Microalgae-based Products Market
Microalgae-based Products Market (Product: Spirulina, Chlorella, Dunaliella Salina, Astaxanthin, Beta-carotene, PUFA Fatty Acid, Lutein, and Others; and Application: Food & Beverages, Personal Care, Nutraceuticals & Dietary Supplements, Pharmaceuticals, Chemicals, Fuel, Animal Feed, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Natural Alginates Hold Potential in Antiviral Materials to Kill Coronavirus
Recently, marine red algae was being highly publicized for the production of antiviral drugs to combat COVID-19. As such, the introduction of coronavirus vaccines has slowed down the pace of drug innovations. Hence, companies in the microalgae-based products market are focusing on making coating materials on sanitary items to fight COVID-19. They are focusing on essential products such as for personal care, skin care, and dietary supplements to stay relevant in business during the pandemic.
Scientists at Reliance Industries Ltd. opine that products made from marine red algae, alginates, and other natural compounds have tremendous antiviral potential. Companies in the microalgae-based products market are increasing their R&D efforts to capitalize on this opportunity to explore the development of antiviral materials and other essential products.
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Production Scale up of Algae Offset Disadvantages of Photo Bio-reactors
Researchers think that algae might be the answer to lower greenhouse gas (GHG) emissions at power plants and address climate change. Breakthrough innovations such as bio-adaptive facades are being developed using algae within its glass louvers in order to generate energy and provide shade to a working building. This explains why the microalgae-based products market is slated to register a favorable CAGR of ~6% during the forecast period.
Photo bio-reactors are being used to sustainably develop bio-based fuel, which is carbon neutral. However, the algae in these bio reactors need to be grown under controlled temperature conditions. This leads to expensive investing costs. As such, stakeholders in the microalgae-based products market are focusing on advantages such as rise in production and high-energy per-acre than other bio-fuels.
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Strategic Partnerships Help Strengthen Research in F&B-based Microalgae
The microalgae-based products market is expected to cross the valuation of US$ 4.2 Bn by 2031. The food and beverage (F&B) sector is creating lucrative opportunities for manufacturers. Unilever - a multinational consumer goods company has announced collaboration with Algenuity - a biotech startup to explore the viability of microalgae as an ingredient in F&B products. Companies in the microalgae-based products market are gaining a strong research base for chlorella vulgaris, which is a nutrient-rich source of protein and fiber. Low environmental footprint of this microalgae is being preferred by F&B manufacturers.
Extensive Biological Diversity of Algae Supports Industrial, Agricultural Demands
Mankind has recognized the value of land plants as renewable sources of medicine, food, and other materials for millennia. Microalgae is gaining prominence as a next-gen resource for urgent industrial and agricultural demands. Companies in the microalgae-based products market are increasing efforts to tap into its extensive biological diversity that can be leveraged to produce various bioproducts in the F&B and personal care sector.
Manufacturers in the microalgae-based products market are boosting their output capacities for natural and genetic manipulation of algae to use sunlight for fixing the atmospheric carbon. Photo bio-reactors have become a recurring trend and help microalgae to be more water-efficient than crop plants and can be cultivated on non-arable land with minimal use of freshwater.
Immense Potential in Marine Supercrops Grabs Attention of Manufacturers
The increasing number of marine ingredient startups is innovating in cosmeceuticals and nutraceuticals. Israel-based Yemoja has a team of marine biology and biotech experts that are gaining proficiency in high precision and fast-track photo bioreactor technology to expand their business in cosmeceuticals and nutraceuticals. Manufacturers in the microalgae-based products market are bolstering their production capabilities to tailor microalgae into desired nutritional compounds and functionalities.
Startups in the microalgae-based products market are producing algae-centered ingredients that are standardized as per any bioactive compound or algae extract involving fucoxanthins, carotenoids, and enzymes. However, the marine supercrops sector is still in its nascent stage, and there is a need to boost the entire microalgae value chain with new varieties and yields.
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Since many doctors and scientists opine that COVID-19 vaccines do not make individuals 100% immune to the coronavirus, manufacturers are exploring business streams in antiviral drugs and materials made from microalgae. Manufacturers and startups are transitioning into deep-rooted appreciation of biopharma and marine sciences supported by rigorous R&D in algae cultivation. However, there is an ocean of microalgae species that are not yet discovered and only a dozen of them are commercially available. Hence, companies in the microalgae-based products market need to boost their R&D capabilities to expand their business in marine supercrops, cosmeceuticals, and nutraceuticals.
Microalgae-based Products Market: Overview
- Microalgae are unicellular microscopic algae, typically found in marine and freshwater systems living in sediments as well as water columns. Microalgae-based products are used in a wide range of biotechnological applications such as wastewater bioremediation, biodiesel production, and dietary supplements for human and animal nutrition.
- Microalgae-based products are widely employed in the production of food & beverages, personal care products, pharmaceuticals, nutraceuticals & dietary supplements, chemicals, fuel, and animal feed
- Microalgae are a primary source of omega-3 polyunsaturated fatty acids. Fish obtain eicosapentaenoic acid (EPA) via bioaccumulation in the food chain.
- According to Transparency Market Research’s latest research report on the global microalgae-based products market for the historical year 2020 and the forecast period 2021 to 2031, rise in usage of microalgae-based products in the nutraceuticals & dietary supplements segment is a key factor that is expected to boost the global microalgae-based products market during the forecast period
- In terms of revenue, the global microalgae-based products market is estimated to cross US$ 4.2 Bn by 2031, expanding at a CAGR of ~6% during the forecast period
Rise in Demand for Microalgae in Nutraceuticals and Dietary Supplements: Key Driver of Microalgae-based Products Market
- Currently, microalgae-based products are extensively employed in the production of food supplements and nutraceutical products. Rise in awareness regarding nutrition and health; and increase in preference for natural alternatives for traditional pharmaceutical products are driving the global microalgae-based products market.
