Food & Beverage

Global Microalgae Market

April 15, 2022
ID: SR/FB-18
Format:Pdf
Pages:220

Global Microalgae Market By Type (Spirulina, Chlorella, Dunaliella Salina and Aphanizomenon Flos-Aquae), By Application (Dietary Supplements, Food/Feed, Pharmaceutical, Cosmetic and others), BY Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2028.

Description

Microalgae Market Overview

The global microalgae market size was USD 989.3 million in 2021, and it is expected to reach USD 1,485.1 million in 2028 with growth at a CAGR of 5.3% during the forecast period of 2022-2028. The development of this market is mainly attributed to the preference towards health & wellness trends and rising dietary supplements industry, increasing demand for natural food colors, increasing vegetarianism, cultivating nutraceutical industry, and increasing importance for microalgae sourced products.

What is Microalgae?

Microalgae are eukaryotic organisms seen in marine systems, soil environments, or freshwater and are essential to the food chain. Spirulina and Chlorella are the two important microalgae strains with massive anti-oxidant effects and are widely utilized in the production of microalgae food.

The rising adoption of microalgae as supplements or uncultivated colorants in different food products, including pizza, snack bars, drinks, and others, is anticipated to aid the growth of the microalgae market. Similarly, growing health awareness among people is projected to fuel the consumption of dietary or health supplements created up of microalgae biomass during the forecast years.

Growth Drivers

Rising Nutraceuticals Industry Fuels the Expansion of the Global Microalgae Market

The senior population with increased consumer awareness for preventive healthcare, the rise of the self-directed consumer (self-diagnosis over health practitioner diagnosis), channel proliferation (variety of marketing techniques and E-Commerce), and transformation from ingredient-focused messaging to more comprehensive brand positioning (grouping of supplements together to form a healthy benefits package) are the key elements driving the development of the supplements industry. Globally, the value and deals of the vitamins, minerals and nutritional and herbal supplements (VMHS) show constant and steady growth.

By the Association for Packaging & Processing Technologies processes, the total global market for nutraceuticals is anticipated to grow with the increasing share. This change is mainly due to the increasing popularity of natural nutraceuticals, causing considerable growth of botanical dietary supplements, such as Chlorella. Low costs matched to prescription drugs and easy availability are anticipated to increase their demand over the coming years.

Opportunities

Growing Number of Research Programs to Build Growth Opportunities for Microalgae Companies

Multiple leading microalgae companies are supporting the U.K. algae industry to boost their strategy of decreasing the carbon footprint and generating renewable energy.

In December 2021, the Biotechnology and Biological Sciences Research Council, for example, developed Algae-UK, a robust network helping the community of engineers and scientists interested in or performing with industrial biotechnology applications of algae, including macroalgae, microalgae, and cyanobacteria. Thus, the continuing development of parallel programs to conduct in-depth studies in this area is cast to drive the U.K. market.

Restraints

Strict Rules & Regulation by Government

Stringent restrictions on the production and consumption of food that contains microalgae may hinder the market growth over the forecast period. Algae may sometimes collect toxins or heavy metals when revealed in marine systems. In Europe, there are strong legal limits for the maximum safe exposure of metals, such as lead, mercury, and others in food for people consumption. Other hindering factors for the growth of the global microalgae food market are climatic changes and less understanding about the product among consumers.

Pre Covid-19 Impact on Global Microalgae Market

Before the covid-19 period, the factors such as preference towards health & wellness movements and increasing dietary supplements industry, growing need for natural food colors, growing vegetarianism, growing nutraceutical industry, and growing appreciation for microalgae sourced products were causing the growth of the global microalgae market before the pandemic. Also, the Growing use of algae photobioreactor as a source of high proteins is conceivable to push the growth in the market. These proteins play a key role in meeting global needs as they have multiple beneficial properties compared to other protein sources.

Covid-19 Impact on Global Microalgae Market

During the covid-19 outbreak, the pandemic has marginally influenced the microalgae market. People are bounded to stay at their homes to stop the further spread of the covid-19 virus. Governments have been forced to instruct and maintain social and mobility limitations to control the spread of the disease. In this context, microalgae production stopped and shut the production units temporarily. Furthermore, due to the lockdown, the disturbance in the supply chain also impacted the microalgae business. However, the market for microalgae during the lockdown has increased. It can be attributed to consumers globally having started supporting dietary supplements and fortified food to stay healthy.

