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Microalgae-Based Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Others) and Application (Food & Beverages, Animal Feed, Pharmaceuticals and Nutraceuticals, Personal Care, and Others)

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    Report

  • 168 Pages
  • July 2021
  • Region: Global
  • The Insight Partners
  • ID: 5401882
UP TO OFF until Mar 15th 2023
The scope of the publisher's recent study on the “Microalgae-Based Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Others) and Application (Food & Beverages, Animal Feed, Pharmaceuticals and Nutraceuticals, Personal Care, and Others)” includes the factors fueling market growth, revenue estimation and forecast, and market share analysis along with the identification of significant market players and their key developments.



The microalgae-based products market was valued at US$ 1,654.23 million in 2021 and is projected to reach US$ 2,811.10 million by 2028; it is expected to grow at a CAGR of 7.9% from 2021 to 2028. Microalgae are defined as prokaryotic or eukaryotic microorganisms that can be traced with the help of a microscope. These microscopic organisms are unicellular species that are founded separately or in chains or groups and can be sourced out from freshwater and marine systems. These microorganisms possess a simple cell structure and require light, carbon dioxide, water, and essential nutrients such as phosphorus and nitrogen, for their growth. Further, microalgae are a source of vital phytochemicals such as carotenoids, fiber, minerals, antioxidants, fatty acids, vitamins, halogenated compounds, polysaccharides, proteins, lectin, and others. Microalgae are considered to be a valuable biomass source portraying diverse potential applications in numerous industries.

Based on application, the microalgae-based products market is segmented into food and beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, and others. The pharmaceuticals and nutraceuticals segment accounted for the largest market share in 2020. Microalgae are considered as one of the renewable sources for pharmaceutical compounds and categorized under generally recognized as safe (GRAS) status compounds, ideal to be used in the pharmaceutical industry. Microalgae are significantly used in the formulation of anti-cancer drugs - a compound named cryptophyci. Additionally, they are also used to manufacture alkaloidal neurotoxins such as saxitoxin and polyketide, owing to their anti-inflammatory and anti-cancer features. Similarly, microalgae such as chlorella, dunaliella, haematococcus, spirulina, and aphanizomenon, are extensively used in formulating nutraceutical supplements.

The global microalgae-based products market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. In 2020, Europe contributed to the largest share in the global microalgae-based products market. The dominance of the microalgae-based products market in this region is primarily attributable to the presence of a strong industrial base with prominent manufacturers of pharmaceuticals and nutraceuticals as well as packaged food and beverages. High demand for microalgae-based products from varied applications such as food & beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, chemicals, and biofuels is boosting the market growth in Europe. Rising investment in cultivation technologies, along with a growing focus on sustainable solutions, provides lucrative opportunities for the growth of the microalgae-based products market in the region.

Impact of the COVID-19 Pandemic on the Microalgae-Based Products Market


The ongoing pandemic has drastically altered the status of the food & beverages sector and negatively impacted the growth of the microalgae-based products market. The implementation of measures to combat the spread of the virus has aggravated the situation and affected the growth of several industrial sectors. The market has been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. Disruptions in terms of sourcing of raw materials from suppliers and temporary closures of manufacturing bases due to indefinite lockdowns and travel restrictions have impacted the growth of the market during the pandemic. However, as much as the pandemic has affected the supply chain operations, it has also shifted the focus of consumers toward healthy living, owing to which, the consumers have turned their attention toward nutritional food products. Additionally, the expanding demand for microalgae-based products across food & beverages, pharmaceuticals and nutraceuticals, animal feed, and other industries, along with significant investment by prominent manufacturers, is expected to drive the microalgae-based products market. Other than this, several applications of microalgae have been identified in the treatment of the COVID-19 pandemic. For instance, a study published by Frontiers Media S.A. in November 2020, demonstrates the efficacy of Bioactive Metabolites obtained from microalgae in the treatment of SARS-CoV-2 like viral infection.

Global Microalgae-Based Products Market Breakdown - by Region

The report includes the segmentation of the global microalgae-based products market as follows:


Based on type, the global microalgae-based products market is segmented into spirulina, chlorella, astaxanthin, beta carotene, and others.