- Increase in adoption of high-value molecules in microalgae, including fatty-acids and pigments in the production process of dietary supplements is another major factor boosting the global microalgae-based products market
- Rise in focus on R&D activities by manufacturers and public research institutes in order to accelerate technological breakthroughs; and implementation of new technologies for product development are also key factors that are expected to propel the market during the forecast period
Use of Nutraceuticals & Dietary Supplements in Spirulina Products of Microalgae-based Products Market
- Based on product & its application, the nutraceuticals & dietary supplements application dominated the spirulina segment in 2020. Increase in demand for spirulina-based nutraceuticals and dietary supplements across the globe is driving the demand for spirulina in nutraceuticals & dietary supplements application.
- Food & beverages application dominated the chlorella products segment in 2020. Health benefits of chlorella include pH regulation, energy boosting abilities, and high concentration of protein and essential fatty acids. Thus, demand for chlorella is high in food & beverages application.
Increase in Application of Spirulina
- Based on product, the spirulina segment dominated the global microalgae-based products market in 2020. Spirulina is used as a protein supplement and health food. Therefore, it has gained popularity in the human nutraceutical industry in various developing and underdeveloped regions such as Asia and Africa where malnutrition is prevalent. Demand for spirulina is anticipated to be high in the near future, owing to the rise in awareness about health benefits of spirulina-based food products among consumers and a wide variety of natural colors produced by spirulina. Governments of India and South Africa are promoting the production of spirulina, considering its health benefits.
- Chlorella is another vital segment of the global microalgae-based products market. Chlorella has high protein content and nutritional value, and is easy to cultivate. It is high in other essential nutrients such as chlorophyll, antioxidants, vitamins, minerals, and fiber. Chlorella is primarily used in juices and other beverages, and snacks. This is anticipated to drive the chlorella segment in the near future.
Rise in Application of Microalgae-based Products in Food and Beverages
- In terms of volume, the food & beverages application segment is projected to dominate the microalgae-based products market during the forecast period. The segment is estimated to maintain its dominance during the forecast period, as microalgae are a rich source of carbohydrates, proteins, enzymes, and fiber. Various vitamins and minerals such as vitamin A, C, B1, B2, B6, niacin, iodine, potassium, iron, magnesium, and calcium are extensively found in microalgae. Therefore, microalgae are used in various foods and beverages. Microalgae are added to pasta, other snack foods, or drinks either as natural food colorants or nutritional supplements. This is further boosting the demand for microalgae-based products in food and beverages.
- The nutraceuticals & dietary supplements segment also held notable share of the market in 2020. This can be ascribed to the rise in concerns regarding nutrition and health; and increase in preference for natural alternatives for traditional pharmaceutical products.
Microalgae-based Products Market: Competition Landscape
- Detailed profiles of providers of microalgae-based products have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global microalgae-based products market are
- EID Parry Ltd.
- euglena Co, Ltd
- Cyanotech Corporation
- AstaReal Group
- BlueTech International GmbH.
- Far East Bio-Tec Co., Ltd
- Cellana Inc.
- Ocean Nutrition
- Algae Health Sciences - A BGG Company
- Earthrise Nutritional
- Algae International Berhad (AIB)
- Proalgen Biotech Ltd.
Microalgae-based Products Market: Key Developments
- Key providers of microalgae-based products such as EID Parry Ltd., euglena Co, Ltd, Cyanotech Corporation, Asta Real Group, and BlueTech International GmbH are focusing on capacity expansion, mergers, joint ventures, collaborations, and product innovation of microalgae-based products. Major developments in the global microalgae-based products market are highlighted below:
- On September 12, 2018, Cyanotech Corporation announced that it had joined Algae Biomass Organization as the newest Gold-Level member. Algae Biomass Organization is a non-profit organization that promotes the development of feasible commercial markets for sustainable and renewable commodities derived from algae.
- On September 07, 2018, Cyanotech Corporation and Cellana LLC signed the Asset Purchase Agreement in order to acquire a six-acre research and production facility. The acquisition includes all existing equipment as well as other assets necessary to operate the facility.
- In the global microalgae-based products market report, we have discussed individual strategies, followed by company profiles of providers of microalgae-based products. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global microalgae-based products market.
Microalgae-based Products Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global microalgae-based products market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global microalgae-based products market so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global microalgae-based products market would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the global microalgae-based products market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the global microalgae-based products market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global microalgae-based products market and estimates statistics related to growth of the market in terms of volume (tons) and value (US$ Mn).
This study covers a detailed segmentation of the global microalgae-based products market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global microalgae-based products market, wherein various developments, expansions, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Microalgae-based Products Market
The report provides detailed information about the global microalgae-based products market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global microalgae-based products market, so as to help them design successful strategies and make target-driven decisions.
- Which application segment of the global microalgae-based products market would emerge as major revenue generator during the forecast period?
- How are key market players successfully earning revenue out of advantages of microalgae-based products?
- What would be the Y-o-Y growth trend of the global microalgae-based products market between 2021 and 2031?
- What are the winning imperatives of leading players operating in the global microalgae-based products market?
- Which product segment is expected to create lucrative opportunities for the global microalgae-based products market during the forecast period?
- Which are the leading companies operating in the global microalgae-based products market?
Research Methodology – Microalgae-based Products Market
The research methodology adopted by analysts for compiling the global microalgae-based products market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts for the global microalgae-based products market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global microalgae-based products market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global microalgae-based products market.
Microalgae-based Products Market – Segmentation
TMR’s research study assesses the global microalgae-based products market in terms of product, application, product & its application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects for the global microalgae-based products market.
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