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Microalgae Market

Release date:

Jul-2021

Region:

global

Research Code:MRFB -104504

Sku:MRFB -104504

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

  • Report ID: MRFB -104504
  • Pages: 172
  • Jul-2021
  • Formats*: PDF
  • Category: Food and Beverages
  • Delivery: 2 to 4 Hours
COVID-19

This report provides pre & post COVID-19 market estimates.

This report is executed in collaboration with the European Algae Biomass Association (EABA). Combining Meticulous Research®’ market intelligence services with EABA’s broad expertise in the development of research, technology and industrial capacities in the field of algae, the two organizations have leveraged their research capabilities to come up with the most reliable and accurate market assessments in this field.

The Microalgae Market is expected to reach $1.8 billion by 2028, at a CAGR of 10.3% during the forecast period 2021 to 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 Impact of COVID-19 on the Microalgae Market

The COVID-19 pandemic has adversely hit many economies around the world. Government measures to combat the COVID-19 pandemic, such as nationwide lockdowns and quarantines, have negatively impacted many industries. Most manufacturers of food products in the F&B sector have felt the brunt of the pandemic. Social distancing, self-isolation, and city-wide lockdowns have forced the closures of many establishments in countries across the world.

The pandemic has strained consumer F&B product manufacturers due to reduced consumption and disrupted supply chains. The F&B sector has witnessed a minor decline due to the lockdowns imposed across various countries. This scenario has also negatively impacted the confectionery industry since people are buying only essential products. In addition, government bodies have passed various rules and regulations on the purchase of essential goods. According to trade organizations in the nutritional products industry, there has been a significant impact on the global supply chain for functional foods and dietary supplements, which has, in turn, lowered the consumption of microalgal biomass among end-users impacting the growth of this market.

In the algae industry, a major slowdown in microalgae sales was witnessed in the first quarter of 2020 due to disruptions in logistics and transportation. The market also witnessed interruptions in the entire value chain from raw materials supply for culture media to production, packaging, and biomass distribution.

The effects of the COVID-19 pandemic on this market were felt in China starting 2020, as the country is one of the world's largest producers and one of the leading consumers of microalgal species. In China, factory closures, microalgae processing facilities operating at reduced capacities, and restrictions on importing and exporting algae biomass strongly impact the microalgae market. Moreover, the pandemic is also expected to adversely impact the microalgae market in many countries globally, including the U.S., India, Australia, Brazil, and the EU-5 countries. Due to the countrywide lockdown in India, many commercial microalgae production and processing facilities have shut down or are operating at reduced capacities, leading to substantial losses in domestic microalgal production.

However, good nutrition intake is the top priority to maintain an optimal immune system, supporting the strong demand for plant and algae protein food products & beverages through e-commerce platforms. In addition, some of the algal protein products are considered to support the human immune system. For instance, spirulina has an immune-boosting and anti-viral property.

According to various researches, spirulina inhibits influenza virus replication and reduces virus-induced mortality. For instance, according to the finding by immunologists at the University of California Davis School of Medicine, the addition of spirulina to cultured immune system cells significantly increased the production of infection-fighting cytokines. Besides, researchers at UC at Davis studying the effects of spirulina on both anemia and immune function found that spirulina, with its rich content of flavonoids and sulfalipids, modulates the production of cytokines and with its bioactive proteins stimulates the intestinal immune system to enhance the responsiveness to vaccines and improve allergic rhinitis.

Moreover, the chlorella market is experiencing a positive impact mainly due to the key role of chlorella in the immune health system. Chlorella is used as a healthy, natural, and sustainable superfood. During the pandemic, consumers demanded food ingredients that strengthened the immune and digestive systems. For this reason, microalgae/algae have been one of the superfood trends in Europe.

Thus, demand for microalgal species, such as spirulina and chlorella, increased during the COVID-19 pandemic as the focus on the nutrition content increased. Despite the increase in demand, there were hindrances in the supply chain due to the lockdown imposed by governments in many countries. This supply chain is expected to get back on track post-lockdown.

Growing Nutraceuticals Industry Fuels the Growth of the Global Microalgae Market

The aging population with increased consumer awareness for preventative healthcare, the rise of the self-directed consumer (self-diagnosis over health practitioner diagnosis), channel proliferation (variety of marketing techniques and E-Commerce), and shift from ingredient-focused messaging to broader brand positioning (grouping of supplements together to form a healthy benefits package) are the key factors driving the growth of the supplements industry. Globally, the value and sales of the vitamins, minerals and nutritional and herbal supplements (VMHS) show consistent and constant growth.

According to the Association for Packaging and Processing Technologies, the total global market for nutraceuticals is expected to grow from about USD 209 billion in 2017 to USD 373 billion in 2025. This growth is mainly due to the increasing popularity of natural nutraceuticals, causing considerable growth of botanical dietary supplements, such as chlorella. Low cost compared to prescription drugs and easy availability are factors expected to augment their demand over the next eight years.

Moreover, the U.S. nutraceuticals market in 2018 reached USD 75.9 billion. Consumers have begun demanding alternatives to consuming nutraceuticals in natural form, driving up the market share for functional foods and drinks. Besides, according to the International Trade Administration, India’s nutraceutical industry is expected to hold at least 3.5% of the global market share by 2023. Therefore, the nutraceuticals market in India is expected to grow from an estimated USD 4 billion in 2017 to USD 18 billion by the end of 2025. Hence, the growing nutraceutical industry and consumer demand for natural supplements boost the demand for microalgae in the market.

Further, chlorella is one of the scientifically researched algae with many publications from medical institutions, research institutions, and universities. It is the best-selling health food supplement in Japan, with over 30% of the population taking it as one of their principal health supplements. Chlorella has also been found to boost the immune system, reduce the intensities of many chronic health problems, and reduce the side effects of medications. Its detoxifying, nourishing, and revitalizing properties enable the body’s natural defenses and repair systems to function more efficiently. Thus, increasing the nutritional supplements and nutraceutical properties of chlorella are compelling the global microalgae market.

Microalgae Market

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Key Findings in the Global Microalgae Market Study:

In 2021, Spirulina Segment Dominate Microalgae Market

Based on type, the microalgae market is mainly segmented into Spirulina, Chlorella, Dunaliella salina, Haematococcus pluvialis, and other microalgae. Spirulina is estimated to remain the largest product type through 2028 in the microalgae market. The growth of this market is mainly attributed 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. However, low awareness about the benefits of Spirulina and challenges associated with Spirulina production are expected to hinder the growth of the Spirulina segment to some extent.

