Yahoo Finance Microalgae-based Products Market to exceed US$ 4.2 Bn by 2031: TMR Report
Growing use of algae-derived nutraceuticals and dietary supplements generating sizable revenues; utilization of notably spirulina and chlorella in food & beverages propelling growth
Wilmington, Delaware, United States, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Various firms are geared toward scaling up production of microalgae for use in cosmetic and nutraceutical industries to tap into the vast streams of revenue of microalgae-based products market. An in-depth TMR study found that spirulina presented the largest opportunity for microalgae-based products market in 2020. A bulk of demand comes from nutraceuticals & dietary supplements industry. The microalgae-based products market is projected to advance at a CAGR of 6% during forecast period of 2021-2031.
The analysts observed rise in utilization of microalgae-based products in food & beverages, pharmaceutical, and cosmetic industries, evident in the commercialization of spirulina-based food products. Chlorella and spirulina are key segments in microalgae-based products market, when segmented based on product type. The vast diversity of microalgae species will attract enormous R&D, and will stridently enrich the future market outlook for microalgae-based products market.
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Key Findings of Microalgae-based Products Market Study
Rising Utilization in Cosmeceuticals and Nutraceuticals Creates Abundant Market Opportunities: Use of microalgae in a range of nutraceuticals and cosmeceuticals underpins an incredible avenue for players in microalgae-based products market. The popularity stems from the fact that the biomass has been found to be a rich source of vegan and bioactive ingredients. Of note, the TMR study found that some firms are actively pursuing microalgae as a marine supercrop. Strides in the nutraceuticals & dietary supplements industry will fuel the growth opportunities in the next few years. Microalgae-derived products will gain adoption in dietary supplements owing to their incredible nutritional value.
Growing Use of Chlorella in Food & Beverages Driven by Nutritional Benefits: Firms engaged in cultivating and processing microalgae are witnessing enormous revenue potential in food & beverages products, especially for them being rich source of omega 3/proteins, apart from essential minerals and vitamins. Thus microalgae-derived products evoke massive commercial interest among food brands, and will catalyze the microalgae-based products market growth.
Advancements in Cultivation Methods to Create New Frontiers: Players in the value chain of microalgae-based products market are focused on implementing advanced cultivation and purification methods. Additionally, advancement in downstream processing of microalgae will expand the horizon for them. Of note, environmentally friendly ways of cultivation will pave the way for promising avenues in microalgae-based products market
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Microalgae-based Products Market: Key Drivers
Global food security notably hinges on efficient use of soil resources and preservation of biodiversity. In this backdrop, ever-rising need for new, sustainable compounds as sources of nutraceuticals and dietary supplements is a key driver for commercial interest in the cultivation of microalgae.
The growing incorporation of food additives, ingredients, and supplements of high human nutritional value is a key driver of the microalgae-based products market. Thus, rise in use of these in human diets will propel lucrative opportunities.
Microalgae-based Products Market: Regional Dynamics
Pursuit of stakeholders to explore sustainable production options in agriculture is also a significant force behind investments in microalgae-based products market, especially in less developed economies of Asia and Africa. Hence, governments are ramping up their efforts in the production of spirulina, particularly in India and South Africa, which will vastly enrich the value chains of industry players in microalgae-based products market.
Microalgae-based Products Market: Competition Landscape
A number of prominent F&B companies are leaning on exploring the commercial viability of microalgae cultivation. To this end, a few of them have entered into partnerships and collaborations.
Some of the key players in microalgae-based products market are Algae Health Sciences, Proalgen Biotech Ltd., Algae International Berhad (AIB), Earthrise Nutritional, Ocean Nutrition, Cellana Inc., Far East Bio-Tec Co., AstaReal Group, euglena Co, Ltd, and EID Parry Limited.
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Microalgae-based Products Market Segmentation
Product
Spirulina
Chlorella
Dunaliella Salina
Astaxanthin
Beta-carotene
PUFA Fatty Acid
Lutein
Others (including DHA Oil)
Application
Food & Beverages
Personal Care
Nutraceuticals & Dietary Supplements
Pharmaceuticals
Chemicals
Fuel
Animal Feed
Others (including Biostimulants)
Product and Its Applications
Spirulina
Chlorella
Dunaliella Salina
Astaxanthin
Beta-carotene
PUFA Fatty Acid
Lutein
Others
Region
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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