May 12, 2022 12:34 ET | Source: Facts & Factors Facts & Factors
NEW YORK, United States, May 12, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Microalgae Market By Type of Species (Aphanizomenon Flos-Aquae, Dunaliella, Chlorella, and Spirulina), By Application (Pharmaceutical, Cosmetic, Food/Feed, Dietary Supplements, and Others), and By Region-Global and Regional Industry Trends, Competitive Intelligence, Analysis of Data, Statistical Data, and Forecast 2022-2028” in its research database.
“According to the latest research study, the demand of global Microalgae Market size & share was witnessed USD 10.2 billion in 2021and it is expected to surpass around USD 18.3 billion Mark, by 2028, at a compound annual growth rate (CAGR) of about 8.2% during the forecast period 2022 to 2028.”
What is Microalgae? How big is the Microalgae Industry?
Microalgae are microscopic algae that cannot be seen with the naked eye. They are commonly found in freshwater and marine systems, where they live in both the water column and the sediment. They are unicellular species that can exist alone, in chains, or in groups. Microalgae are a rich source of protein, carbohydrates, enzymes, and other nutrients and are used in a variety of nutritional supplements and food items.
Furthermore, microalgae perform photosynthesis, producing a large amount of atmospheric oxygen and utilizing carbon dioxide to grow photoautotrophically.
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The growing use of algae photobioreactors as a source of bulk proteins is expected to drive the global microalgae market growth. In comparison to other protein sources, these proteins play an important role in meeting global needs because they have countless beneficial properties. The most common algae photobioreactor species that can provide high-quality proteins are Arthrospira and chlorella. These species have amino acid compositions that are very similar to those found in traditional protein sources like soybeans and eggs.
Many well-known manufacturers are expected to conduct extensive research to improve the bioavailability of protein from whole microalgae by using pre-treatments that inhibit degradation by disrupting cell walls. In addition, unlike animal-based proteins, microalgae proteins require less land for development. The potential of marine microalgae to function as a gentle clarifying entity in shampoos while essentially eliminating excess sebum and styling product residue is expected to drive demand. It also aids in the prevention of hair loss by limiting the irritation caused by infections on the scalp. As pets become more humanized, there is a greater demand for nutritious foods from pet owners, propelling the use of algae photobioreactors in the pet food industry.
The demand for high-quality premium pet food is anticipated to rapidly increase sales. Algae photobioreactors contain high levels of vitamin E, C, and A, as well as beta-carotene, making them an excellent ingredient in pet food. Unlike regular pet foods on the market, it aids in increasing the pet's appetite and strengthening its immune system. However, the technical challenges of harvesting microalgae for feed and food on a large scale will limit the market growth. Another major impediment to market growth is the lack of commercialization of microalgae-based products.
Browse the full “Microalgae Market By Type of Species (Aphanizomenon Flos-Aquae, Dunaliella, Chlorella, and Spirulina), By Application (Pharmaceutical, Cosmetic, Food/Feed, Dietary Supplements, and Others), and By Region-Global and Regional Industry Trends, Competitive Intelligence, Analysis of Data, Statistical Data, and Forecast 2022-2028” Report at https://www.fnfresearch.com/microalgae-market
Microalgae Market: COVID-19 Impact Analysis
The COVID-19 outbreak harmed many markets globally. Government tactics to battle the COVID-19 pandemic, such as statewide lockdowns and quarantines, have harmed many industries. The epidemic has hit most food and beverage producers hard. Many businesses closed owing to self-isolation, social alienation, and city-wide lockdowns.
The pandemic has hampered consumer food and beverage producers due to lower usage and supply chain disruptions. The food and beverage industry has suffered due to numerous country lockdowns. This situation has harmed the confectionery sector as customers are just buying necessities.
There are also several rules and regulations controlling the procurement of necessary items. The global supply chain for functional foods and supplements has been affected, reducing end-user consumption of microalgae biomass, hurting market growth.
The global microalgae market is segregated on the basis of the type of species, application, and region.
By type of species, the market is divided into Aphanizomenon flos-aquae, Dunaliella, chlorella, and spirulina. The most significant contributor to market growth is spirulina. Its ability to produce nutritional supplements with functional properties such as anti-oxidants, phycocyanins, phenolics, and anti-inflammation has contributed to its growth. Because of these properties, spirulina is an excellent ingredient for the production of nutritional supplements and edibles.
By application, the market is divided into pharmaceutical, cosmetic, food/feed, dietary supplements, and others. Dietary supplements have the largest share of these applications. This is due to the microalgae's high nutritional value, which includes protein, vitamins, and minerals. Because of the existence of these nutrients, microalgae are perfect for the production of pills, powders, and capsules. Furthermore, as a result of these factors, microalgae products have gained traction in the healthcare and nutrition industries.
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Some of the main competitors dominating the global Microalgae market include -
Key Insights from Primary Research:
Key questions answered in this report:
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The European Union dominated the global microalgae market. The region possesses distinct structural, economic, and logistical assets that enable it to excel in microalgae research and applications. Microalgae are being marketed in Europe as a new source of useful nutrients for both animal and human consumption. European countries derived 12% of their transportation energy from renewable sources, primarily biofuels.
The region consumes a significant amount of fuel due to the high demand for luxury vehicles, motorcycles, and commercial trucks. As a result, countries such as Switzerland, Germany, and the Netherlands are expected to see an increase in demand for microalgae-based products.
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The global microalgae market is segmented as follows:
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