The global Microalgae-based Products market generated revenue of around USD 40,635.8 million in 2020 and anticipated to grow at a CAGR of over 6.19% during the forecast period from 2021 to 2027 to reach around USD 61,876.0 million in 2027.
Microalgae are microscopic vegetations and are often termed as single-cell algae, often found in independent state. Microalgae, based on their species have varied shapes, size and function of creating algal biomass. With evolution of biotechnology and introduction of breakthrough research and development initiative, microalgae have found application in mainstream life science uses such as biofuel, animal feed, dietary supplements and so on.
Key Trends in Global Microalgae-based Products Market
Extensive demand in for dietary supplements and superfoods
The demand for microalgae products has been consistently rising as nutraceuticals and dietary supplements. This is mainly due to their advantageous properties such as greater water binding, emulsifying and foaming properties, high nutritive cntent, etc. There has been a perpetual increase in in adopting microalgae-based omega three fatty acids in regular consumption. The uptake of microalgae-based foods is has also significantly grown in the recent years. These are often considered as superfoods due to their high nutritive value, superior protein levels, and additional health benefits. These factors are anticipated to augment the growth of the overall microalgae-based products market.
Microalgae such as chlorella and sprulina are in high demand in their dried forms as food supplements, across all regions of the world. There is also intensive research being taking place in this space to further explore its nutritive avenues.
Impact of COVID 19 on Global Microalgae-based Products Market
The ongoing COVID 19 pandemic has had prominent impact on the global Microalgae-based Products market. Stringent regulations were being placed in cross-border supply of foods, foodstuffs and ingestable products worldwide. Since, microalgae-based products are not an essential element of mainstream food consumption, the demand was either shunted entirely in certain spaces or was replaced by synthetic substitutes. However, with increased awareness about health and wellness in the post-pandemic era, the demand for microalgae-based products shall rebound and will witness a sustained growth through the forecast period.
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Global Microalgae-based Products Market by Type Insights
Spirulina, Chlorella, Dunaliella Salina, Astaxanthin, Beta-carotene, PUFA Fatty Acid, Lutein and Others are the chief types of Microalgae-based Products that are in mainstream consumption. Among these, spirulina is anticipated to continue to dominate the global market in terms of both revenue and volume.
Global Microalgae-based Products Market by Application Insights
Among several applications of Microalgae-based Products such as Food & Beverages, Personal Care, Pharmaceuticals, Nutraceuticals & Dietary Supplements, Chemicals, Fuel, Animal Feed and others, nutraceuticals and dietary supplements segment captures the largest revenue share in the global market. It is anticipated that the segment shall continue to retain its command over the market through the forecast period.
Global Microalgae-based Products Market by Regional Insights
Europe is the largest regional market for microalgae-based products on the global front, at a share of ~32% in 2020. Europe is closely followed by North America becoming the second leading region in this space. High consumption of dietary supplements, greater demand for natural and safer alternatives, increasing awareness and higher disposable incomes mainly contribute to this trend. Moreover, there is a constant growth in research and development initiatives in the space of biofuels and application of microalgae in biofuels. This is anticipated to further support the market growth of these regions.
Global Microalgae-based Products Market Competitive Landscape
Most prominent players in the global Microalgae-based Products market include, Corbion, Cellana Inc., ALGAE, LLC., DSM, Algarithm, Cyanotech Corporation, Algaecytes, Australian Spirulina, Henry Lamotte Oils GmbH, Lyxia, BASF SE, E.I.D. – Parry (India) Limited, AlgaEnergy, Kuehnle AgroSystems Inc., ALGISYS LLC, euglena Co., Ltd., Heliae Development, LLC, ALGENOL, Algatech LTD, and AstaReal AB among others.
Global Microalgae-based Products Market by Type, 2015 – 2027
- Dunaliella Salina
- PUFA Fatty Acid
Global Microalgae-based Products Market by Application, 2015 – 2027
- Food & Beverages
- Personal Care
- Nutraceuticals & Dietary Supplements
- Animal Feed
Global Microalgae-based Products Market by Region, 2015 – 2027
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Global Microalgae-based Products Market: Key Players
- Cellana Inc.
- ALGAE, LLC.
- Cyanotech Corporation
- Australian Spirulina
- Henry Lamotte Oils GmbH
- BASF SE
- E.I.D. – Parry (India) Limited
- Kuehnle AgroSystems Inc.
- ALGISYS LLC
- euglena Co., Ltd.
- Heliae Development, LLC
- Algatech LTD
- AstaReal AB
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