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.
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
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
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?
What is the growth rate of the Global Microalgae-Based Products Market?
What is the forecasted size of the Global Microalgae-Based Products Market?
Who are the key companies in the Global Microalgae-Based Products Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 168 |
| Published | July 2021 |
| Forecast Period | 2020 - 2028 |
| Estimated Market Value ( USD
| USD 1547.23 Million |
| Forecasted Market Value ( USD
| USD 2811.1 Million |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Global |
Table of Contents
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Microalgae-based Products Market Landscape
5. Microalgae-based Products Market - Key Market Dynamics
6. Microalgae-based Products - Global Market Analysis
7. Microalgae-based Products Market Analysis - By Type
8. Microalgae-based Products Market Analysis - By Application
9. Global Microalgae-based Products Market - Geographic Analysis
10. Impact of Covid-19 Pandemic on Global Microalgae-based Products Market
11. Industry Landscape
12. Company Profiles
13. Appendix
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