In 2021, Business Channel (B2B) Segment Expected to Dominate Overall Microalgae Market

Based on distribution channel, the microalgae market is mainly segmented into consumer (B2C) and business (B2B) channels. In 2021, the business channel (B2B) segment is estimated to account for the larger share of the global microalgae market. 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.

In 2021, Nutraceuticals Application Expected to Dominate Microalgae Market

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. The large share of this segment is mainly attributed to the booming nutraceuticals sector, growing 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.

However, the food & beverages segment is expected to grow at the fastest CAGR during the forecast period owing to the growing demand for microalgae-derived natural food color in confectionery products (including candies and chewing gum), frostings, ice cream and frozen desserts, dessert coatings and toppings, among others.

North America Dominates the Overall Microalgae Market, While Europe Leads in Growth

Based on geography, the global microalgae market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and 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 this region 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.

Key Players

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.

Scope of the Report:

Microalgae Market, by Distribution Channel

  • Business Channel
  • Consumer Channel

 Microalgae Market, by Type

  • Spirulina
  • Chlorella
  • Dunaliella Salina
  • Haematococcus Pluvialis
  • Other Microalgae

 Microalgae Market, by Application

  • Nutraceuticals
  • Food and Beverages
  • Animal Feed
  • Cosmetics
  • Other Applications

Microalgae Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • China
    • India
    • Japan
    • Australia
    • Rest of APAC (RoAPAC)
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America (RoLATAM)
  • Middle East and Africa

Key Questions Answered in the Report-

• What Are Microalgae?

Microalgae are also known as microphytes. They are microscopic algae that are found in marine systems and freshwater. According to their species, they can vary in size and shape, whose size ranges from micrometers to hundred micrometers. The main function of microalgae is that it converts the sunlight, carbon dioxide, and water into algal biomass. Gaining popularity as a promising nutrient source, microalgae impart high nutrition and comprise high-value compounds including pigments, fatty acids, and anti-oxidants.

• What Is the Market Size and CAGR for 2021–2028?

The microalgae market is projected to reach $1.8 billion by 2028, at a CAGR of 10.3% during the forecast period.

• Which Is the High-growth Application Segment of the Microalgae Market?

Based on application, the food and beverage segment is expected to witness the fastest growth during the forecast period.

• What Are the Major Drivers for This Market?

o Inclination towards health & wellness trends and growing dietary supplements industry o Growing demand for natural food colors o Growing vegetarianism o Growing nutraceutical industry o Increasing preference for microalgae sourced products

• What Is the Major Restraint for the Global Microalgae Market?

o Low awareness of benefits of algae o Complex production of algae products

• Who Are the Major Players Operating in the Global Microalgae Market?

The key players operating in the global microalgae market 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.

• Which Are the High-growth Countries/Regions in the Market?

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.

1.    Introduction
       1.1.    Market Definition
       1.2.    Market Ecosystem
       1.3.    Currency

2.    Research Methodology
       2.1.    Research Process
       2.2.    Data Collection & Validation
                 2.2.1.    Secondary Research
                 2.2.2.    Primary Research
       2.3.    Market Assessment
                 2.3.1.    Market Size Estimation
                              2.3.1.1.    Bottom-Up Approach
                              2.3.1.2.    Top-Down Approach
                              2.3.1.3.    Growth Forecast
       2.4.    Assumptions for the Study
       2.5.    Limitations for the Study

3.    Executive Summary
       3.1.    Introduction
       3.2.    Segment Analysis
                 3.2.1.    Distribution Channel Segment Analysis
                 3.2.2.    Type Segment Analysis
                 3.2.3.    Application Segment Analysis
                 3.2.4.    Regional Analysis
                 3.2.5.    Key Players

4.    Market Insights
        4.1.    Introduction
        4.2.    Drivers
                   4.2.1.    Inclination Towards Health & Wellness Trends and Growing Dietary Supplements Industr
                   4.2.2.    Growing Demand for Natural Food Colors
                   4.2.3.    Growing Vegetarianism
                   4.2.4.    Growing Nutraceuticals Industry
                   4.2.5.    Increasing Preference for Microalgae-Sourced Products
        4.3.    Restraints
                   4.3.1.    Low Awareness of Benefits of Algae
                   4.3.2.    Complex Production of Algae Products
        4.4.    Challenge
                   4.4.1.    Risk of Contamination
        4.5.    Opportunities
                   4.5.1.    Growing Demand for Phycocyanin
                   4.5.2.    Growing Demand for Microalgae from Bio-Refineries
        4.6.    Trends
                   4.6.1.    Adoption of New Production Technologies (Photobioreactors)

5.    Impact of Covid-19 on the Microalgae Market

6.    Global Microalgae Market, by Type
        6.1.    Introduction
        6.2.    Spirulina
        6.3.    Chlorella
        6.4.    Dunaliella Salina
        6.5.    Haematococcus Pluvialis
        6.6.    Other Microalgae

7.    Global Microalgae Market, by Distribution Channel
        7.1.    Introduction
        7.2.    Business Channel (B2B)
        7.3.    Consumer Channel (B2C)

8.    Global Microalgae Market, by Application
       8.1.    Introduction
       8.2.    Nutraceuticals
       8.3.    Food and Beverages
       8.4.    Animal Feed
       8.5.    Cosmetics
       8.6.    Other Applications

9.    Global Microalgae Market, by Geography
       9.1.    Introduction
       9.2.    North America
                 9.2.1.    U.S.
                 9.2.2.    Canada
       9.3.    Europe
                 9.3.1.    Germany
                 9.3.2.    France
                 9.3.3.    U.K.
                 9.3.4.    Italy
                 9.3.5.    Spain
                 9.3.6.    Rest of Europe (RoE)
       9.4.    Asia-Pacific
                 9.4.1.    China
                 9.4.2.    India
                 9.4.3.    Japan
                 9.4.4.    Australia
                 9.4.5.    Rest of Asia-Pacific (RoAPAC)
       9.5.    Latin America
                 9.5.1.    Brazil
                 9.5.2.    Mexico
                 9.5.3.    Rest of Latin America (RoLATAM)
       9.6.    Middle East and Africa

