The North American region's global microalgae market is booming due to rising consumer health awareness and chronic disease prevalence. Several variables influence microalgae product quality, including algal biomass, strain specificity, and effective extraction techniques. Blue-green microalgae (BGA), red microalgae, and brown microalgae are a few of the different microalgae types used to produce suitable products fortified with beneficial nutrients. The market is expanding due to rising demand for an alternative food source from the increased global population and growing research and development investments in microalgae production.
According to Data Bridge Market Research, Microalgae Market is growing with a CAGR of 6.4% in the forecast period of 2023 to 2030 and is expected to reach USD 1,394.95 million by 2030
"Increasing applications in the pharmaceutical and nutraceutical industries surge market demand"
Microalgae are a rich source of bioactive compounds, including proteins, omega-3 fatty acids, antioxidants, and pigments. These compounds have various health benefits and can be used to produce pharmaceutical drugs, dietary supplements, and functional food ingredients. The pharmaceutical and nutraceutical industries are increasingly recognizing the potential of microalgae-derived compounds in promoting human health and wellness, leading to a growing demand for microalgae-based products in sectors of microalgae.
What restraints the growth of the microalgae market?
"Issues with large-scale cultivation and processing can impede the market growth”
While microalgae offer numerous benefits, there are certain restraints in the global microalgae market. One significant challenge is the difficulty in achieving large-scale cultivation and processing of microalgae. Cultivating microalgae commercially requires specialized infrastructure, expertise, and resources. Additionally, optimizing the extraction and processing techniques for efficient and cost-effective production can be complex. These challenges can hinder the widespread adoption of microalgae-based products and limit the growth of the global microalgae market.
Segmentation: Global Microalgae Market
The microalgae market is segmented on the basis of type, category, form, grade, application and distribution channel.
- On the basis of type, the microalgae market is segmented into chlaspirulina, chlorella, haematococcus pluvialis, dunaliella salina, isochrysis, phaeodactylum tricornutum, chlamydomonas cruentum, nannochloropsis and others.
- On the basis of category, the microalgae market is segmented into organic and inorganic.
- On the basis of form, the microalgae market is segmented into powder/dry and liquid.
- On the basis of grade, the microalgae market is segmented into food grade, feed grade, fuel grade, cosmetic grade and others.
- On the basis of application, the microalgae market is segmented into food and beverage, dietary supplements, pharmaceuticals, cosmetics and personal care, bio-fuel, inks, animal feed and others.
- On the basis of distribution channel, the microalgae market is segmented into indirect and direct.
Regional Insights: North America dominate the Global Microalgae Market
North America's dominance in the global microalgae market can be attributed to several factors. Firstly, consumers are increasingly aware of the health benefits of microalgae products, leading to increased demand for these products in the region. Additionally, multiple industries, including nutraceuticals, pharmaceuticals, and cosmetics, provide a wide range of applications for microalgae. The region also witnesses significant research and development activities, driving innovation and market growth in the forecasted period.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-microalgae-market
Recent Developments in Global Microalgae Market
- In 2022, According to research by euglena Co., Ltd, regularly consuming the microalgae Euglena (also known as Euglena in Japan) lessens the severity of a variety of symptoms and delays the onset of cold-like symptoms.
- In 2019, A campaign was started by Algarithm to raise awareness of the kappamega3 product, which contains omega-3 DHA oil made from microalgae. The company was able to maintain a potential position in the microalgae market thanks to the program launch.
The Prominent Key Players Operating in the Global Microalgae Market Include:
- Cellana Inc. (U.S.)
- DSM (Netherlands)
- BIOPROCESS ALGAE, LLC (U.S.)
- Algarithm (U.S.)
- Cyanotech Corporation (U.S.)
- Henry Lamotte Oils GmbH (Germany)
- Algaecytes (U.K.)
- Australian Spirulina (Australia)
- Algatech LTD (Israel)
- Lyxia (U.S.)
- BASF SE (Germany)
- Corbion (Netherlands)
- E.I.D. - Parry (India) Limited (India)
- Kuehnle AgroSystems Inc. (U.S.)
- ALGISYS LLC (U.S.)
- euglena Co., Ltd.( Japan)
- Heliae Development, LLC (U.S.)
- AlgaEnergy (Spain)
- ALGENOL (U.S.)
- AstaReal AB (Sweden)
Above are the key players covered in the report, to know about more and exhaustive list of Global Microalgae Market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Microalgae Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
