LONDON, Dec. 14, 2021 /PRNewswire/ -- According to Brandessence Market research, the tremendous promise of microalgae biofuel, rich potential as a nutraceutical is likely to drive a robust CAGR-driven growth of 4.5% during the 2020-2027 period. The microalgae market reached a valuation of USD 3671.8 million in 2020 and is likely to reach USD 4996.8 million by 2027 end. By our Expert Analysis Microalgae promises high nutritional value, and with increased awareness about its health benefits, the demand for consumption, and as agent in food industry, microalgae continues to grow. Microalgae today is widely used as a coloring agent in the food industry, wherein despite the high costs of harvesting, and complex food regulations, it continues to witness robust growth.
Cosmetic Remains a Promising New Driver of Growth
With growing awareness about ingredients in cosmetic products due to social media, demand for ideal alternatives to animal-based ingredients continues to rise. Furthermore, animal-based ingredients also face tremendous scrutiny as their demand varies depending on various religious practices. Hence, demand for plant-based, natural, and safe ingredient like algae continues to rise in cosmetic industry. The industry is also undertaking large amounts of experimentation, as increased scrutiny of brands, and cosmetics remains the status-quo. The growing demand for microalgae in the cosmetics industry, globally, remains a promising driver of growth.
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Microalgae Market: Competitive Analysis
The microalgae market is a fragmented and innovative landscape. Some key players in the global microalgae market are Earthrise Nutritionals, LLC (U.S.), Fuqing King Dnarmsa Spirulina Co.Ltd. (China), Cyanotech Corporation (U.S.), E.I.D. - Parry (India) Limited (India), Dongtai City Spirulina Bio-Engineering Co. Ltd. (China), among others.
Microalgae Market Segmentation Analysis:
By Product
- Dunaliella Salina
- Spirulina
- Chlorella
By Distribution Channel
- Online Sales
- Hyper Market or Super Market
- Retail Stores
By Application
- Pharmaceutical Industry
- Cosmetics Industry
- Food and Feed Industry
- Chemical Industry
- Other
Microalgae are microscopic plants, which are undetectable to the naked eye. These are quickly becoming the favourite topic for environmental conservationists, as these are responsible for producing half of the atmospheric oxygen. Moreover, their photosynthesis also uses carbon dioxide for their own growth, simultaneously aiding the environment. Moreover, microalgae promise to produce over 15,000 compounds including antioxidants, carotenoids, fatty acids, polymers, enzymers, sterols, peptides, and toxins. Growing demand for microalgae in applications like food and beverage, animal feed, nutraceuticals, cosmetics, among others remain an important driver of growth for the microalgae market. Regions like Europe also continue to drive initiatives for artificial production of microalgae, to cater to demand for microalgae as biofuels.
A microalga as a biofuel has long been a dream for policy makers, and scientists around the world. A wide range of the specie has been used for human nutrition, as biofuel, in aquaculture, and even as biofertiliser in agriculture. However, due to the low cell density of the specie, the industrial production has remained limited, especially in its use as a low-cost commodity. Despite this challenge, the promise of microalgae as a key resource for biofuel continues to grow. Microalgae strains can offer higher amounts of lipid, higher photosynthetic yield, and faster biomass growth land-based plants. Furthermore, new advancements like solid nano-additives and nano-fluid applications promise conversion to biofuels, with enhancements in biofuel combustion.
Global Microalgae Market: Key Trends
The microalgae market is divided into key types including spirulina, dunaliella salina, chlorella, haematococcus pluviallis, and others. Among these, the spirulina is likely to witness largest growth, due to increasing demand for its properties in nutraceuticals. Its growth is led by growing demand for natural food colors, increased scrutiny of synthetic colors by regulatory authorities, and increased demand for plant-based foods remain its key drivers. The spirulina-based foods like fatty acids, also promise a wide range of applications, and its use in applications like animal feed in aquaculture also remains a prominent driver of its growth.
Microalgae has also shown major promise in pharmaceutical products including anticancer, antimalarial, anti-HIV, antimicrobial, among others. In October, 2021, the Food and Drug Administration (FDA) of the United States approved the C-Spirulina gastic emptying breath test. The test developed by Cairn Diangotic has now been expanded to use in home-based testing, when earlier it required the guidance of a physician in a clinical setting. The test determines the presence of a gastroparesis, a condition that is rapidly becoming more prevalent, especially among young women. Increasing demand for such microalgae-based pharmaceutical products remains a major opportunity for commercialization during the forecast period.
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North America is expected to dominate the Microalgae Market.
North America accounts for the largest market share over the forecast period and expected to lead the market. Due to the presence of developed economies such as U.S., Canada and others coupled with increase in health awareness and high disposable income are expected to drive the growth of microalgae market. Europe is expected to the second largest region due to the various research and development activities coupled with technological advancement. Asia Pacific is expected to be the fastest developing region owing to the presence of developing economies. Furthermore, increased adoption of advanced technology and increase in food and beverage industry coupled with increased use of nutritional and health supplement which in turn drive the growth of microalgae market in the near future. Latin America, Africa and Middle East is expected to develop at a considerable rate over the forecast period.
If you have any region Specific Requirement than Check Below Regions:
North America
- U.S, Canada
Europe
- Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC,
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
Microalgae Market: Notable Developments
In June, 2021, collaboration between biopharmaceutical company Lumen Bioscience, and Novo Nordisk came to fruition. According to Lumen's press release, the collaboration aims to support the diversity of certain biological aspect found within the gastrointestinal tract. The company has developed spirulina-based drugs which can be delivered orally, promising smaller molecule therapies - aimed at people with obesity.
The growth of microalgae remains a major concern for scaling up of its industrial production. a new research may allay this concern in the near future. In November, 2021, researchers from The Korea Atomic Energy Research Institute (KAERI) noted a new variety of green algae chlamydomonas, grows 20% faster than original specie, and store twice the starch, when exposed to radioactive rays. While many factors need to be considered before its commercial application, growing interest in microalgae and its promise for biofuel remains a major interest area for researchers around the world.
In August, 2021, The Nuseed Nutritional U.S Inc launched a new microalgae based product, 'Total Omega-3 Canola Oil'. The company claims that it is the world's first plant-based source of omega-3 fatty acids. According to its press release, it has applied the plant-to-plant biotechnology to bring the nutrition of microalgae to consumers. The nutrition including DHA+EPA conventionally remained limited to fish, and consumption of alage found in the wild. However, growing overexploitation of marine resources, and increased demand from non-coastal regions for fish stocks, and its derived products have fuelled a pressing need for new sources of Omega-3 fatty oil like artificial production of microalgae.
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