Increasing consumption of protein products across the world, owing to changing lifestyles and rising health consciousness among consumers, has been driving the market in recent years. Further, rising sustainability issues such as increase in greenhouse gases and loss of biodiversity during the production of meat have resulted in a shift in consumer preferences toward plant-based and other alternative sources.
The microalgae food market is anticipated to register a CAGR of 4.80% during the forecasted period.
The report "Global Microalgae Food Market, By Strain (Chlorella, Spirulina, Dunaliella salina, Others), By Form (Capsules, Liquid, Tablets), By Distribution Channel (Retail Stores, Online Channels, Hypermarkets/Supermarkets, Others) and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
- In February 2019, Algatechnologies, a leading microalgae growing leader which is based in Israeli, launched an all- natural, algae complex, and called AstaPure Arava. The product can be used to produce energy bars as well as other products that can be combined with powder.
- In September 2017, Corbion, a Dutch producer of microalgae ingredients completed its acquisition of TerraVia Holdings, a pioneer company in algae innovation.
Analyst View:
Presence of Anti-Oxidant in Microalgae Food Will Fuel Demand
Rising world population has impelled high demand for sustainable, and affordable nutrient-rich food to feed the growing population which in turn will add to the microalgae food shares. According to the National Center for Biotechnology Information (NCBI), by 2050, algae may account for 18% of protein sources across the more diverse world market. Spirulina and Chlorella are the two major strains of microalgae that have terrific anti-oxidant properties and thus are utilized in the production of microalgae food. Presence of enzymes, carbohydrates, fiber, vitamins and protein in microalgae is a factor contributing to microalgae food revenue.
Rising Acceptance of Microalgae as Food Additives Will Boost Growth in North America
Microalgae are used as an essential food ingredient in the food & beverage industry, especially in developing nations such as Japan, China, South Korea, Indonesia, and others. Rising adoption of microalgae as supplements or natural colorants in various food products including, snack bars, pizza, drinks, and others is predicted to encourage the of microalgae food growth. In addition, increasing health awareness among people is expected to fuel demand for the consumption of dietary or health supplements made up of microalgae biomass which will, in turn, boost the global microalgae food market during the forecast period.
Key Market Insights from the report:
The global microalgae food market is anticipated to register a CAGR of 4.80% during the forecasted period. The market report has been segmented on the stain, form, distribution channel and region.
- Depending uponthe stain, Spirulina and Chlorella hold the major market share in the global microalgae food market as both the strain types are beneficial for human health and hence is rapidly getting adoption by food & beverage product manufacturers.
- Based on distribution channel Application segment is categorized as automotive, industrial equipment & machinery, aerospace, energy and power, electronics, and construction. Automotive segment is expected to hold the largest share during the forecast period. The increasing production of light-weight vehicles and use of composite materials and plastic, as well as adoption of new material to reduce the overall weight of the vehicles, has increased the market share of the automotive segment in the global metal forming market.
- By region, North America, followed by Europe dominates the global microalgae food market and is expected to lead during the forecast period, owing to rising acceptance of microalgae as food additives by food producers, along with the rising number of SME in microalgae cultivation industry. The microalgae food market in the Asia Pacific is predicted to witness high growth rate during the forecast period due to the increasing cultivation and consumption of microalgae food in Asian countries, such as China, Indonesia, and South Korea.
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Competitive Landscape:
The prominent player operating in the global ethnic food market includes DIC Corporation, Taau Australia Private Limited, Cyanotech Corporation, TerraVia Holdings, Inc., Cellana, LLC., E.I.D- Parry (India) Ltd., and Fuqing King Dnarmsa Spirulina Co. Ltd.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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