Key Highlights of Global Microalgae-based Products Market
- The global microalgae-based products market was valued at ~US$ 1.7 Bn in 2018, and is anticipated to expand at a CAGR of ~5% during the forecast period.
- Rise in the usage of microalgae-based products in food and nutraceutical & dietary supplements is expected to drive the microalgae-based products market.
- Europe accounts for a major share of the global microalgae-based products market. Rise in the demand for microalgae-based products in various applications such as food & beverages, animal feed, pharmaceuticals and nutraceuticals, and biofuel in Europe is driving the microalgae-based products market in the region.
Key Drivers of Global Microalgae-based Products Market
- The global demand for microalgae-based products is anticipated to increase significantly in the next few years. The commercialization of microalgae-based products and consistent capacity additions by key manufacturers across the globe are projected to affect the prices of products.
- Various countries across the globe are adopting the strategy of developing bioeconomy. The adoption of bioeconomy 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 application in different fields, including food, animal feed, biofuel, and other industrial applications. This is expected to boost the microalgae-based products market in the near future.
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Spirulina Product Type to Offer Lucrative Opportunities to Microalgae-Based Products Market
- Spirulina is a type of microalgae that can be consumed as a dietary supplement or feed, owing to its excellent nutritional value and health benefits. It serves as an excellent choice for human consumption due to its high protein and vitamin content. Spirulina also possesses excellent anti-inflammatory and antioxidant properties.
- Spirulina is used as protein supplement and health food. Therefore, it has gained popularity in the human nutraceutical industry in various developing and underdeveloped regions such as India and Africa where malnutrition is prevalent.
- Rise in the demand for cyanobacteria due to their contribution to weight reduction, and increase in the number of health clubs and fitness centers are expected to boost the spirulina segment in the next few years.
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Europe Prominent Microalgae-based Products Market
- In terms of region, Europe accounted for a major share of the global microalgae-based products market in 2018. Its share is expected to increase during the forecast period, due to large-scale production activities in the region.
- Europe held a substantial share of the global microalgae-based product market in 2018. Multinational corporations in Europe are engaged in R&D and technology development to manufacture high-value microalgae products.
- The microalgae-based products market in North America is estimated to expand significantly, owing to a shift in the preference toward biofuel and the health benefits offered by microalgae-based food & beverages in the region.
- The innovative use of cultivation and harvesting technology to provide quality microalgae-based products is expected to boost the microalgae-based products market in North America in the next few years.
Few Top Players Accounted for 60% Market Share in 2018
The production of various microalgae-based products is currently concentrated among a small number of producers. Most producers are located in Asia Pacific. However, off late, some Europe-based companies have acquired a number of leading companies in 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.