Microalgae Market: Segmented: By Type (Spirulina, Chlorella, Dunaliella Salina, and Others), By Application (Food and Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics and Personal Care, and Others) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[170+ Pages Research Report] Microalgae market is to surpass USD 2.2 billion by 2032 from USD 0.98 billion in 2021 at a CAGR of 7.7% in the coming years, i.e., 2022-32.
Algae are microorganisms which are found in aquatic habitats such as rivers, lakes, ponds, and oceans and can photosynthesize. Microalgae are unicellular microscopic algae that live in marine and freshwater. Microalgae are important for life on earth, as they perform photosynthesis which helps in reducing the concentration of carbon dioxide in the atmosphere. They convert sunlight, carbon-di-oxide, and water to algal biomass. Microalgae can be a rich source of bio-products such as proteins, vitamins, lipids, pigments, and antioxidants among others. They have a wide range of applications in dietary supplements, pharmaceuticals, food and beverages, and cosmetic & personal care.
Microalgae market is expected to project a notable CAGR of 7.7% in 2032.
Growing demand of microalgae in personal care and cosmetics, food & beverages, pet products, and dietary supplements, and growing technological advancements along with R&D activities are bolstering the market growth.
Spirulina segment holds the largest market share
Microalgae market is classified on the basis of type into Spirulina, Chlorella, Dunaliella Salina, and Others. Spirulina segment is dominating the market with the largest market share. The growth is attributed to the growing dietary supplement industry and growing awareness related to health and wellness. Spirulina has anti-oxidant, anti-inflammation, phenolics, and phycocyanins properties which induce its application in dietary supplements.
Food and Beverage to grow with the highest CAGR during the forecast period 2022-32
Microalgae market is classified on the basis of application into Food and Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics and Personal Care, and Others. Food and Beverage segment is expected to grow with the highest CAGR during the forecast period. Growing use of fermented algae as a food additive in food and beverage industry is contributing to the growth. Microalgae can enhance the taste, aroma, texture, and flavor of food products and it also has high nutritional value. Furthermore, Dietary Supplements segment holds a significant share in the market owing to the use of microalgae in powders, production pills, and capsules.
Huge Application in Various End-Use Industries
Supplement industry is booming owing to the growing awareness related to health and wellness, and rise in the aging population. Rising demand for natural nutraceuticals has induced the demand for botanical dietary supplements like chlorella, as it is a good source of antioxidants, vitamins, and minerals. Microalgae are widely used in cosmetic and personal care products like in shampoo as a clarifying agent. Moreover, growing demand for natural food colors, rising vegetarianism, growing demand for spirulina-based products are boosting the growth of Microalgae market.
Technological Advancements and Increasing Research and Development Industries
Growing efforts to develop new strains with enhanced energy efficiency and ability to handle high salinity will create opportunities for market growth. Biofuels can be produced using microalgae-derived biomass which will benefit in reducing the carbon footprint. Increasing research and development activities to develop new production technology and early detection of contaminants will fuel market growth.
Unfavorable Climatic Conditions
Lack of favorable climatic conditions for the production of microalgae will restrain the growth of Microalgae market. Moreover, microalgae-based biofuel is more expensive which will impede the market growth.
Microalgae market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is dominating the market with the largest share. The growth is attributed to the growing awareness related to benefits of microalgae, rising use in dietary supplements, cosmetics, food and beverages, and rising health and wellness trends in the region. Furthermore, Asia Pacific is expected to grow at a noteworthy rate during the forecast period.
Coronavirus pandemic has adversely affected the economies around the globe. Nationwide lockdown regulations were imposed in many countries to control the spread of the virus and social distancing norms were strictly followed by the citizens. Covid-19 had a marginal impact on Microalgae market as the pandemic disrupted the supply chains. However, the demand for microalgae increased during the pandemic due to the growth in the demand for fortified food products and dietary supplements.
Microalgae Market is further segmented by region into:
Microalgae Market Segments:
|Market size value in 2021||USD 0.98 billion|
|Revenue forecast in 2032||USD 2.2 billion|
|Growth Rate||CAGR of 7.7% from 2022 to 2032|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2022 to 2032|
|Report coverage||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Segments covered||Type, Application, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Cyanotech Corporation, Cellana Inc., DSM, Corbion, Algarithm, Algaecytes, Australian Spirulina, Algatech Ltd., Lyxia, BASF SE, Kuehnle AgroSystems Inc., ALGISYS Biosciences Inc., Euglena Co., Ltd., DIC Corporation, Allmicroalgae, and Other Prominent Players|
Microalgae market size was estimated at USD 0.98 billion in 2021 and is expected to reach USD 2.2 billion in 2032.
Microalgae are unicellular microscopic algae which live in marine and freshwater. Microalgae are important for life on earth, as they perform photosynthesis which helps in reducing the concentration of carbon di-oxide in the atmosphere.
Spirulina, Food & Beverage segment accounted for the largest Microalgae market share.
Key players: Cyanotech Corporation, Cellana Inc., DSM, Corbion, Algarithm, Algaecytes, Australian Spirulina, Algatech Ltd., Lyxia, BASF SE, Kuehnle AgroSystems Inc., ALGISYS Biosciences Inc., Euglena Co., Ltd., DIC Corporation, Allmicroalgae, and Other Prominent Players are the key players in the Microalgae market.
Huge Application in Various End-Use Industries and Technological Advancements and Increasing Research and Development Industries are the factors driving the Microalgae market.
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