10.    Competitive Landscape
         10.1.    Introduction
         10.2.    Competitive Benchmarking

11.    Company Profiles
         11.1.    Fuqing King Dnarmsa Spirulina Co.Ltd.
         11.2.    Earthrise Nutritionals, LLC
         11.3.    E.I.D. - Parry (India) Limited
         11.4.    Cyanotech Corporation
         11.5.    Dongtai City Spirulina Bio-Engineering Co. Ltd.
         11.6.    Yunnan Green A Biological Project Co., Ltd.
         11.7.    Jiangshan Comp Spirulina Co., Ltd.
         11.9.    Zhejiang Binmei Biotechnology Co., Ltd.
         11.10.    Bluetec Naturals Co., Ltd.
         11.11.    Taiwan Chlorella Manufacturing Company(TCMC)
         11.12.    Sun Chlorella Corporation
         11.13.    Far East Microalgae Industries, Co., Ltd.
         11.14.    Roquette Klötze GmbH & Co. KG
         11.15.    Gong Bih Enterprise Co., Ltd.
         11.16.    Yaeyama Shokusan Co., Ltd.
         11.17.    Vedan Biotechnology Corporation
         11.18.    AlgoSource
         11.19.    Tianjin Norland Biotech Co., Ltd
         11.20.    Phycom BV
         11.21.    Allmicroalgae Natural Products S.A.
         11.22.    Duplaco B.V.
         11.23.    Taiwan Wilson Enterprise Inc.
         11.24.    Daesang Corporation
         11.25.    Algalimento S.L
         11.26.    Seagrass Tech Private Limited
         11.27.    Plankton Australia Pty Limited
         11.28.    Hangzhou OuQi Food Co., Ltd.
         11.29.    Shaanxi Rebecca Bio-Tech Co., Ltd

12.    Appendix
         12.1.    Questionnaire
         12.2.    Available Customization

List of Tables
Table 1    Global Microalgae Market: Impact Analysis of Market Drivers (2021–2028)
Table 2    Global Microalgae Market: Impact Analysis of Market Restraints (2021–2028)
Table 3    Constraints of Open Cultivation Systems
Table 4    Comparative Features of Microalgae Cultivation Approaches
Table 5    Characteristics of Four Promising Pbrs
Table 6    Production Cost and Specific Energy Consumption for Spirulina Cultivation in Open Ponds and PBR for Different Productivities
Table 7    Global Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 8    Spirulina Market Size, by Country/Region, 2019–2028 (USD Million)
Table 9    Chlorella Market Size, by Country/Region, 2019–2028 (USD Million)
Table 10    Dunaliella Salina Market Size, by Country/Region, 2019–2028 (USD Million)
Table 11    Haematococcus Pluvialis Market Size, by Country/Region, 2019–2028 (USD Million)
Table 12    Other Microalgae Market Size, by Country/Region, 2019–2028 (USD Million)
Table 13    Global Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 14    B2b Microalgae Market Size, by Country/Region, 2019–2028 (USD Million)
Table 15    B2c Microalgae Market Size, by Country/Region, 2019–2028 (USD Million)
Table 16    Global Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 17    Microalgae Market Size for Nutraceuticals, by Country/Region, 2019–2028 (USD Million)
Table 18    Protein Content Comparison Between Spirulina and Other Foods
Table 19    Major Strategic Developments by Market Players
Table 20    Microalgae Market Size for Food and Beverages, by Country/Region, 2019–2028 (USD Million)
Table 21    Microalgae Market Size for Animal Feed, by Country/Region, 2019–2028 (USD Million)
Table 22    Microalgae Market Size for Cosmetics, by Country/Region, 2019–2028 (USD Million)
Table 23    Lipid Content and Productivities of Chlorella
Table 24    Microalgae Market Size for Other Applications, by Country/Region, 2019–2028 (USD Million)
Table 25    Microalgae Market Size, by Region, 2019–2028 (USD Million)
Table 26    Some of the Key Buyers of Spirulina in North America
Table 27    North America: Microalgae Market Size, by Country, 2019–2028 (USD Thousand)
Table 28    North America: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 29    North America: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 30    North America: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 31    U.S.: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 32    U.S.: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 33    U.S.: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 34    Canada: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 35    Canada: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 36    Canada: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 37    Key Buyers of Spirulina in Europe
Table 38    Europe: Microalgae Market Size, by Country, 2019–2028 (USD Million)
Table 39    Europe: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 40    Europe: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 41    Europe: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 42    Overview of German Stakeholders Active in the Broader Algae Area
Table 43    Germany: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 44    Germany: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 45    Germany: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 46    France: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 47    France: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 48    France: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 49    U.K.: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 50    U.K.: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 51    U.K.: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 52    Italy: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 53    Italy: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 54    Italy: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 55    Spain: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 56    Spain: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 57    Spain: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 58    Rest of Europe: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 59    Rest of Europe: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 60    Rest of Europe: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 61    Some of the Key Buyers of Spirulina in Asia-Pacific
Table 62    Asia-Pacific: Microalgae Market Size, by Country, 2019–2028 (USD Million)
Table 63    Asia-Pacific: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 64    Asia-Pacific: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 65    Asia-Pacific: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 66    China: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 67    China: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 68    China: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 69    India: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 70    India: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 71    India: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 72    Japan: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 73    Japan: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 74    Japan: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 75    Australia: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 76    Australia: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 77    Australia: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 78    Rest of Asia-Pacific: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 79    Rest of Asia-Pacific: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 80    Rest of Asia-Pacific: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 81    Latin America: Microalgae Market Size, by Country, 2019–2028 (USD Million)
Table 82    Latin America: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 83    Latin America: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 84    Latin America: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 85    Brazil: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 86    Brazil: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 87    Brazil: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 88    Mexico: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 89    Mexico: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 90    Mexico: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 91    Rest of Latin America: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 92    Rest of Latin America: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 93    Rest of Latin America: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 94    Middle East and Africa: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 95    Middle East and Africa: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 96    Middle East and Africa: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 97    Number of Developments by Major Players During 2018-2021

