The global microalgae-based products market was valued at US$ 1.8 Bn in 2019 and is anticipated to expand at a CAGR of ~5% during the forecast period. Rise in usage of microalgae-based products in food and nutraceutical & dietary supplements applications is expected to drive the microalgae-based products market in the near future. Europe is anticipated to account for a major share of the global microalgae-based products market during the forecast period.
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Microalgae-based Products Market: Introduction
The global microalgae-based products market was valued at US$ 1.8 Bn in 2019 and is anticipated to expand at a CAGR of ~5% during the forecast period. Rise in usage of microalgae-based products in food and nutraceutical & dietary supplements applications is expected to drive the microalgae-based products market in the near future. Europe is anticipated to account for a major share of the global microalgae-based products market during the forecast period. Rise in demand for microalgae-based products in various applications such as food & beverages, animal feed, pharmaceuticals, nutraceuticals, and biofuel in Europe is driving the microalgae-based products market in the region.
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Key Drivers of Microalgae-based Products Market
The global demand for microalgae-based products is anticipated to increase significantly over the next few years. Commercialization of microalgae-based products and consistent capacity additions by key manufacturers across the globe are projected to positively affect the prices of products. Various countries across the globe are adopting the strategy for developing bio-economy. The adoption of bio-economy is based on the increase in usage of sustainable biological resources to meet the rising demand for food and energy. In this context, microalgae is used as an emerging biological resource for its potential applications in different fields, including food, animal feed, biofuel, and other industrial applications. This is estimated to boost the microalgae-based products market in the near future.
Key Players in Global Market
The production of various microalgae-based products is currently concentrated among a small number of producers. Most producers are located in Asia Pacific. However, of late, some Europe-based companies have acquired a number of leading companies from Asia Pacific. The production of microalgae-based food and feed products by Europe-based companies significantly impacts the global microalgae-based products market. On September 12, 2018, Cyanotech Corporation announced that it had joined Algae Biomass Organization as the newest Gold-Level member. Algae Biomass Organization is a non-profit organization that promotes the development of feasible commercial markets for sustainable, and renewable commodities derived from algae.
Global Microalgae-based Products Market: Research Scope
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)
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