DUBLIN--(BUSINESS WIRE )--The "Microalgae Market by Distribution Channel, Type, Application - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The microalgae market is expected to record a CAGR of 10.3% from 2021 to 2028 to reach $1.8 billion by 2028.
The factors such as inclination towards health & wellness trends and growing dietary supplements industry, growing demand for natural food colors, growing vegetarianism, growing nutraceutical industry, and increasing preference for microalgae sourced products are driving the growth of the global microalgae market. However, low awareness about the benefits of microalgae and the complex production process of algae products is expected to hinder the growth of the global microalgae market.
The global microalgae market study presents historical market data in terms of values (2019 and 2020), estimated current data (2021), and forecasts for 2028- by distribution channel (consumer channel, business channel), type (Spirulina, Chlorella, Dunaliella salina, Haematococcus pluvialis, and other microalgae), and application (nutraceuticals, food & beverages, animal feed, cosmetics, and other applications). The study also evaluates industry competitors and analyzes the market at a regional and country level.
An in-depth analysis of the geographical scenario of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. North America is estimated to account for the largest share of the global microalgae market in 2021, followed by Asia-Pacific and Europe. The large share of North America is mainly attributed to the huge consumption of health supplements, strict regulations against the use of synthetic colors, growth of subsidiary industries like cosmetics and biofertilizers, increasing preference for natural protein sources, and presence of key algae biomass manufacturers with huge production capacities, especially in the U.S.
However, Europe is expected to witness significant growth during the forecast period, mainly due to the increased adoption of microalgae, especially spirulina and chlorella, in the manufacturing of therapeutic & nutritional products, growing reluctance towards the usage of synthetic colors, rising demand for natural blue colorants, and investments from leading color stakeholders in the phycocyanin space.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900