Microalgae-based Products Market: Introduction
Transparency Market Research delivers key insights on the global microalgae-based products market. In terms of revenue, the global microalgae-based products market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global microalgae-based products market.
The global microalgae-based products market is broadly affected by several factors, including usage of microalgae-based products in various applications such as food & beverages, nutraceuticals, personal care, pharmaceuticals, chemical, fuel, animal feed, and others. Increase in usage of microalgae-based products in the nutraceutical & dietary supplements industry is propelling the global microalgae-based products market.
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Microalgae-based Products Market: Dynamics
The demand for microalgae-based products has been rising for use in the production of 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 in inclination for microalgae-sourced omega 3 fatty acid is driving the consumption of microalgae-based products. This is expected to boost the global microalgae-based products market during the forecast period.
The demand for microalgae-based food products is rising significantly in the manufacture of whole-biomass products (also known as ‘super foods’) due to nutritive value, high protein content, and health benefits offered by microalgae-based products. This is major factor expected to boost the adoption of these products in the manufacture of functional food products. In turn, this is estimated to drive the global microalgae-based products market.
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The rise in the demand for dried microalgae, such as chlorella and spirulina as food supplements is projected to augment the global market during the forecast period. Increase in mergers and acquisitions by major players in order to develop various microalgae-based food supplements is another factor that is likely to propel the global microalgae-based products market in the near future.
Microalgae-based Products Market: Prominent Regions
Europe dominated the global microalgae-based products market in 2020. The region possesses specific structural economic and logistical assets that boost its position in micro-algae research and applications. Microalgae are being promoted as a new source of valuable nutrients for human and animal consumption in Europe. Microalgae-based products are employed in niche applications such as life sciences. The Netherlands-based DSM, a chemical company, has a strong position in the life sciences segment. Microalgae-based pharmaceutical products are expected to gain traction in the near future.
Countries in Europe aim to source 10% of transport energy from renewable resources, primarily from biofuels by the end of 2020. A large share of fuels is utilized in transportation application in the region, owing to the high demand for luxury vehicles, commercial trucks, and motorcycles. This is projected to boost the demand for microalgae-based products in countries such as Germany, Switzerland, and the Netherlands.
The European Union is promoting the adoption of renewable energy through its policies. It is currently a prominent region for renewable energy and is expected to continue to be a dominant region over the next few years. Investments by renewable energy players based in Europe represent about 25% of the investments in renewable energy worldwide. This is anticipated to drive the demand for microalgae-based products in the region.
Microalgae-based Products Market: Key Players
The global microalgae-based products market is fragmented with the presence of a large number of players. Key players operating in the global microalgae-based products 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, Earthrise Nutritional, NOW, Necton, Algae International Berhad (AIB), and Proalgen Biotech Ltd.
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