Global Microalgae Market (2021 to 2028) – by Distribution Channel, Type, Application and Region – ResearchAndMarkets.com
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.
Key Questions Answered in the Report
- Which are the high-growth market segments in terms of distribution channel, type, application, and region/country?
- What was the historical market size for microalgae across the globe?
- What are the market forecasts and estimates for 2021-2028?
- What are the major drivers, restraints, opportunities, and challenges for the global microalgae market?
- Who are the major players in the global microalgae market?
- How is the competitive landscape, and who are the market leaders in the global microalgae market?
- What are the recent developments in the global microalgae market?
- What are the geographical trends and high-growth regions/countries?
- Who are the local emerging players in the global microalgae market, and how do they compete with the global players?
Market Dynamics
Drivers
- Inclination Towards Health & Wellness Trends and Growing Dietary Supplements Industr
- Growing Demand for Natural Food Colors
- Growing Vegetarianism
- Growing Nutraceuticals Industry
- Increasing Preference for Microalgae-Sourced Products
Restraints
- Low Awareness of Benefits of Algae
- Complex Production of Algae Products
Challenge
- Risk of Contamination
Opportunities
- Growing Demand for Phycocyanin
- Growing Demand for Microalgae from Bio-Refineries
Trends
- Adoption of New Production Technologies (Photobioreactors)
Companies Mentioned
- Fuqing King Dnarmsa Spirulina Co.Ltd.
- Earthrise Nutritionals LLC
- E.I.D. – Parry Limited
- Cyanotech Corporation
- Dongtai City Spirulina Bio-Engineering Co. Ltd.
- Yunnan Green A Biological Project Co. Ltd.
- Jiangshan Comp Spirulina Co. Ltd.
- Inner Mongolia Rejuve Biotech Co. Ltd.
- Zhejiang Binmei Biotechnology Co. Ltd.
- Bluetec Naturals Co. Ltd.
- Taiwan Chlorella Manufacturing Company
- Sun Chlorella Corporation
- Far East Microalgae Industries Co. Ltd.
- Roquette Klotze GmbH & Co. KG
- Gong Bih Enterprise Co. Ltd.
- Yaeyama Shokusan Co. Ltd.
- Vedan Biotechnology Corporation
- AlgoSource
- Tianjin Norland Biotech Co. Ltd
- Phycom BV
- Allmicroalgae Natural Products S.A.
- Duplaco B.V.
- Taiwan Wilson Enterprise Inc.
- Daesang Corporation
- Algalimento S.L
- Seagrass Tech Private Limited
- Plankton Australia Pty Limited
- Hangzhou OuQi Food Co. Ltd.
- Shaanxi Rebecca Bio-Tech Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/cz0zwn
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