List of Figures
Figure 1    Key Stakeholders
Figure 2    Research Process
Figure 3    Key Secondary Sources
Figure 4    Primary Research Techniques
Figure 5    Key Executives Interviewed
Figure 6    Breakdown of Primary Interviews (Supply-Side & Demand-Side)
Figure 7    Market Size Estimation
Figure 8    Business Channel (B2B) to Dominate the Microalgae Market by 2028
Figure 9    Spirulina Segment to Dominate the Global Microalgae Market by 2028
Figure 10    Nutraceuticals Segment to Dominate the Microalgae Market by 2028
Figure 11    North America Dominates the Overall Microalgae Market, While Europe Leads in Growth
Figure 12    Market Dynamics
Figure 13    the Nutrient Profile of Spirulina Vs. Other Foods
Figure 14    Top Ten Countries With the Highest Rate of Vegetarianism, 2020 (%)
Figure 15    Global Microalgae Market Size, by Type, 2021–2028 (USD Million)
Figure 16    Global Microalgae Market Size, by Distribution Channel, 2021–2028 (USD Million)
Figure 17    Business Channel for Microalgae
Figure 18    Consumer Channel for Microalgae
Figure 19    Global Microalgae Market Size, by Application, 2021–2028 (USD Million)
Figure 20    Nutraceutical Consumption Patterns Across the Globe
Figure 21    Number of New Product Launches, by Country (2013–2016)
Figure 22    Growing Percentage Share Aquaculture Industry, (2010–2030)
Figure 23    Microalgae Market Size, by Region, 2021–2028 (USD Million)
Figure 24    Percentage of U.S. Adults Take Dietary Supplements, 2019
Figure 25    European Market for Cosmetic Products, 2019
Figure 26    Organic Food Sales in Germany, 2017-2019
Figure 27    Key Growth Strategies Adopted by Leading Players, 2018-2021
Figure 28    Microalgae Market: Competitive Benchmarking
Figure 29    Dic Corporation: Financial Overview, 2020
Figure 30    E.I.D. - Parry (India) Limited: Financial Overview, 2020
Figure 31    Cyanotech Corporation: Financial Overview, 2020
Figure 32    Daesang Corporation: Financial Overview, 2020

 
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Related Research

This report is executed in collaboration with the European Algae Biomass Association (EABA). Combining Meticulous Research®’ market intelligence services with EABA’s broad expertise in the development of research, technology and industrial capacities in the field of algae, the two organizations have leveraged their research capabilities to come up with the most reliable and accurate market assessments in this field.

The Microalgae Market is expected to reach $1.8 billion by 2028, at a CAGR of 10.3% during the forecast period 2021 to 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 Impact of COVID-19 on the Microalgae Market

The COVID-19 pandemic has adversely hit many economies around the world. Government measures to combat the COVID-19 pandemic, such as nationwide lockdowns and quarantines, have negatively impacted many industries. Most manufacturers of food products in the F&B sector have felt the brunt of the pandemic. Social distancing, self-isolation, and city-wide lockdowns have forced the closures of many establishments in countries across the world.

The pandemic has strained consumer F&B product manufacturers due to reduced consumption and disrupted supply chains. The F&B sector has witnessed a minor decline due to the lockdowns imposed across various countries. This scenario has also negatively impacted the confectionery industry since people are buying only essential products. In addition, government bodies have passed various rules and regulations on the purchase of essential goods. According to trade organizations in the nutritional products industry, there has been a significant impact on the global supply chain for functional foods and dietary supplements, which has, in turn, lowered the consumption of microalgal biomass among end-users impacting the growth of this market.

In the algae industry, a major slowdown in microalgae sales was witnessed in the first quarter of 2020 due to disruptions in logistics and transportation. The market also witnessed interruptions in the entire value chain from raw materials supply for culture media to production, packaging, and biomass distribution.

The effects of the COVID-19 pandemic on this market were felt in China starting 2020, as the country is one of the world's largest producers and one of the leading consumers of microalgal species. In China, factory closures, microalgae processing facilities operating at reduced capacities, and restrictions on importing and exporting algae biomass strongly impact the microalgae market. Moreover, the pandemic is also expected to adversely impact the microalgae market in many countries globally, including the U.S., India, Australia, Brazil, and the EU-5 countries. Due to the countrywide lockdown in India, many commercial microalgae production and processing facilities have shut down or are operating at reduced capacities, leading to substantial losses in domestic microalgal production.

However, good nutrition intake is the top priority to maintain an optimal immune system, supporting the strong demand for plant and algae protein food products & beverages through e-commerce platforms. In addition, some of the algal protein products are considered to support the human immune system. For instance, spirulina has an immune-boosting and anti-viral property.

According to various researches, spirulina inhibits influenza virus replication and reduces virus-induced mortality. For instance, according to the finding by immunologists at the University of California Davis School of Medicine, the addition of spirulina to cultured immune system cells significantly increased the production of infection-fighting cytokines. Besides, researchers at UC at Davis studying the effects of spirulina on both anemia and immune function found that spirulina, with its rich content of flavonoids and sulfalipids, modulates the production of cytokines and with its bioactive proteins stimulates the intestinal immune system to enhance the responsiveness to vaccines and improve allergic rhinitis.

Moreover, the chlorella market is experiencing a positive impact mainly due to the key role of chlorella in the immune health system. Chlorella is used as a healthy, natural, and sustainable superfood. During the pandemic, consumers demanded food ingredients that strengthened the immune and digestive systems. For this reason, microalgae/algae have been one of the superfood trends in Europe.

Thus, demand for microalgal species, such as spirulina and chlorella, increased during the COVID-19 pandemic as the focus on the nutrition content increased. Despite the increase in demand, there were hindrances in the supply chain due to the lockdown imposed by governments in many countries. This supply chain is expected to get back on track post-lockdown.

Growing Nutraceuticals Industry Fuels the Growth of the Global Microalgae Market

The aging population with increased consumer awareness for preventative healthcare, the rise of the self-directed consumer (self-diagnosis over health practitioner diagnosis), channel proliferation (variety of marketing techniques and E-Commerce), and shift from ingredient-focused messaging to broader brand positioning (grouping of supplements together to form a healthy benefits package) are the key factors driving the growth of the supplements industry. Globally, the value and sales of the vitamins, minerals and nutritional and herbal supplements (VMHS) show consistent and constant growth.

According to the Association for Packaging and Processing Technologies, the total global market for nutraceuticals is expected to grow from about USD 209 billion in 2017 to USD 373 billion in 2025. This growth is mainly due to the increasing popularity of natural nutraceuticals, causing considerable growth of botanical dietary supplements, such as chlorella. Low cost compared to prescription drugs and easy availability are factors expected to augment their demand over the next eight years.

Moreover, the U.S. nutraceuticals market in 2018 reached USD 75.9 billion. Consumers have begun demanding alternatives to consuming nutraceuticals in natural form, driving up the market share for functional foods and drinks. Besides, according to the International Trade Administration, India’s nutraceutical industry is expected to hold at least 3.5% of the global market share by 2023. Therefore, the nutraceuticals market in India is expected to grow from an estimated USD 4 billion in 2017 to USD 18 billion by the end of 2025. Hence, the growing nutraceutical industry and consumer demand for natural supplements boost the demand for microalgae in the market.

