New York, USA, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Microalgae Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR),” Microalgae Market Information By Type, By Source, By Distribution Channel, By Form, By Application, and By Region - Forecast till 2030”, The global microalgae market will touch USD 8008.21 million at a 6.93% CAGR by 2030, as per the recent Market Research Future report.
Market Drivers
Increasing Awareness about Wider Health Benefits to Boost Market Growth
Large-scale microalgae cultivation is carried out to provide nutritional items of the highest caliber. Because of its high protein content, microalgae are used to bridge the gap in the food needs of the expanding population. Microalgae also comprise an array of bio-active components that have anti-oxidative, anti-carcinogenic, and anti-hypertensive characteristics in addition to the dietary components. Since microalgae have a high nutritional content, they have been used for thousands of years. Several market companies are launching campaigns to raise customer awareness of their cutting-edge brands when new microalgae-containing goods are introduced. Growing consumer knowledge increases product sales, which favorably affects the expansion of the microalgae market.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 8008.21 Million |
| CAGR | 6.93% (2023–2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Source, Form, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Increased application Areas |
| Expansion if aquaculture industry |
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Key Players
Eminent market players profiled in the global microalgae market report include
- Algenol Biotech
- Cellana Inc
- Cyanotech Corporation
- DIC Corporation
- E.I.D Parry ltd
- Fuqing Spirulina Co. Ltd
- and Kent BioEnergy Corporation
among others.
Market Opportunities
Growing Adoption in Pharmaceutical Applications to offer Robust Opportunities
A significant driver of the microalgae market's expansion is the rising need for microalgae in medicinal applications. The potential of various algal species to create bioactive substances, such as monoclonal antibodies, antibiotics, neurotoxic, enzymes, subunit vaccines, hepatotoxic, hormones, & several other combinations, makes them extremely important in this context. Because it is difficult to chemically synthesize these bioactive substances, microalgae are important contributors to pharmaceutical and therapeutic industries. Their distinctive manufacturing capabilities present a considerable opportunity for the creation of cutting-edge pharmacological remedies.
Restraints and Challenges
High Maintenance Cost to act as Market Restraint
The high operating & maintenance costs, side effects coupled with technical challenges may act as market restraints over the forecast period.
Browse In-depth Market Research Report (128 Pages) on Microalgae Market: https://www.marketresearchfuture.com/reports/microalgae-market-11276
Market Segmentation
The global microalgae market is bifurcated based on type, source, distribution channel, form, application.
By type, spirulina will lead the market over the forecast period.
By source, marine water will domineer the market over the forecast period.
By distribution channel, B2B will spearhead the market over the forecast period.
By form, liquid will spur the market over the forecast period.
By application, food and beverages will head the market over the forecast period.
COVID-19 Analysis
The pharmaceutical and dietary supplement industries were significantly impacted by the COVID-19 epidemic. The rise of the end-user consumption of microalgae has allegedly been negatively impacted, according to trade organizations in the nutritional goods industry, by severe harm to the worldwide supply chain for the functional foods & dietary supplements. Due to logistical and shipping challenges, the sale of microalgae during first quarter of 2020 was considerably delayed. Along the complete value chain, there were disruptions in the raw material supply for culture medium, manufacture, packing, and biomass delivery. 2020 saw the onset of the COVID-19 pandemic's impacts on this market in China, one of the world's major producers and consumers of microalgae species. Although people are using dietary supplements & functional foods to keep healthy, the demand for microalgae is also rising.
Regional Analysis
North America to Command Microalgae Market
The need for environmentally friendly and sustainable goods is rising across a variety of industries, which is fueling the growth of the North American microalgae market. Microalgae are nutrient-rich, tiny plants that have a wide range of uses, including food, algae biofuels, animal feed, cosmetics, and medications. In the upcoming years, the demand for natural goods and the growing interest in ecologically friendly and sustainable practices are likely to generate a large increase in the market in North America. The largest market is the United States, while Canada also has a sizable amount of room for expansion throughout the projected period.
APAC to Have Remarkable Growth in Microalgae Market
Because spirulina is produced in large quantities in nations like China, Korea, and Indonesia, the Asia-Pacific market is expanding significantly. The manufacture of dietary supplements high in protein has been aided by the widespread use of spirulina in the nutraceutical sector.
The spirulina market in the area is also being driven by the rising demand from cosmeceutical sectors. With a developed market for the microalgae-based food & feed products, China is the region's major producer and consumer of microalgae products. Japan is another significant competitor in the market, concentrating on the creation of innovative technologies for the manufacture of the high-value microalgae products. Emerging markets for microalgae goods include Australia and India, where efforts are increasingly being made to advance sustainable agriculture & renewable energy. In Australia, there is significant interest in using microalgae as food & feed supplement for cattle, whilst in India, microalgae are being exploited as a possible source of biofuel which has boosted the microalgae cultivation.
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