Meticulous Research® – leading global market research company published a research report titled “Microalgae Market by Distribution Channel (Consumer Channel, Business Channel), Type (Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics) - Global Forecast to 2028.
According to this latest publication from Meticulous Research®, the microalgae market is expected to record a CAGR of 10.3% from 2021 to 2028 to reach $1.8 billion by 2028. The growth of this market is mainly attributed to the 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. 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 to some extent.
The global microalgae market study presents historical market data in terms of values (2019 and 2020), estimated current data (2020), 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 others). The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on distribution channel, the microalgae market is mainly segmented into consumer (B2C) and business (B2B) channels. The business channel (B2B) segment is estimated to account for a larger share of the overall microalgae market in 2021. The large share of this segment is mainly attributed to the direct bulk purchasing of microalgae by manufacturers from various industries, such as nutraceuticals, food & beverage, and animal feed, for further product development.
Based on type, the microalgae market is mainly segmented into Spirulina, Chlorella, Dunaliella salina, Haematococcus pluvialis, and other microalgae. In 2021, Spirulina is estimated to account for the largest share of the overall microalgae market due to the rising health & wellness trends and dietary supplements industry; growing demand for natural food colors; increasing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for Spirulina-sourced products, especially Omega-3 fatty acids; growing use of Spirulina in aquaculture; rising investments from leading color houses; and an increasing number of products that include Spirulina as an ingredient.
Based on application, the microalgae market is mainly divided into nutraceuticals, food and beverages, cosmetics, animal feed, and others. In 2021, the nutraceuticals segment is estimated to account for the largest share of the global microalgae market owing to the growing nutraceuticals sector, increasing health concerns of the aging population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.
This research report also analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (China, Japan, India, Australia, and RoAPAC), Latin America (Brazil, Mexico, and RoLATAM), and Middle East & Africa. 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.
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4-5 years. The key players profiled in the global microalgae market research report are Fuqing King Dnarmsa Spirulina Co. Ltd. (China), Earthrise Nutritionals, LLC (U.S.), E.I.D. - Parry (India) Limited (India), Cyanotech Corporation (U.S.), Dongtai City Spirulina Bio-Engineering Co. Ltd. (China), Yunnan Green A Biological Project 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), Far East Microalgae Industries, Co., Ltd. (Taiwan), Roquette Klötze GmbH & Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), Yaeyama Shokusan Co., Ltd. (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech Co., Ltd (China), Phycom BV (the Netherlands), Allmicroalgae Natural Products S.A. (Portugal), Duplaco B.V. (the Netherlands), Taiwan Wilson Enterprise Inc. (Taiwan), Daesang Corporation (Korea), Algalimento S.L (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou OuQi Food Co., Ltd. (China), and Shaanxi Rebecca Bio-Tech Co., Ltd (China), among others.
Download Sample Report https://www.meticulousresearch.com/download-sample-report/cp_id=5197
Key Questions Answered in the Report-
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research