Further, chlorella is one of the scientifically researched algae with many publications from medical institutions, research institutions, and universities. It is the best-selling health food supplement in Japan, with over 30% of the population taking it as one of their principal health supplements. Chlorella has also been found to boost the immune system, reduce the intensities of many chronic health problems, and reduce the side effects of medications. Its detoxifying, nourishing, and revitalizing properties enable the body’s natural defenses and repair systems to function more efficiently. Thus, increasing the nutritional supplements and nutraceutical properties of chlorella are compelling the global microalgae market.

Microalgae Market

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Key Findings in the Global Microalgae Market Study:

In 2021, Spirulina Segment Dominate Microalgae Market

Based on type, the microalgae market is mainly segmented into Spirulina, Chlorella, Dunaliella salina, Haematococcus pluvialis, and other microalgae. Spirulina is estimated to remain the largest product type through 2028 in the microalgae market. The growth of this market is mainly attributed 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. However, low awareness about the benefits of Spirulina and challenges associated with Spirulina production are expected to hinder the growth of the Spirulina segment to some extent.

In 2021, Business Channel (B2B) Segment Expected to Dominate Overall Microalgae Market

Based on distribution channel, the microalgae market is mainly segmented into consumer (B2C) and business (B2B) channels. In 2021, the business channel (B2B) segment is estimated to account for the larger share of the global microalgae market. 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.

In 2021, Nutraceuticals Application Expected to Dominate Microalgae Market

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. The large share of this segment is mainly attributed to the booming nutraceuticals sector, growing 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.

However, the food & beverages segment is expected to grow at the fastest CAGR during the forecast period owing to the growing demand for microalgae-derived natural food color in confectionery products (including candies and chewing gum), frostings, ice cream and frozen desserts, dessert coatings and toppings, among others.

North America Dominates the Overall Microalgae Market, While Europe Leads in Growth

Based on geography, the global microalgae market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and 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 this region 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.

Key Players

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.

Scope of the Report:

Microalgae Market, by Distribution Channel

  • Business Channel
  • Consumer Channel

 Microalgae Market, by Type

  • Spirulina
  • Chlorella
  • Dunaliella Salina
  • Haematococcus Pluvialis
  • Other Microalgae

 Microalgae Market, by Application

  • Nutraceuticals
  • Food and Beverages
  • Animal Feed
  • Cosmetics
  • Other Applications

Microalgae Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • China
    • India
    • Japan
    • Australia
    • Rest of APAC (RoAPAC)
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America (RoLATAM)
  • Middle East and Africa

Key Questions Answered in the Report-

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1.    Introduction
       1.1.    Market Definition
       1.2.    Market Ecosystem
       1.3.    Currency

2.    Research Methodology
       2.1.    Research Process
       2.2.    Data Collection & Validation
                 2.2.1.    Secondary Research
                 2.2.2.    Primary Research
       2.3.    Market Assessment
                 2.3.1.    Market Size Estimation
                              2.3.1.1.    Bottom-Up Approach
                              2.3.1.2.    Top-Down Approach
                              2.3.1.3.    Growth Forecast
       2.4.    Assumptions for the Study
       2.5.    Limitations for the Study

3.    Executive Summary
       3.1.    Introduction
       3.2.    Segment Analysis
                 3.2.1.    Distribution Channel Segment Analysis
                 3.2.2.    Type Segment Analysis
                 3.2.3.    Application Segment Analysis
                 3.2.4.    Regional Analysis
                 3.2.5.    Key Players

4.    Market Insights
        4.1.    Introduction
        4.2.    Drivers
                   4.2.1.    Inclination Towards Health & Wellness Trends and Growing Dietary Supplements Industr
                   4.2.2.    Growing Demand for Natural Food Colors
                   4.2.3.    Growing Vegetarianism
                   4.2.4.    Growing Nutraceuticals Industry
                   4.2.5.    Increasing Preference for Microalgae-Sourced Products
        4.3.    Restraints
                   4.3.1.    Low Awareness of Benefits of Algae
                   4.3.2.    Complex Production of Algae Products
        4.4.    Challenge
                   4.4.1.    Risk of Contamination
        4.5.    Opportunities
                   4.5.1.    Growing Demand for Phycocyanin
                   4.5.2.    Growing Demand for Microalgae from Bio-Refineries
        4.6.    Trends
                   4.6.1.    Adoption of New Production Technologies (Photobioreactors)

5.    Impact of Covid-19 on the Microalgae Market

6.    Global Microalgae Market, by Type
        6.1.    Introduction
        6.2.    Spirulina
        6.3.    Chlorella
        6.4.    Dunaliella Salina
        6.5.    Haematococcus Pluvialis
        6.6.    Other Microalgae

7.    Global Microalgae Market, by Distribution Channel
        7.1.    Introduction
        7.2.    Business Channel (B2B)
        7.3.    Consumer Channel (B2C)

8.    Global Microalgae Market, by Application
       8.1.    Introduction
       8.2.    Nutraceuticals
       8.3.    Food and Beverages
       8.4.    Animal Feed
       8.5.    Cosmetics
       8.6.    Other Applications

9.    Global Microalgae Market, by Geography
       9.1.    Introduction
       9.2.    North America
                 9.2.1.    U.S.
                 9.2.2.    Canada
       9.3.    Europe
                 9.3.1.    Germany
                 9.3.2.    France
                 9.3.3.    U.K.
                 9.3.4.    Italy
                 9.3.5.    Spain
                 9.3.6.    Rest of Europe (RoE)
       9.4.    Asia-Pacific
                 9.4.1.    China
                 9.4.2.    India
                 9.4.3.    Japan
                 9.4.4.    Australia
                 9.4.5.    Rest of Asia-Pacific (RoAPAC)
       9.5.    Latin America
                 9.5.1.    Brazil
                 9.5.2.    Mexico
                 9.5.3.    Rest of Latin America (RoLATAM)
       9.6.    Middle East and Africa

