific and the US while chlorella is primarily produced in Asia, both algae are produced in other smaller countries with prevalent warm climates.
Apart from such whole dried algae, other specific and high-value microalgae are also being produced on increasing scales. These molecules however are less competitive than the standard or conventional alternatives. Yet, some microalgae molecules have higher and more specific advantages over their conventional counterparts which increases their commercial viability. One of such examples is Astaxanthin, for instance taken from dried Heamtococcus Pluvialis is the most commonly developed molecule, available as dietary supplement or food additive. Growing awareness regarding superior benefits of microalgae based products and molecules over conventional products and supplements, therefore, is a prime factor that is supporting the growth of the global microalgae-based products market. Another critical factor supporting the market growth is technological development supporting mass scale production of novel microalgae products.
Key Market Drivers and Restraints
This report identifies and analyzes various factors supporting and inhibiting the growth of the microalgae-based products. It also takes into consideration major factors that will determine future growth opportunities in the global microalgae-based products industry.
Impact of COVID 19
In line with the upsets occurring in the overall food and beverages, and dietary supplements business, the COVID-19 pandemic has also had a prominent setback to the growth of the overall microalgae-based products industry. Key opinion leaders indicate that uptake of even the conventionally matured segments such as spirulia has had experienced setback in its growth. This is mainly due to the fact that microalgae based food and beverages products are not considered as a part of mainstream supplementation regimen, and have easily available substitutes in the form of cheaper synthetic supplementation products.
Europe to have Command on the Global Microalgae-based Products Market
Currently, Europe dominates the global microalgae-based products market and shall continue its lead through the forecast period. Europe market is characterized by strong economical base to establish its position as a prominent zone for microalgae research and production. These products are touted in the region as a new natural source of supplementation. Application of microalgae-based products in life sciences application is also witnessing high traction in the region. Europe is also characterized by domicile of several giants in this space such as DSM.
In terms of regional demarcation, the global microalgae-based products market is categorized into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America closely follows the lead of Europe, while a boost in production shall be witnessed in Asia Pacific markets.
Spirulina to Continue its Leading Position in the global Microalgae-based Products Market
Based on product types, the global microalgae-based products market is segmented into Dunaliella Salina, Chlorella, Spirulina, Beta-carotene, Astaxanthin, Lutein, PUFA Fatty Acid and Others. Among these, spirulina leads in terms of global market share and has highest production volume worldwide. Health benefits such as anti-inflammatory, brain-protective advantage, and anti-oxidative properties tout the dominance of this segment.
Global Micro-algae Based Products Market to be Commanded by Usage in Dietary Supplements Segment
Among its several applications, microalgae-based products have the highest usage in dietary supplements industry. Other major applications considered in this report are nutraceuticals & dietary supplements, pharmaceuticals, personal care, fuel, chemicals, animal feed and others. There is a consistently increasing demand for natural dietary supplements in the global markets, due to their proven safety and long-lasting effects. Such factors contribute to the dominance of this segment.
Frequently asked questions about global Microalgae-based Products industry
The report offers in-depth assessment of COVID 19 impact on global Microalgae-based Products industry
This report enlists the top five players on the basis revenue
This report provides details of fastest growing application market for Microalgae-based Products industry
The report highlights most dominating as well as fastest growing economies for Microalgae-based Products industry
The global Microalgae-based Products market report provides CAGR from 2021 to 2027
