Microalgae-based Products - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Microalgae-based Products Market is accounted for $1.83 billion in 2019 and is expected to reach $3.15 billion by 2027 growing at a CAGR of 7.0% during the forecast period. An increase in the usage of microalgae-based products in food and nutraceutical & dietary supplements purposes is the major factor driving market growth. However, government systems on food safety and the high cost of manufacturing are hampering the market growth.
Microalgae-based products are used in different applications in dissimilar industry verticals such as food & beverages, pharmaceuticals, nutraceuticals & dietary supplements, chemicals, fuel, personal care, and animal feed. The microalgae-based products offer notable environmental benefits compared to existing raw materials.
Based on the product, the spirulina segment is likely to have a huge demand due to it is a type of microalgae that can be consumed as a dietary supplement or feed, because of its excellent nutritional value and health benefits. It serves as an excellent choice for human consumption, because of its high protein and vitamin content. Spirulina also possesses excellent anti-inflammatory and antioxidant properties.
By geography, Europe is going to have a lucrative growth during the forecast period due to it plays a significant role in the field of microalgae applications. Its well-built position in science and technology, due to the high precedence to R&D policies, makes it an important region for microalgae-based products.
Some of the key players profiled in the Microalgae-based Products Market include AstaReal AB, BlueBioTech, Cargill, Incorporated, Cyanotech Corporation, E.I.D. - Parry (India) Limited, Euglena Co., Ltd., Cellana Inc., Necton, Ocean Nutrition, Proalgen Biotech Ltd., Nordic Naturals, Xiamen Huison Biotech, Deva Nutrition, Source Omega, Algae International Berhad, Earthrise Nutritional, Algae Health Sciences - A BGG company.
• Beta Carotene
• PUFA Fatty Acid
• Other Products
• Animal Feed
• Food & Beverages
• Nutraceuticals & Dietary Supplements
• Personal Care
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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