10.    Competitive Landscape
         10.1.    Introduction
         10.2.    Competitive Benchmarking

11.    Company Profiles
         11.1.    Fuqing King Dnarmsa Spirulina Co.Ltd.
         11.2.    Earthrise Nutritionals, LLC
         11.3.    E.I.D. - Parry (India) Limited
         11.4.    Cyanotech Corporation
         11.5.    Dongtai City Spirulina Bio-Engineering Co. Ltd.
         11.6.    Yunnan Green A Biological Project Co., Ltd.
         11.7.    Jiangshan Comp Spirulina Co., Ltd.
         11.9.    Zhejiang Binmei Biotechnology Co., Ltd.
         11.10.    Bluetec Naturals Co., Ltd.
         11.11.    Taiwan Chlorella Manufacturing Company(TCMC)
         11.12.    Sun Chlorella Corporation
         11.13.    Far East Microalgae Industries, Co., Ltd.
         11.14.    Roquette Klötze GmbH & Co. KG
         11.15.    Gong Bih Enterprise Co., Ltd.
         11.16.    Yaeyama Shokusan Co., Ltd.
         11.17.    Vedan Biotechnology Corporation
         11.18.    AlgoSource
         11.19.    Tianjin Norland Biotech Co., Ltd
         11.20.    Phycom BV
         11.21.    Allmicroalgae Natural Products S.A.
         11.22.    Duplaco B.V.
         11.23.    Taiwan Wilson Enterprise Inc.
         11.24.    Daesang Corporation
         11.25.    Algalimento S.L
         11.26.    Seagrass Tech Private Limited
         11.27.    Plankton Australia Pty Limited
         11.28.    Hangzhou OuQi Food Co., Ltd.
         11.29.    Shaanxi Rebecca Bio-Tech Co., Ltd

12.    Appendix
         12.1.    Questionnaire
         12.2.    Available Customization

List of Tables
Table 1    Global Microalgae Market: Impact Analysis of Market Drivers (2021–2028)
Table 2    Global Microalgae Market: Impact Analysis of Market Restraints (2021–2028)
Table 3    Constraints of Open Cultivation Systems
Table 4    Comparative Features of Microalgae Cultivation Approaches
Table 5    Characteristics of Four Promising Pbrs
Table 6    Production Cost and Specific Energy Consumption for Spirulina Cultivation in Open Ponds and PBR for Different Productivities
Table 7    Global Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 8    Spirulina Market Size, by Country/Region, 2019–2028 (USD Million)
Table 9    Chlorella Market Size, by Country/Region, 2019–2028 (USD Million)
Table 10    Dunaliella Salina Market Size, by Country/Region, 2019–2028 (USD Million)
Table 11    Haematococcus Pluvialis Market Size, by Country/Region, 2019–2028 (USD Million)
Table 12    Other Microalgae Market Size, by Country/Region, 2019–2028 (USD Million)
Table 13    Global Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 14    B2b Microalgae Market Size, by Country/Region, 2019–2028 (USD Million)
Table 15    B2c Microalgae Market Size, by Country/Region, 2019–2028 (USD Million)
Table 16    Global Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 17    Microalgae Market Size for Nutraceuticals, by Country/Region, 2019–2028 (USD Million)
Table 18    Protein Content Comparison Between Spirulina and Other Foods
Table 19    Major Strategic Developments by Market Players
Table 20    Microalgae Market Size for Food and Beverages, by Country/Region, 2019–2028 (USD Million)
Table 21    Microalgae Market Size for Animal Feed, by Country/Region, 2019–2028 (USD Million)
Table 22    Microalgae Market Size for Cosmetics, by Country/Region, 2019–2028 (USD Million)
Table 23    Lipid Content and Productivities of Chlorella
Table 24    Microalgae Market Size for Other Applications, by Country/Region, 2019–2028 (USD Million)
Table 25    Microalgae Market Size, by Region, 2019–2028 (USD Million)
Table 26    Some of the Key Buyers of Spirulina in North America
Table 27    North America: Microalgae Market Size, by Country, 2019–2028 (USD Thousand)
Table 28    North America: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 29    North America: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 30    North America: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 31    U.S.: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 32    U.S.: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 33    U.S.: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 34    Canada: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 35    Canada: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 36    Canada: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 37    Key Buyers of Spirulina in Europe
Table 38    Europe: Microalgae Market Size, by Country, 2019–2028 (USD Million)
Table 39    Europe: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 40    Europe: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 41    Europe: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 42    Overview of German Stakeholders Active in the Broader Algae Area
Table 43    Germany: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 44    Germany: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 45    Germany: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 46    France: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 47    France: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 48    France: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 49    U.K.: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 50    U.K.: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 51    U.K.: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 52    Italy: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 53    Italy: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 54    Italy: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 55    Spain: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 56    Spain: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 57    Spain: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 58    Rest of Europe: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 59    Rest of Europe: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 60    Rest of Europe: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 61    Some of the Key Buyers of Spirulina in Asia-Pacific
Table 62    Asia-Pacific: Microalgae Market Size, by Country, 2019–2028 (USD Million)
Table 63    Asia-Pacific: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 64    Asia-Pacific: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 65    Asia-Pacific: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 66    China: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 67    China: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 68    China: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 69    India: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 70    India: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 71    India: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 72    Japan: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 73    Japan: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 74    Japan: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 75    Australia: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 76    Australia: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 77    Australia: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 78    Rest of Asia-Pacific: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 79    Rest of Asia-Pacific: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 80    Rest of Asia-Pacific: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 81    Latin America: Microalgae Market Size, by Country, 2019–2028 (USD Million)
Table 82    Latin America: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 83    Latin America: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 84    Latin America: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 85    Brazil: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 86    Brazil: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 87    Brazil: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 88    Mexico: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 89    Mexico: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 90    Mexico: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 91    Rest of Latin America: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 92    Rest of Latin America: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 93    Rest of Latin America: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 94    Middle East and Africa: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 95    Middle East and Africa: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 96    Middle East and Africa: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 97    Number of Developments by Major Players During 2018-2021

