Meticulous Research®—a leading global market research company, published a research report titled, ‘Europe Microalgae Market by Type (Spirulina, Chlorella, Nannochloropsis), Category (Organic), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food & Beverages), and Geography - Forecast to 2030.’
According to this latest publication from Meticulous Research®, in terms of value, the Europe microalgae market is expected to reach $491.9 million by 2030, at a CAGR of 9.3% during the forecast period of 2023–2030. In terms of volume, the Europe microalgae market is expected to reach 25,465.0 tons by 2030, at a CAGR of 8.3% from 2023 to 2030.
The growth of this market is driven by consumer inclination toward health & wellness trends and the growing dietary supplements industry, the rising demand for natural food colors, increasing vegetarianism, the growing nutraceuticals industry, the increasing preference for microalgae-sourced products, and increasing awareness regarding benefits of microalgae. However, low awareness regarding the benefits of microalgae and the complexities in the production of algae products are expected to restrain the growth of this market.
Furthermore, the rising demand for phycocyanin and the growing demand for microalgae among biorefineries are expected to create market growth opportunities. However, contamination risks are a major challenge for the players operating in this market. Additionally, the growing adoption of new production technologies (photobioreactors) is a prominent trend in the Europe microalgae market.
The Europe microalgae market is segmented based on type, category, production techniques, distribution channel, application, and geography.
Based on type, the Europe microalgae market is segmented into spirulina, chlorella, Dunaliella salina, Haematococcus pluvialis, Nannochloropsis, and other microalgae. In 2023, the chlorella segment is expected to account for the larger share of the Europe microalgae market. The large share of this market is mainly attributed to the rise in health & wellness trends and the dietary supplements industry; increasing consumption of plant-based food; growing preference for chlorella-containing products; growing use of chlorella in nutraceuticals; and an increasing number of products that include chlorella as an ingredient. However, the Haematococcus pluvialis segment is projected to record the highest CAGR during the forecast period.
Based on category, the Europe microalgae market is segmented into inorganic microalgae and organic microalgae. In 2023, the inorganic microalgae segment is expected to account for the larger share of the Europe microalgae market. The large share of this segment is primarily attributed to the high availability of microalgae grown through the traditional method and easy accessibility to cost-effective algae production. However, the organic microalgae segment is projected to register the highest CAGR during the forecast period due to the increasing demand for certified organic products in the European food industry and the growing demand for natural food colorants. Furthermore, the increasing demand for organic growth media by microalgae manufacturers is expected to support the growth of this segment.
Based on production technique, the Europe microalgae market is segmented into ponds, fermenters, and photobioreactors (PBR). In 2023, the ponds segment is expected to account for the larger share of the Europe microalgae market. However, the photobioreactors (PBR) segment is projected to grow at the fastest CAGR during the forecast period due to the growing demand for algal biomass from the food and beverage industry, 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.
Based on distribution channel, the Europe microalgae market is segmented into consumer channel (B2C) and business channel (B2B). In 2023, the business channel (B2B) segment is expected to account for the larger share of the Europe microalgae market. The large market share of this segment is attributed to the direct bulk purchasing of microalgae by manufacturers operating in various industries, such as nutraceuticals, food & beverage, and animal feed, for further product development. This segment is also expected to grow at the highest CAGR during the forecast period.
Based on application, the Europe microalgae market is segmented into nutraceuticals, food & beverages, cosmetics, animal feed, and other applications. In 2023, the nutraceuticals segment is expected to account for the larger share of the Europe microalgae market. However, the food and beverages segment is projected to grow at the fastest CAGR during the forecast period due to increasing plant-based food consumption and microalgae-containing product launches.
Based on geography, the Europe microalgae market is segmented into France, Germany, the U.K., Italy, Spain, and the Rest of Europe. In 2023, Germany is expected to account for the largest share of the Europe microalgae market, followed by France and the U.K. Germany’s major market share is 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 the presence of key algae biomass manufacturers with huge production capacities. However, France is expected to register the highest CAGR 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 key players operating in the Europe Microalgae market are Fuqing King Dnarmsa Spirulina Co., Ltd. (China), DIC Corporation (Japan), 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), YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin Biotechnology 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), Roquette Klötze GmbH & Co. KG (Germany), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech Co., Ltd (China), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), ALGALIMENTO SL (Spain), Hangzhou OuQi Food co., Ltd. (China), Far East Microalgae Industries, Co., Ltd.(FEMICO) (Taiwan), BlueBioTech Group (Germany), Algatechnologies Ltd. (A Part of Solabia Group) (Israel), Far East Bio-Tec. Co., Ltd. (FEBICO) (Taiwan), A4f Algae for Future (Portugal), Archimede Ricerche Srl (Italy), Necton S.A. (Portugal), Reed Mariculture Inc. (U.S.), AlgaSpring B.V. (Netherlands), and Astaxa GmbH (Germany).
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