Chlorella Ingredients Market size is estimated to reach $146.64 million by 2026 and is poised to grow at a CAGR of 5.69% during the forecast period 2021-2026. Chlorella is considered a super-food alternative and detoxifying agent, which detects mineral toxins and does not allow them to break down in the body. Chlorella ingredients are known for their nutritional and health benefits. Chlorella ingredients has a wide range of applications. They act as functional foods that help to boost immune system functioning, gut health, reduce cholesterol, and are also used as an antioxidant. However, the growing demand for functional foods and drinks has created room for chlorella ingredients in nutritional supplements. With the increasing disposable income coupled with the rising use of natural and premium products, the demand for chlorella ingredients is estimated to drive the growth of the global market over the forecast period 2021-2026.
Chlorella Ingredients Market Segment Analysis – By Type
The global Chlorella Ingredients Market based on Type can be further segmented into Liquid, Powder. The Powder segment held the largest share in 2020. This is owing to the increasing adoption of chlorella powder type ingredients in sports nutrition supplements. The liquid segment is estimated to be the fastest-growing segment with a CAGR of 6.73% during the forecast period 2021-2026. This is owing to the higher rate of absorption in food &beverages.
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Chlorella Ingredients Market Segment Analysis – By Application
The global Chlorella Ingredients Market based on Application can be further segmented into Animal feed, Dietary Supplements, Food & Beverages, and others. The Food & Beverages segment held the largest share in 2020 owing to the increased consumption of foods and beverages that contain chlorella ingredients. As health awareness is increasing among consumers, many people are adopting vegan lifestyles. Since chlorella is a rich source of protein, vitamins, and minerals, consumers are increasingly consuming foods and drinks that contain chlorella ingredients to gain numerous health benefits. Dietary Supplements segment is estimated to be the fastest-growing segment owing to the health benefits of chlorella supplementation in dietary supplements.
Chlorella Ingredients Market Segment Analysis – By Geography
The global Chlorella Ingredients Market based on Geography can be further segmented into North America, Asia-Pacific, Europe, and the Rest of World. Asia-Pacific held the largest share of 30.18% of the market in 2020. The growth in this segment is owing to the factors such as the increasing health consciousness among the consumers in the region, coupled with the rising demand for dietary supplements for better health. North America is estimated to be the fastest-growing segment owing to the increasing use of chlorella ingredients in manufacturing functional food and beverages in the region.
Chlorella Ingredients Market Drivers
Rise in veganism
The growth of veganism is one of the primary drivers for the growth of the market. Algae-based ingredients, such as chlorella, are rich in protein and provides health and wellness attributes of nutritional products. Microalgae such as chlorella have emerged as a promising alternative and sustainable protein source. The demand for chlorella ingredients is increasing owing to its nutritional benefits. Moreover, the increase in demand of chlorella ingredients for functional food products is estimated to drive the chlorella ingredients market growth over the forecast period 2021-2026.
Benefits of consuming Chlorella
The various health benefits of consuming chlorella is another major driver of this market. Chlorella ingredients are a good source of fibre, fats, chlorophyll, protein, carbohydrates, vitamins and minerals. As a medicine, chlorella ingredients are used in preventing cancer, reducing the side effects of radiation therapy, improving interaction with the flu vaccine, stimulating the immune system, preventing colds, increasing the number of white blood cells, and slowing the aging process.
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Chlorella Ingredients Market Challenges
High cost of Chlorella ingredients
The high production cost involved in producing chlorella is projected to hamper market growth. Consuming chlorella requires carbonated water to grow, which increases the cost of producing it. This factor is acting as a major challenge for the growth of the Chlorella Ingredients Market during the forecast period 2021-2026.
Chlorella Ingredients Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Chlorella Ingredients Market. Key companies of this market DSM, Firmenich SA, Nestle S.A, Cargill Incorporated, Barentz International, Dupont, Ingredion Incorporated, Deltagen Group, Algenuity, Duplaco, Parry Nutraceuticals, Associated British Foods PLC, and BASF SE.
In August 2020, Unilever announced the partnership with biotech startup Algenuity, which develops microalgae, to explore the use of this single-cell organism as an ingredient in the food and beverage sector.
In March 2020, Dutch chlorella ingredient producer and microalgae wholesaler Duplaco is making significant investments to increase production by 20 times. The company is upgrading with the latest technologies and a modern R&D centre, Duplaco continues to drive its transition from start-up to a full-scale industrial complex.
In May 2019, Algenuity announced the launch of the Chlorella Colours platform for the food industry. New colours are made possible by innovations in breed development that lead to performance and productivity improvements for ingredients used in foods, beverages, supplements, and other products.
Geographically, the Asia-Pacific area is poised to see extraordinary development owing to the rising demand for dietary supplements for better health in the region and is set to continue during the forecast period 2021-2026.
The increased consumption of foods and beverages that contain chlorella ingredients is propelling the demand for food and beverages segment.
The high production cost involved in producing chlorella is estimated to restrain the market growth during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Chlorella Ingredients Market report.
Related Reports :
A. Algae Protein Market
B. Chlorella Market
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