List of Figures
Figure 1    Key Stakeholders
Figure 2    Research Process
Figure 3    Key Secondary Sources
Figure 4    Primary Research Techniques
Figure 5    Key Executives Interviewed
Figure 6    Breakdown of Primary Interviews (Supply-Side & Demand-Side)
Figure 7    Market Size Estimation
Figure 8    Business Channel (B2B) to Dominate the Microalgae Market by 2028
Figure 9    Spirulina Segment to Dominate the Global Microalgae Market by 2028
Figure 10    Nutraceuticals Segment to Dominate the Microalgae Market by 2028
Figure 11    North America Dominates the Overall Microalgae Market, While Europe Leads in Growth
Figure 12    Market Dynamics
Figure 13    the Nutrient Profile of Spirulina Vs. Other Foods
Figure 14    Top Ten Countries With the Highest Rate of Vegetarianism, 2020 (%)
Figure 15    Global Microalgae Market Size, by Type, 2021–2028 (USD Million)
Figure 16    Global Microalgae Market Size, by Distribution Channel, 2021–2028 (USD Million)
Figure 17    Business Channel for Microalgae
Figure 18    Consumer Channel for Microalgae
Figure 19    Global Microalgae Market Size, by Application, 2021–2028 (USD Million)
Figure 20    Nutraceutical Consumption Patterns Across the Globe
Figure 21    Number of New Product Launches, by Country (2013–2016)
Figure 22    Growing Percentage Share Aquaculture Industry, (2010–2030)
Figure 23    Microalgae Market Size, by Region, 2021–2028 (USD Million)
Figure 24    Percentage of U.S. Adults Take Dietary Supplements, 2019
Figure 25    European Market for Cosmetic Products, 2019
Figure 26    Organic Food Sales in Germany, 2017-2019
Figure 27    Key Growth Strategies Adopted by Leading Players, 2018-2021
Figure 28    Microalgae Market: Competitive Benchmarking
Figure 29    Dic Corporation: Financial Overview, 2020
Figure 30    E.I.D. - Parry (India) Limited: Financial Overview, 2020
Figure 31    Cyanotech Corporation: Financial Overview, 2020
Figure 32    Daesang Corporation: Financial Overview, 2020

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1.    Introduction
       1.1.    Market Definition
       1.2.    Market Ecosystem
       1.3.    Currency

2.    Research Methodology
       2.1.    Research Process
       2.2.    Data Collection & Validation
                 2.2.1.    Secondary Research
                 2.2.2.    Primary Research
       2.3.    Market Assessment
                 2.3.1.    Market Size Estimation
                              2.3.1.1.    Bottom-Up Approach
                              2.3.1.2.    Top-Down Approach
                              2.3.1.3.    Growth Forecast
       2.4.    Assumptions for the Study
       2.5.    Limitations for the Study

3.    Executive Summary
       3.1.    Introduction
       3.2.    Segment Analysis
                 3.2.1.    Distribution Channel Segment Analysis
                 3.2.2.    Type Segment Analysis
                 3.2.3.    Application Segment Analysis
                 3.2.4.    Regional Analysis
                 3.2.5.    Key Players

4.    Market Insights
        4.1.    Introduction
        4.2.    Drivers
                   4.2.1.    Inclination Towards Health & Wellness Trends and Growing Dietary Supplements Industr
                   4.2.2.    Growing Demand for Natural Food Colors
                   4.2.3.    Growing Vegetarianism
                   4.2.4.    Growing Nutraceuticals Industry
                   4.2.5.    Increasing Preference for Microalgae-Sourced Products
        4.3.    Restraints
                   4.3.1.    Low Awareness of Benefits of Algae
                   4.3.2.    Complex Production of Algae Products
        4.4.    Challenge
                   4.4.1.    Risk of Contamination
        4.5.    Opportunities
                   4.5.1.    Growing Demand for Phycocyanin
                   4.5.2.    Growing Demand for Microalgae from Bio-Refineries
        4.6.    Trends
                   4.6.1.    Adoption of New Production Technologies (Photobioreactors)

5.    Impact of Covid-19 on the Microalgae Market

6.    Global Microalgae Market, by Type
        6.1.    Introduction
        6.2.    Spirulina
        6.3.    Chlorella
        6.4.    Dunaliella Salina
        6.5.    Haematococcus Pluvialis
        6.6.    Other Microalgae

7.    Global Microalgae Market, by Distribution Channel
        7.1.    Introduction
        7.2.    Business Channel (B2B)
        7.3.    Consumer Channel (B2C)

8.    Global Microalgae Market, by Application
       8.1.    Introduction
       8.2.    Nutraceuticals
       8.3.    Food and Beverages
       8.4.    Animal Feed
       8.5.    Cosmetics
       8.6.    Other Applications

9.    Global Microalgae Market, by Geography
       9.1.    Introduction
       9.2.    North America
                 9.2.1.    U.S.
                 9.2.2.    Canada
       9.3.    Europe
                 9.3.1.    Germany
                 9.3.2.    France
                 9.3.3.    U.K.
                 9.3.4.    Italy
                 9.3.5.    Spain
                 9.3.6.    Rest of Europe (RoE)
       9.4.    Asia-Pacific
                 9.4.1.    China
                 9.4.2.    India
                 9.4.3.    Japan
                 9.4.4.    Australia
                 9.4.5.    Rest of Asia-Pacific (RoAPAC)
       9.5.    Latin America
                 9.5.1.    Brazil
                 9.5.2.    Mexico
                 9.5.3.    Rest of Latin America (RoLATAM)
       9.6.    Middle East and Africa

10.    Competitive Landscape
         10.1.    Introduction
         10.2.    Competitive Benchmarking

11.    Company Profiles
         11.1.    Fuqing King Dnarmsa Spirulina Co.Ltd.
         11.2.    Earthrise Nutritionals, LLC
         11.3.    E.I.D. - Parry (India) Limited
         11.4.    Cyanotech Corporation
         11.5.    Dongtai City Spirulina Bio-Engineering Co. Ltd.
         11.6.    Yunnan Green A Biological Project Co., Ltd.
         11.7.    Jiangshan Comp Spirulina Co., Ltd.
         11.9.    Zhejiang Binmei Biotechnology Co., Ltd.
         11.10.    Bluetec Naturals Co., Ltd.
         11.11.    Taiwan Chlorella Manufacturing Company(TCMC)
         11.12.    Sun Chlorella Corporation
         11.13.    Far East Microalgae Industries, Co., Ltd.
         11.14.    Roquette Klötze GmbH & Co. KG
         11.15.    Gong Bih Enterprise Co., Ltd.
         11.16.    Yaeyama Shokusan Co., Ltd.
         11.17.    Vedan Biotechnology Corporation
         11.18.    AlgoSource
         11.19.    Tianjin Norland Biotech Co., Ltd
         11.20.    Phycom BV
         11.21.    Allmicroalgae Natural Products S.A.
         11.22.    Duplaco B.V.
         11.23.    Taiwan Wilson Enterprise Inc.
         11.24.    Daesang Corporation
         11.25.    Algalimento S.L
         11.26.    Seagrass Tech Private Limited
         11.27.    Plankton Australia Pty Limited
         11.28.    Hangzhou OuQi Food Co., Ltd.
         11.29.    Shaanxi Rebecca Bio-Tech Co., Ltd