Post Covid-19 Impact on Global Microalgae Market

After the covid-19 period, the microalgae market steadily grew after the pandemic. The market’s growth can be attributed to the rising application of algal protein in dietary supplements and the food enterprise. Moreover, algal protein is not believed to be an animal protein source, hence is excellent for consumption among vegan people. Also, microalgae have numerous applications, including cosmetics and feed enterprises. Feed and cosmetic enterprises have experienced a ripple in growth in the coming years, which has raised the demand for such products globally and increased the demand for microalgae. Thus, these factors act as the key driving points of the Microalgae market.

By Type Segmental Analysis

Based on type, the global microalgae market is segmented into Spirulina, Chlorella, Dunaliella Salina and Aphanizomenon Flos-Aquae. Spirulina is calculated to stay the largest product type through the forecast period of 2022-2028 in the microalgae market. The growth of this market is mostly attributed to the rising health & wellness tendencies and dietary supplements industry; growing need for natural food colors; increasing vegetarianism; stringent regulations concerning the inclusion of synthetic colors and flavors; growing malnutrition; growing preference for Spirulina-sourced products, mainly Omega-3 fatty acids; increasing use of Spirulina in aquaculture; rising investments from leading color houses; and an increasing number of products that contain Spirulina as an element.

By Application Segmental Analysis

Based on application, the global microalgae market is segmented into Dietary Supplements, Food/Feed, Pharmaceutical, Cosmetic and others. Among these applications, dietary supplements share the most extensive market share. The microalgae are rich in nutrition such as protein, vitamins and minerals. These nutrients produce microalgae ideal for the production of pills, powders, and capsules. Furthermore, microalgae products are achieving traction in the healthcare and nutrition industries due to these elements.

By Regional Segmental Analysis

Based on region, the global microalgae market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. Presently, North America, followed by Europe, holds the prominent market shares and is anticipated to be holding the major market allocations in the global microalgae market during the forecast period, owing to escalating acceptance of microalgae as food additives by food producers, connected with the growing number of SME in microalgae cultivation industry.

Competitors Analysis

The companies include Algenol Biotech, Cellana Inc., Cyanotech Corporation, DIC Corporation, E.I.D Parry Ltd., Fuqing King Dnarmsa Spirulina Co. Ltd., Kent BioEnergy Corporation, Taau Australia Pty Ltd., Holdings, Inc., Astareal AB and other prominent players in the global microalgae market.

Key Stakeholders

Recent Developments

In February 2019- Algatechnologies, a leading microalgae cultivation company based in Israel, established an all-natural algae complex named AstaPure Arava. The product can be used to make energy bars and other products combined with powder.
In September 2017- Corbion, a Dutch producer of microalgae components, completed its investment in TerraVia Holdings, a pioneer company in algae innovation.
In November 2021, Honeywell Technology announced that it is UOP Ecofining technology successfully sustained the world’s first jet flight operating sustainable aviation fuel delivered from algal oil. Two commercial flights used a combination of microalgae feedstock and renewable jet power through the Ecofining operation. Developing other fuels based on fermented algae is anticipated to augur well for the U.S. market.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD 989.3 million
The revenue forecast in 2028	USD 1,485.1 million
Growth Rate	CAGR of 5.3 % from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The companies Algenol Biotech, Cellana Inc., Cyanotech Corporation, DIC Corporation, E.I.D Parry Ltd., Fuqing King Dnarmsa Spirulina Co. Ltd., Kent BioEnergy Corporation, Taau Australia Pty Ltd., Holdings, Inc. and Astareal AB, are the key players.

Market Modelling

By Type

Spirulina
Chlorella
Dunaliella Salina
Aphanizomenon Flos-Aquae

By Application

Dietary Supplements
Food/Feed
Pharmaceutical
Cosmetic
Others

By Region

North America
Europe
Asia Pacific
South America
The Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is the market size of the global microalgae market?

The global microalgae market size was USD 989.3 million in 2021, and it is expected to reach USD 1,485.1 million in 2028, with growth at a CAGR of 5.3% during the forecast period of 2022-2028

What are the opportunities in the global microalgae market?

Multiple leading microalgae companies are supporting the U.K. algae industry to boost their strategy of decreasing the carbon footprint and generating renewable energy.

Who are the key players in the global microalgae market?

The companies Algenol Biotech, Cellana Inc., Cyanotech Corporation, DIC Corporation, E.I.D Parry Ltd., Fuqing King Dnarmsa Spirulina Co. Ltd., Kent BioEnergy Corporation, Taau Australia Pty Ltd., Holdings, Inc. and Astareal AB, are the key players in the global microalgae market.

What are the restraints in the global microalgae market?

What is the impact of covid-19 on the global microalgae market?

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