New York, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Microalgae-Based Products Market: Key Insights
According to our new research study on “Microalgae-Based Products Market to 2028 – Global Analysis and Forecast – by Type, Application, and Geography,” the Microalgae-Based Products Market is projected to reach US$ 2,811.10 million by 2028 from US$ 1,547.23 million in 2020; it is expected to grow at a CAGR of 7.9% from 2021 to 2028. The wide areas of applications in several end-user industries, such as food & beverages, animal feed, personal care, chemicals, and biofuels, are also propelling the demand for microalgae-based products.
Microalgae-Based Products Market: Competition Landscape and Key Developments
A few prominent players operating in the global microalgae-based products market are Algae Health Sciences - A BGG company; Bluebiotech International Gmbh; Cargill, Incorporated; Cellana Inc.; Earthrise Nutritionals, LLC; E.I.D. - Parry (India) Limited; Cyanotech Corporation; Euglena Co., Ltd.; Far East Bio-Tec Co., Ltd; and AstaReal. The major players in the market adopt strategies such as mergers & acquisitions and research & development to increase their geographical presence and consumer base globally.
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Europe held the largest share of the global microalgae-based products market in 2020. The market growth in Europe is attributed to factors such as rising demand for nutritional supplements and vegan foods across the region, and increasing awareness regarding the benefits of microalgae and its derivatives. Due to the COVID-19 outbreak pandemic, consumers in Europe are seeking alternate sources of protein to reduce their dependency on animal protein. Growing adoption of veganism and the increasing awareness of the benefits of abstaining from animal meat has positively influenced the microalgae-based products market. This growing trend in the food & beverages sector would drive the growth of the microalgae-based products market in Europe in the coming years.
Microalgae-based products have received the GRAS (i.e., Generally Recognized as Safe) status, which makes them suitable for pharmaceutical and nutraceutical applications. Microalgae are known for their antibacterial, antioxidant, antiviral, antimalarial, antifungal, antitumor, and anti-inflammatory activities. They are a source of vital phytochemicals, such as carotenoids, fiber, minerals, antioxidants, fatty acids, vitamins, halogenated compounds, polysaccharides, and lectins. For instance, polyunsaturated fatty acids (PUFA) present in microalgae are potential therapeutic agents that also minimize the risk of chronic disorders such as cardiovascular disorders, diabetic diseases, Alzheimer’s disease, and retinal problems. Similarly, cyanobacteria (blue-green algae) are increasingly being used in the synthesis of antibiotics and pharmacologically active compounds. Further, Chlorella tablets have been proven to be effective in the treatment of nausea, vomiting, and other gastrointestinal issues. Likewise, carrageenan from red algae is effective against Influenza virus. Natural products sourced from different variants of algae serve as the basis of drug discovery and find application in the formulation of medicines. Further, researchers are developing genetically engineered algae that could help in killing harmful cancerous cells. Several countries are focusing on the development of the COVID-19 vaccine with the help of microalgae. For instance, as per news published by Alliance for Science in June 2020, Italy and Israel are focusing on the use of microalgae in the development of the edible COVID-19 vaccine. Similarly, the efficacy of bioactive metabolites obtained from microalgae has been checked for treating other viral infections like SARS-CoV-2.
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Microalgae-Based Products Market: Segmental Overview
Based on type, the microalgae-based products market is segmented into Spirulina, Chlorella, Astaxanthin, Beta Carotene, and others. The Spirulina segment dominated the market in 2020. The growth of the market for this segment can be attributed to the wide range of applications of Spirulina and the increasing demand from the developed economies. The market for the Astaxanthin segment is expected to witness significant growth during the forecast period. The demand for astaxanthin is growing significantly from the pharmaceutical sector owing to its antioxidant properties. Based on application, the global microalgae-based products market is segmented into food and beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, and others. The pharmaceutical and nutraceuticals segment accounted for a significant market share in 2020. The high nutritional content and increasing research in the various types of microalgae have significantly boosted the demand for microalgae-based products in the pharmaceutical and nutraceuticals sector. The market for the food and beverages segment is also expected to witness significant growth over the forecast period. Rising demand for alternate sources of protein coupled with the growing adoption of veganism has fueled the demand for microalgae-based products.
Impact of COVID-19 Pandemic on Microalgae-Based Products Market:
The ongoing COVID-19 pandemic has drastically altered the status of the food & beverages sector and negatively impacted the growth of the microalgae-based products market. The implementation of measures to combat the spread of the novel coronavirus has aggravated the situation and negatively affected the growth of several industrial sectors. The market has been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. Disruptions in terms of sourcing of raw materials from suppliers and temporary closures of manufacturing bases due to indefinite lockdowns and travel restrictions have restrained the growth of the market.
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However, as much as the pandemic has restricted the supply chain operations, it has also shifted the focus toward healthy living among the consumers. Therefore, the consumers are opting for nutritional food products. Additionally, the rising demand for microalgae-based products across industries, such as food & beverages, pharmaceuticals and nutraceuticals, and animal feed, along with significant investments by prominent manufacturers into research and development would drive the microalgae-based products market in the coming years. Other than this, several applications of microalgae have been identified in the treatment of COVID-19. For instance, a study published by Frontiers Media S.A. in November 2020 demonstrates the efficacy of Bioactive Metabolites obtained from microalgae in the treatment of SARS-CoV-2 like a viral infection.
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