12.    Appendix
         12.1.    Questionnaire
         12.2.    Available Customization

List of Tables
Table 1    Global Microalgae Market: Impact Analysis of Market Drivers (2021–2028)
Table 2    Global Microalgae Market: Impact Analysis of Market Restraints (2021–2028)
Table 3    Constraints of Open Cultivation Systems
Table 4    Comparative Features of Microalgae Cultivation Approaches
Table 5    Characteristics of Four Promising Pbrs
Table 6    Production Cost and Specific Energy Consumption for Spirulina Cultivation in Open Ponds and PBR for Different Productivities
Table 7    Global Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 8    Spirulina Market Size, by Country/Region, 2019–2028 (USD Million)
Table 9    Chlorella Market Size, by Country/Region, 2019–2028 (USD Million)
Table 10    Dunaliella Salina Market Size, by Country/Region, 2019–2028 (USD Million)
Table 11    Haematococcus Pluvialis Market Size, by Country/Region, 2019–2028 (USD Million)
Table 12    Other Microalgae Market Size, by Country/Region, 2019–2028 (USD Million)
Table 13    Global Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 14    B2b Microalgae Market Size, by Country/Region, 2019–2028 (USD Million)
Table 15    B2c Microalgae Market Size, by Country/Region, 2019–2028 (USD Million)
Table 16    Global Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 17    Microalgae Market Size for Nutraceuticals, by Country/Region, 2019–2028 (USD Million)
Table 18    Protein Content Comparison Between Spirulina and Other Foods
Table 19    Major Strategic Developments by Market Players
Table 20    Microalgae Market Size for Food and Beverages, by Country/Region, 2019–2028 (USD Million)
Table 21    Microalgae Market Size for Animal Feed, by Country/Region, 2019–2028 (USD Million)
Table 22    Microalgae Market Size for Cosmetics, by Country/Region, 2019–2028 (USD Million)
Table 23    Lipid Content and Productivities of Chlorella
Table 24    Microalgae Market Size for Other Applications, by Country/Region, 2019–2028 (USD Million)
Table 25    Microalgae Market Size, by Region, 2019–2028 (USD Million)
Table 26    Some of the Key Buyers of Spirulina in North America
Table 27    North America: Microalgae Market Size, by Country, 2019–2028 (USD Thousand)
Table 28    North America: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 29    North America: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 30    North America: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 31    U.S.: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 32    U.S.: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 33    U.S.: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 34    Canada: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 35    Canada: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 36    Canada: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 37    Key Buyers of Spirulina in Europe
Table 38    Europe: Microalgae Market Size, by Country, 2019–2028 (USD Million)
Table 39    Europe: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 40    Europe: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 41    Europe: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 42    Overview of German Stakeholders Active in the Broader Algae Area
Table 43    Germany: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 44    Germany: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 45    Germany: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 46    France: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 47    France: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 48    France: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 49    U.K.: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 50    U.K.: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 51    U.K.: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 52    Italy: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 53    Italy: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 54    Italy: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 55    Spain: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 56    Spain: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 57    Spain: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 58    Rest of Europe: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 59    Rest of Europe: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 60    Rest of Europe: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 61    Some of the Key Buyers of Spirulina in Asia-Pacific
Table 62    Asia-Pacific: Microalgae Market Size, by Country, 2019–2028 (USD Million)
Table 63    Asia-Pacific: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 64    Asia-Pacific: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 65    Asia-Pacific: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 66    China: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 67    China: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 68    China: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 69    India: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 70    India: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 71    India: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 72    Japan: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 73    Japan: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 74    Japan: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 75    Australia: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 76    Australia: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 77    Australia: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 78    Rest of Asia-Pacific: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 79    Rest of Asia-Pacific: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 80    Rest of Asia-Pacific: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 81    Latin America: Microalgae Market Size, by Country, 2019–2028 (USD Million)
Table 82    Latin America: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 83    Latin America: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 84    Latin America: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 85    Brazil: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 86    Brazil: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 87    Brazil: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 88    Mexico: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 89    Mexico: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 90    Mexico: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 91    Rest of Latin America: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 92    Rest of Latin America: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 93    Rest of Latin America: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 94    Middle East and Africa: Microalgae Market Size, by Type, 2019–2028 (USD Million)
Table 95    Middle East and Africa: Microalgae Market Size, by Distribution Channel, 2019–2028 (USD Million)
Table 96    Middle East and Africa: Microalgae Market Size, by Application, 2019–2028 (USD Million)
Table 97    Number of Developments by Major Players During 2018-2021

List of Figures
Figure 1    Key Stakeholders
Figure 2    Research Process
Figure 3    Key Secondary Sources
Figure 4    Primary Research Techniques
Figure 5    Key Executives Interviewed
Figure 6    Breakdown of Primary Interviews (Supply-Side & Demand-Side)
Figure 7    Market Size Estimation
Figure 8    Business Channel (B2B) to Dominate the Microalgae Market by 2028
Figure 9    Spirulina Segment to Dominate the Global Microalgae Market by 2028
Figure 10    Nutraceuticals Segment to Dominate the Microalgae Market by 2028
Figure 11    North America Dominates the Overall Microalgae Market, While Europe Leads in Growth
Figure 12    Market Dynamics
Figure 13    the Nutrient Profile of Spirulina Vs. Other Foods
Figure 14    Top Ten Countries With the Highest Rate of Vegetarianism, 2020 (%)
Figure 15    Global Microalgae Market Size, by Type, 2021–2028 (USD Million)
Figure 16    Global Microalgae Market Size, by Distribution Channel, 2021–2028 (USD Million)
Figure 17    Business Channel for Microalgae
Figure 18    Consumer Channel for Microalgae
Figure 19    Global Microalgae Market Size, by Application, 2021–2028 (USD Million)
Figure 20    Nutraceutical Consumption Patterns Across the Globe
Figure 21    Number of New Product Launches, by Country (2013–2016)
Figure 22    Growing Percentage Share Aquaculture Industry, (2010–2030)
Figure 23    Microalgae Market Size, by Region, 2021–2028 (USD Million)
Figure 24    Percentage of U.S. Adults Take Dietary Supplements, 2019
Figure 25    European Market for Cosmetic Products, 2019
Figure 26    Organic Food Sales in Germany, 2017-2019
Figure 27    Key Growth Strategies Adopted by Leading Players, 2018-2021
Figure 28    Microalgae Market: Competitive Benchmarking
Figure 29    Dic Corporation: Financial Overview, 2020
Figure 30    E.I.D. - Parry (India) Limited: Financial Overview, 2020
Figure 31    Cyanotech Corporation: Financial Overview, 2020
Figure 32    Daesang Corporation: Financial Overview, 2020

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