Based on application, the global microalgae-based products market is segmented into food & beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, and others.

By geography, the global microalgae-based products market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America includes the US, Canada, and Mexico. Europe consists of Germany, France, the UK, Italy, Russia, and the Rest of Europe. Asia Pacific comprises China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) consists of South Africa, Saudi Arabia, UAE, and the Rest of MEA. South America comprises Brazil, Argentina, and the Rest of South America.

Reasons to Buy
  • Highlights key business priorities to assist companies realign their business strategies.
  • Features key findings and crucial progressive industry trends in the global microalgae-based products market, thereby allowing players to develop effective long-term strategies.
  • Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
  • Scrutinizes in-depth market trends as well as key market drivers and restraints.
  • Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Frequently Asked Questions about the Global Microalgae-Based Products Market

What is the estimated value of the Global Microalgae-Based Products Market?

The Global Microalgae-Based Products Market was estimated to be valued at $1547.23 Million in 2020.

What is the growth rate of the Global Microalgae-Based Products Market?

The growth rate of the Global Microalgae-Based Products Market is 7.9%, with an estimated value of $2811.1 Million by 2028.

What is the forecasted size of the Global Microalgae-Based Products Market?

The Global Microalgae-Based Products Market is estimated to be worth $2811.1 Million by 2028.

Who are the key companies in the Global Microalgae-Based Products Market?

Key companies in the Global Microalgae-Based Products Market include Algae Health Sciences, A Bgg Company, Astareal Ab, Bluebiotech International Gmbh, Cargill, Incorporated, Cellana Inc., Cyanotech Corporation, Earthrise Nutritionals, Llc and Euglena Co, Ltd.

Table of Contents

1. Introduction

1.1 Study Scope
1.2 The Publisher's Research Report Guidance
1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:

4. Microalgae-based Products Market Landscape

4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Expert Opinion

5. Microalgae-based Products Market - Key Market Dynamics

5.1 Market Drivers
5.1.1 Growing Awareness Regarding Microalgae-Based Products Backed by Increasing Environmental Concerns
5.1.2 Expanding Application Base Across Diverse End-Use Sectors
5.2 Restraints
5.2.1 Complex and Costly Manufacturing Process
5.3 Market Opportunities
5.3.1 Rising Adoption of Bio-Based Platform Chemicals
5.4 Future Trend
5.4.1 Significant Focus on Research and Development Activities to Expand Market
5.5 Impact Analysis of Drivers and Restraints

6. Microalgae-based Products - Global Market Analysis

6.1 Microalgae-based Products Market Overview
6.2 Microalgae-based Products Market -Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Global Market Players

7. Microalgae-based Products Market Analysis - By Type

7.1 Overview
7.2 Microalgae-based Products Market, By Type (2020 and 2028)
7.3 Spirulina
7.3.1 Overview
7.3.2 Spirulina: Microalgae-based Products Market - Revenue and Forecast To 2028 (US$ Mn)
7.4 Chlorella
7.4.1 Overview
7.4.2 Chlorella: Microalgae-based Products Market - Revenue and Forecast To 2028 (US$ Mn)
7.5 Astaxanthin
7.5.1 Overview
7.5.2 Astaxanthin: Microalgae-based Products Market - Revenue and Forecast to 2028 (US$ Mn)
7.6 Beta Carotene
7.6.1 Overview
7.6.2 Beta Carotene: Microalgae-based Products Market - Revenue and Forecast to 2028 (US$ Mn)
7.7 Others
7.7.1 Overview
7.7.2 Others: Microalgae-based Products Market - Revenue and Forecast to 2028 (US$ Mn)

8. Microalgae-based Products Market Analysis - By Application

8.1 Overview
8.2 Microalgae-based Products Market, By Application (2020 and 2028)
8.3 Food & Beverages
8.3.1 Overview
8.3.2 Food & Beverages: Microalgae-based Products Market - Revenue and Forecast To 2028 (US$ Mn)
8.4 Animal Feed
8.4.1 Overview
8.4.2 Animal Feed: Microalgae-based Products Market - Revenue and Forecast To 2028 (US$ Mn)
8.5 Pharmaceuticals and Neutraceuticals
8.5.1 Overview
8.5.2 Pharmaceuticals and Neutraceuticals: Microalgae-based Products Market - Revenue and Forecast To 2028 (US$ Mn)
8.6 Personal Care
8.6.1 Overview
8.6.2 Personal Care: Microalgae-based Products Market - Revenue and Forecast To 2028 (US$ Mn)
8.7 Others
8.7.1 Overview
8.7.2 Others: Microalgae-based Products Market - Revenue and Forecast To 2028 (US$ Mn)

