Redding, California, Sept. 06, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘North America Microalgae Market by Type (Spirulina, Chlorella, Dunaliella Salina), Category (Organic, Inorganic), Production Technique (Ponds, PBR), Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food & Beverages)— Forecast to 2030,’ the North America microalgae market is projected to reach $871.2 million by 2030, at a CAGR of 8.2% during the forecast period. In terms of volume, the North America microalgae market is expected to reach 51,855.3 tons by 2030, at a CAGR of 8.3% during the forecast period 2023–2030.
The growth of the North America microalgae market is driven by the rising demand for natural food colors, the growth of the nutraceuticals and dietary supplements industries, the rising preference for microalgae-based products, and consumers’ inclination toward health and wellness trends. Furthermore, the growing demand for microalgae among biorefineries and the increasing use of natural astaxanthin in poultry and aquaculture feed is expected to create market growth opportunities for the stakeholders in this market. However, the complexities involved in the production of algae products are expected to hinder the growth of this market.
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The North America Microalgae market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the North America microalgae market are Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Earthrise Nutritionals, LLC, (U.S.), E.I.D. - PARRY (INDIA) LIMITED (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China), Jiangshan COMP SPIRULINA CO., LTD. (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals CO., LTD. (China), Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan), Sun Chlorella Corporation (Japan), Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Allmicroalgae Natural Products S.A. (Portugal), Daesang Corporation (Korea), Algalimento SL (Spain), Seagrass Tech Private Limited (India), and Hangzhou Ouqi Food Co., Ltd. (China).
The North America Microalgae market study presents historical market data in terms of value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented based on type (Spirulina, chlorella, dunaliella salina, haematococcus pluvialis, nannochloropsis, and other microalgae), category (inorganic microalgae and organic microalgae), production technique (ponds, fermenters, and photobioreactors), distribution channel (consumer channel and business channel), application (nutraceuticals, food and beverages, animal feed, cosmetics, and other applications), and country (U.S. and Canada).
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Among all the types studied in this report, the Haematococcus pluvialis segment is slated to register the highest CAGR during the forecast period of 2023–2030 due to the growing demand for natural astaxanthin in poultry and aquaculture industries, growing demand for natural food colorants, increasing awareness about clean-label products, and increasing adoption of astaxanthin in nutraceuticals products. Moreover, the increasing use of algae-based astaxanthin in pharmaceutical applications due to its increased antioxidant activity and ability to treat diseases is further expected to support the growth of this market.
Among all the categories studied in this report, the organic microalgae segment is expected to register the highest CAGR during the forecast period due to the increasing demand for certified organic products in the food industry and the growing demand for natural food colorants. Furthermore, the increasing demand for organic growing media among microalgae manufacturers is expected to support the growth of this segment.
Among all the production techniques studied in this report, the photobioreactors (PBR) segment is expected to register the highest CAGR during the forecast period of 2023–2030. The growth of this segment is driven by the growing demand for algal biomass from the nutraceuticals, pharmaceuticals, cosmetics, food & beverage, and biofuel industries. Moreover, the benefits of photobioreactors microalgae cultivation system, such as lower vulnerability to species contamination; higher productivity; lower harvesting cost; reduced water and carbon dioxide losses; and easier control of the cultivation conditions such as temperature and pH, are further expected to support the adoption of photobioreactors in the region.
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Among all the distribution channels studied in this report, the business channel (B2B) segment is expected to account for the larger share of the North America microalgae market in 2023. The large market share of this segment can be attributed to producers from diverse industries, including animal feed, food and beverage, and nutraceuticals, directly purchasing bulk quantities of microalgae for product development and as a key ingredient in creating new products. Moreover, this segment is slated to register the highest CAGR during the forecast period of 2023–2030 due to the rising number of microalgae-based product manufacturers.
Among all the applications studied in this report, the food and beverages segment is expected to register the highest CAGR during the forecast period of 2023–2030 due to the growing demand for microalgae-based food and beverages. The rising demand for natural food colorants and the U.S. FDA's approval for using Spirulina extract as a natural blue coloring ingredient in food and beverage applications are anticipated to contribute significantly to the growth of this segment in the coming years.
Among the countries studied in this report, the U.S. is expected to account for the larger share of the North America microalgae market in 2023. The large market share is attributed to the growing demand for natural food colorants due to the country's restrictions and stringent regulations on synthetic food colorants. Additionally, the rising number of vegetarian or vegan restaurants, the increasing demand for plant-based foods, and the growing utilization of microalgae in personal care and cosmetic products contribute to the market's growth. Moreover, the increasing preference for natural protein sources and the presence of key algae biomass manufacturers with large production capacities further bolster the microalgae market in the country.
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Scope of the Report:
North America Microalgae Market Assessment—by Type
- Spirulina
- Chlorella
- Dunaliella Salina
- Haematococcus Pluvialis
- Nannochloropsis
- Other Microalgae
North America Microalgae Market Assessment—by Category
- Inorganic Microalgae
- Organic Microalgae
North America Microalgae Market Assessment—by Production Technique
- Ponds
- Fermenters
- Photobioreactors (PBR)
North America Microalgae Market Assessment—by Distribution Channel
- Business Channel (B2B)
- Consumer Channel (B2C)
North America Microalgae Market Assessment—by Application
- Nutraceuticals
- Food & Beverages
- Animal Feed
- Cosmetics
- Other Applications
North America Microalgae Market Assessment—by Country
- U.S.
- Canada
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