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Microalgae is a single-cell alga, which is either prokaryotic or eukaryotic and found in freshwater and marine systems. Microalgae generally live in water columns and sediments, which can be traced using a microscope.
Microalgae-based products have been deployed in various application areas such as biodiesel manufacturing, wastewater bioremediation, and different dietary supplements for both animal and human nutrition.
Surge in product demand in dietary supplements and nutraceutical industries has emerge as key growth driver for global microalgae-based products market.
A key reason behind the increased adoption of microalgae-based products in dietary supplements is because of the presence of several high-value molecules in these products such as fatty acids. The increased demand has helped in growth of overall market.
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Also, increasing consumer preference for natural alternatives to conventional pharmaceutical products has increased the microalgae-based product demand and fueled the growth in the overall market.
The global microalgae-based products market is expected to grow at a compound annual growth rate (CAGR) of 6% during the forecast period between 2021 and 2031. The global market valuation is estimated to reach SU$4.2Bn at the end of the forecast period.
Growing Consumer Awareness to Stay Healthy Fuels Growth in Microalgae-Based Products Market
Another factor that has contributed to growth of microalgae-based products market is the growing consumer awareness to stay healthy and as a result, consume food products with high nutritional content.
Microalgae-based products have witnessed increased demand in the production of whole-biomass products because of product features such as presence of high protein content. As a result, microalgae-based products have also become a key ingredient in functional food products, which has augmented the growth in global microalgae-based products market.
Increasing Investments in Cultivation Technologies Triggers Growth in Overall Market
Growing investments in different cultivation technologies and increasing investments in sustainable solutions have played key roles in creating novel revenue-generating opportunities for prominent microalgae-based products market players.
Spirulina product segment emerged as largest contributor, in terms of revenue, to overall microalgae-based products market because of increased product deployment as a protein supplement in the nutraceutical industry in both developed and developing economies worldwide.
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Europe Emerges as Maximum Revenue-generating Region in Global Market, Asia Pacific Offers Lucrative Growth Potential for Future
In terms of region, Europe emerged as leader in overall microalgae-based products market because of developed industrial sector as well as presence of pharmaceutical and nutraceutical manufacturers in countries such as UK and Germany, contributing hugely to market growth in the region.
Surge in healthcare expenditure, as well as growing geriatric population in countries such as India is expected to help Asia Pacific emerge as dominant region in global microalgae-based products market in future.
Leading market players could establish research and development centers as well as production units in Asia Pacific countries owing to ease of availability of key resources such as land and labor, which could assist in market growth in the region.
Growth strategies such as new product launches could assist prominent microalgae-based products market players create novel, revenue-generating opportunities and help gain a competitive edge over other players.
Research and development activities could be key, revenue-generating growth strategy for leading players in global microalgae-based products market in the years ahead.
Prominent Player Presence Leads to Intense Competition in Global Microalgae-Based Products Market
The global microalgae-based products market is extremely competitive, with the presence of several well-established market players. Some of these players include Necton, Ocean Nutrition, Cyanotech Corporation, and EID Parry Ltd. Emergence of novel market players could further intensify the competition in the overall market.
Well-established microalgae-based products market players could sign collaborative agreements with smaller players in a bid to expand their market presence and increase their revenue shares.
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The global microalgae-based products market is segmented as follows:
By Product & Its Application
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