Microalgae-based Products Market: Introduction
TransparencyMarket Research delivers key insights on the global microalgae-based products market. In terms of revenue, the globalmicroalgae-based products market is estimated to expand at a CAGR of ~6% during theforecast period, owing to numerous factors regarding which TMR offers thoroughinsights and forecasts in its report on the global microalgae-based productsmarket.
Theglobal microalgae-based products market is broadly affected by several factors,including usage of microalgae-based products in various applications such asfood & beverages, nutraceuticals, personal care, pharmaceuticals, chemical,fuel, animal feed, and others. Increase in usage of microalgae-based productsin the nutraceutical & dietary supplements industry is propelling theglobal microalgae-based products market.
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Microalgae-based Products Market: Dynamics
Thedemand for microalgae-based products has been rising for use in the productionof dietary supplement products, owing to its water binding, structuring(gelation and aggregation), and surface (emulsifying and foaming) properties.These products are also employed as supplements in daily diet. The increase ininclination for microalgae-sourced omega 3 fatty acid is driving theconsumption of microalgae-based products. This is expected to boost the globalmicroalgae-based products market during the forecast period.
Thedemand for microalgae-based food products is rising significantly in themanufacture of whole-biomass products (also known as ‘super foods’) due tonutritive value, high protein content, and health benefits offered bymicroalgae-based products. This is major factor expected to boost the adoptionof these products in the manufacture of functional food products. In turn, thisis estimated to drive the global microalgae-based products market.
Therise in the demand for dried microalgae, such as chlorella and spirulina asfood supplements is projected to augment the global market during the forecastperiod. Increase in mergers and acquisitions by major players in order todevelop various microalgae-based food supplements is another factor that islikely to propel the global microalgae-based products market in the nearfuture.
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Microalgae-based Products Market: Prominent Regions
Europedominated the global microalgae-based products market in 2020. The regionpossesses specific structural economic and logistical assets that boost itsposition in micro-algae research and applications. Microalgae are beingpromoted as a new source of valuable nutrients for human and animal consumptionin Europe. Microalgae-based products are employed in niche applications such aslife sciences. The Netherlands-based DSM, a chemical company, has a strongposition in the life sciences segment. Microalgae-based pharmaceutical productsare expected to gain traction in the near future.
Countriesin Europe aim to source 10% oftransport energy from renewable resources, primarily from biofuels by the endof 2020.A large share of fuels is utilized in transportation application in the region,owing to the high demand for luxury vehicles, commercial trucks, andmotorcycles. This is projected to boost the demand for microalgae-basedproducts in countries such as Germany, Switzerland, and the Netherlands.
TheEuropean Union is promoting the adoption of renewable energy through itspolicies. It is currently a prominent region for renewable energy and isexpected to continue to be a dominant region over the next few years.Investments by renewable energy players based in Europe represent about 25% of theinvestments in renewable energy worldwide. This is anticipated to drive thedemand for microalgae-based products in the region.
Microalgae-based Products Market: Key Players
Theglobal microalgae-based products market is fragmented with the presence of alarge number of players. Key players operating in the global microalgae-basedproducts market are EID Parry Ltd., euglena Co, Ltd, Cyanotech Corporation,AstaReal Group, BlueTech International GmbH., Far East Bio-Tec Co., Ltd,Cellana Inc., Ocean Nutrition, Algae Health Sciences - A BGG Company, EarthriseNutritional, NOW, Necton, Algae International Berhad (AIB), and ProalgenBiotech Ltd.