9. Global Microalgae-based Products Market - Geographic Analysis

9.1 Overview
9.2 North America Microalgae-based Products Market Revenue and Forecasts To 2028
9.2.1 North America Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.2.2 North America Microalgae-based Products Market Breakdown, by Type
9.2.3 North America Microalgae-based Products Market Breakdown, by Application
9.2.4 North America Microalgae-based Products Market Breakdown, by Country
9.2.4.1 US Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.2.4.1.1 US Microalgae-based Products Market Breakdown, by Type
9.2.4.1.2 US Microalgae-based Products Market Breakdown, by Application
9.2.4.2 Canada Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.2.4.2.1 Canada Microalgae-based Products Market Breakdown, by Type
9.2.4.2.2 Canada Microalgae-based Products Market Breakdown, by Application
9.2.4.3 Mexico Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.2.4.3.1 Mexico Microalgae-based Products Market Breakdown, by Type
9.2.4.3.2 Mexico Microalgae-based Products Market Breakdown, by Application
9.3 Europe Microalgae-based Products Market Revenue and Forecasts To 2028
9.3.1 Europe Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.3.2 Europe Microalgae-based Products Market Breakdown, by Type
9.3.3 Europe Microalgae-based Products Market Breakdown, by Application
9.3.4 Europe Microalgae-based Products Market Breakdown, by Country
9.3.4.1 Germany Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.3.4.1.1 Germany Microalgae-based Products Market Breakdown, by Type
9.3.4.1.2 Germany Microalgae-based Products Market Breakdown, by Application
9.3.4.2 France Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.3.4.2.1 France Microalgae-based Products Market Breakdown, by Type
9.3.4.2.2 France Microalgae-based Products Market Breakdown, by Application
9.3.4.3 United Kingdom Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.3.4.3.1 United Kingdom Microalgae-based Products Market Breakdown, by Type
9.3.4.3.2 United Kingdom Microalgae-based Products Market Breakdown, by Application
9.3.4.4 Italy Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.3.4.4.1 Italy Microalgae-based Products Market Breakdown, by Type
9.3.4.4.2 Italy Microalgae-based Products Market Breakdown, by Application
9.3.4.5 Russia Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.3.4.5.1 Russia Microalgae-based Products Market Breakdown, by Type
9.3.4.5.2 Russia Microalgae-based Products Market Breakdown, by Application
9.3.4.6 Rest of Europe Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Million)
9.3.4.6.1 Rest of Europe Microalgae-based Products Market Breakdown, by Type
9.3.4.6.2 Rest of Europe Microalgae-based Products Market Breakdown, by Application
9.4 Asia Pacific Microalgae-based Products Market Revenue and Forecasts To 2028
9.4.1 Asia Pacific Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.4.2 Asia Pacific Microalgae-based Products Market Breakdown, by Type
9.4.3 Asia Pacific Microalgae-based Products Market Breakdown, by Application
9.4.4 Asia Pacific Microalgae-based Products Market Breakdown, by Country
9.4.4.1 Australia Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.4.4.1.1 Australia Microalgae-based Products Market Breakdown, by Type
9.4.4.1.2 Australia Microalgae-based Products Market Breakdown, by Application
9.4.4.2 China Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.4.4.2.1 China Microalgae-based Products Market Breakdown, by Type
9.4.4.2.2 China Microalgae-based Products Market Breakdown, by Application
9.4.4.3 India Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.4.4.3.1 India Microalgae-based Products Market Breakdown, by Type
9.4.4.3.2 India Microalgae-based Products Market Breakdown, by Application
9.4.4.4 Japan Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.4.4.4.1 Japan Microalgae-based Products Market Breakdown, by Type
9.4.4.4.2 Japan Microalgae-based Products Market Breakdown, by Application
9.4.4.5 South Korea Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.4.4.5.1 South Korea Microalgae-based Products Market Breakdown, by Type
9.4.4.5.2 South Korea Microalgae-based Products Market Breakdown, by Application
9.4.4.6 Rest of Asia Pacific Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.4.4.6.1 Rest of Asia Pacific Microalgae-based Products Market Breakdown, by Type
9.4.4.6.2 Rest of Asia Pacific Microalgae-based Products Market Breakdown, by Application
9.5 Middle East and Africa Microalgae-based Products Market Revenue and Forecasts To 2028
9.5.1 Middle East and Africa Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.5.2 Middle East and Africa Microalgae-based Products Market Breakdown, by Type
9.5.3 Middle East and Africa Microalgae-based Products Market Breakdown, by Application
9.5.4 Middle East and Africa Microalgae-based Products Market Breakdown, by Country
9.5.4.1 South Africa Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.5.4.1.1 South Africa Microalgae-based Products Market Breakdown, by Type
9.5.4.1.2 South Africa Microalgae-based Products Market Breakdown, by Application
9.5.4.2 Saudi Arabia Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.5.4.2.1 Saudi Arabia Microalgae-based Products Market Breakdown, by Type
9.5.4.2.2 Saudi Arabia Microalgae-based Products Market Breakdown, by Application
9.5.4.3 UAE Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.5.4.3.1 UAE Microalgae-based Products Market Breakdown, by Type
9.5.4.3.2 UAE Microalgae-based Products Market Breakdown, by Application
9.5.4.4 Rest of Middle East and Africa Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.5.4.4.1 Rest of Middle East and Africa Microalgae-based Products Market Breakdown, by Type
9.5.4.4.2 Rest of Middle East and Africa Microalgae-based Products Market Breakdown, by Application
9.6 South and Central America Microalgae-based Products Market Revenue and Forecasts To 2028
9.6.1 South and Central America Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.6.2 South and Central America Microalgae-based Products Market Breakdown, by Type
9.6.3 South and Central America Microalgae-based Products Market Breakdown, by Application
9.6.4 South and Central America Microalgae-based Products Market Breakdown, by Country
9.6.4.1 Brazil Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.6.4.1.1 Brazil Microalgae-based Products Market Breakdown, by Type
9.6.4.1.2 Brazil Microalgae-based Products Market Breakdown, by Application
9.6.4.2 Argentina Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.6.4.2.1 Argentina Microalgae-based Products Market Breakdown, by Type
9.6.4.2.2 Argentina Microalgae-based Products Market Breakdown, by Application
9.6.4.3 Rest of South and Central America Microalgae-based Products Market Revenue and Forecast to 2028 (US$ Mn)
9.6.4.3.1 Rest of South and Central America Microalgae-based Products Market Breakdown, by Type
9.6.4.3.2 Rest of South and Central America Microalgae-based Products Market Breakdown, by Application

