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Microalgae-Based Products Market to Reach a Valuation of ~US$ 2.7 Bn by 2027; Tapping Colossal Prospect of Microalgae-based Products for Food and Feed Sectors to Spur Sales, Finds TMR
- Utilization of versatility of microalgae-based products in making pharmaceuticals, chemicals, and personal care, food and animal feed products defines growth
- Harnessing microalgae-based products for sustainable source of biofuel fuels investments by stakeholders in Europe, Asia Pacific, and North America
ALBANY, New York, March 11, 2020 /PRNewswire/ -- Current Prospects
Microalgae-based products have risen to commercial relevance in food and feed industries owing to their potential in producing bioactive compounds, such as carotenoids and proteins. Over the years, continuous advances in microalgae cultivation and processing technologies have been opening new avenues for producers to meet range of needs of nutraceuticals and dietary supplements industry. In 2018, the microalgae-based products market stood at ~US$ 1.7 bn.
A study by TMR projects the microalgae-based products to garner a CAGR of ~5% during 2019–2027. Relentless focus of energy companies to portray microalgae-based products as environmentally-sustainable source in the making of next-generation biofuels will drive revenues in forthcoming years. Further, bio-products derived from microalgae will define the contours of the market during the assessment period.
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Growing popularity of microalgae-based products as a super food, particularly in manufacturing nutraceuticals and dietary supplements for humans and animal consumption drives sales. The analyst at TMR add: stakeholders eyeing new revenue streams will harness genetic modification of algae and maximize the prospects by meeting the needs of biofuel manufacturers.
Key Takeaways in Microalgae-based Products Market Study
- F&B industry accounts for a major revenue share of the global microalgae-based products market; future holds massive segmental opportunities
- Of all the key applications, utilization of microalgae-based products food and nutraceuticals and dietary supplements to define growth
- Europe holds the major share in the global market; versatile use in several application attribute this.
- Of the various product types, spirulina contributed the largest share; likely to retain its lead, mainly due to extensive demand in food and beverages sector
- Geographically, the fastest growing market Asia Pacific to garner CAGR of ~6% during 2019 – 2027.
Explore 262 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Microalgae-based Products Market (Product: Spirulina, Chlorella, Astaxanthin, Beta Carotene, PUFA Fatty Acid, Lutein, and Others; Application: Food & Beverages, Personal Care, Nutraceuticals & Dietary Supplements, Pharmaceuticals, Chemicals, Fuel, Animal Feed, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/microalgae-based-products-market.html
Microalgae-based Products Market: Key Driving Factors and Promising Avenues
Though microalgae-based products are in early commercialization phase for numerous end-use industries, opportunities are rapidly multiplying from strides in research and development. A few of trends support the promising outlook:
- Biofuels play crucial role in improving fuel security, per a report by World Bioenergy Association. Microalgae-based products hold massive potential in next-generation biofuels.
- Search for cleaner forms of energy will see sizable investments in algae cultivation and processing world over
- Food and nutraceutical sectors looking for sustainable sources of bioactive compounds are putting high stakes in the microalgae-based products market
- Incorporation of microalgae is novel protein ingredient will bolster revenue generation
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Microalgae-based Products Market: Regional Outlook
Geographically, Europe has remained at the fore for past few years. The valuation is expected to climb by two-times by the end of the forecast period. Relentless pursuit in utilizing microalgae-based products in next-generation biofuels is behind the rapid pace of commercialization of the market in Europe.
Rising interest of industries in the production of microalgae-based products has been propelling growth in Asia Pacific (APAC). The regional market held nearly 25% of the market share, and is estimated to make notable growth. This is supported by the presence of significant number of producers of microalgae in the region. Furthermore, growth in the regional market is catalyzed on the back of renewable biological resources to meet demand for food and energy.
Key Challenges to Microalgae-based Products Market Stakeholders
- Stringent regulations dampen the pace of commercialization of microalgae-based products.
- Paucity of investment in resources has constrained the microalgae production to reach economy of scale.
- Lack of awareness of the potential of these products in food and feed industry is also a key restraining factor.
Analyze microalgae-based products market growth in 30+ countries including US, Canada, Germany, United Kingdom, ASEAN Countries, Japan, India, China, and Japan. Request a sample of the study.
Microalgae-based Products Market Competition Landscape
The presence of relatively large number of players ensure that significant shares of the global microalgae-based products market do not lie in few hands. Top players are leaning on consolidating their supply chains and expanding production facilities. Nutraceutical and feed manufacturers in Europe are engaging in acquiring companies in Asia Pacific and the U.S. to consolidate their positions further. However, a few players jointly held 60% share of the global market in 2018.
Some of the key players in the microalgae-based products market are AstaReal AB, Necton, Ocean Nutrition, BlueBioTech, and Euglena Co., Ltd.
The microalgae-based products market is segmented on the basis of:
Microalgae-based Products Market by Product
- Beta Carotene
- PUFA Fatty Acid
- Others (including Phycobiliproteins, Zeaxanthin, and Lycopene)
Microalgae-based Products Market by Application
- Food & Beverages
- Personal Care
- Nutraceuticals & Dietary Supplements
- Animal Feed
- Others (including Fertilizers)
Microalgae-based Products Market by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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