10. Impact of Covid-19 Pandemic on Global Microalgae-based Products Market

10.1 Impact of COVID-19 on Microalgae-based Products Market
10.2 North America: Impact Assessment of COVID-19 Pandemic
10.3 Europe: Impact Assessment of COVID-19 Pandemic
10.4 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
10.5 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
10.6 South America: Impact Assessment of COVID-19 Pandemic

11. Industry Landscape

11.1 Product Launch
11.2 Merger & Acquisition
11.3 Partnership
11.4 Collaboration

12. Company Profiles

12.1 Algae Health Sciences - A BGG company
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Bluebiotech International Gmbh
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Cargill, Incorporated
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Cellana Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Earthrise Nutritionals, LLC
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 E.I.D. - Parry (India) Limited
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Cyanotech Corporation
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Euglena Co., Ltd.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Far East Bio-Tec Co., Ltd.
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 AstaReal
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments

13. Appendix

13.1 About the Publisher
13.2 Glossary of Terms

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Algae Health Sciences - A Bgg Company
  • Astareal Ab
  • Bluebiotech International Gmbh
  • Cargill, Incorporated
  • Cellana Inc.
  • Cyanotech Corporation
  • Earthrise Nutritionals, Llc
  • Eid Parry Ltd.
  • Euglena Co, Ltd
  • Far East Bio-Tec Co., Ltd