North America Microalgae Market, By Product Type (Dunaliella Salina, Spirulina, Chlorella and Others), Microalgae Strain (Haematococcus Pluvialis, Phaeodactylum Tricornutum, Porphyridium Cruentum, Nannochloropsis and Others), Category (Organic and Inorganic), Form (Powder/Dry and Liquid), Grade (Food Grade, Feed Grade, Fuel Grade, Cosmetics Grade and Others), Application (Food & Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics & Personal Care, Bio-Fuel, Inks, Animal Feed and Others), Distribution Channel (Indirect and Direct), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2028
The microalgae market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.8% in the forecast period of 2021 to 2028 and is expected to reach USD 1,043.76 million by 2028. Increasing use of microalgae based product in nutritional and medicinal applications and growing up of new markets based on products derived from microalgae biomass are the major drivers which have propelled the demand of the microalgae market in the forecast period.
Microalgae are microscopic algae which are also called single celled algae. They can either live in independently or in the form of colonies. These are photosynthetic microorganisms that reside in freshwater or salty water. 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.
The technological and scientific innovations and developments act as driver for the microalgae market growth. The factors associated with development of microalgae or biofuels driven from microalgae are at the higher cost which can hinder the microalgae market growth as the small companies will think to enter into production of the microalgae market. The rising investment in algae production acts as an opportunity for the growth of the microalgae market. The microalgae can be produced in highly controlled laboratories conditions but problems occur when production is done at large-scale which is the challenge and can hinder the microalgae market growth.
The microalgae market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the microalgae market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
The microalgae market is segmented on the basis of the product type, microalgae strain, category, form, grade, application and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product type, the microalgae market is segmented into dunaliella salina, spirulina, chlorella and others. In 2021, spirulina segment is expected to dominate as it is cultivated on large scale due to its extensive nutritional benefits.
- On the basis of microalgae strain, the microalgae market is segmented into haematococcus pluvialis, phaeodactylum tricornutum, porphyridium cruentum, nannochloropsis and others. In 2021, haematococcus pluvialis segment is expected to dominate as most of the market players are providing astaxanthin containing products and astaxanthin is extracted out from haematococcus pluvialis.
- On the basis of category, the microalgae market is segmented into organic and inorganic. In 2021, organic segment is expected to dominate as microalgae can easily grow over the organic nutrients, moreover organic carbon source are easily available.
- On the basis of form, the microalgae market is segmented into powder/dry and liquid. In 2021, powder/dry segment is expected to dominate due to the ease of getting several nutritional benefits from powder/dry form of microalgae and the efficiency of powder/dry form to easily get blended with several types of products used for different applications.
- On the basis of grade, the microalgae market is segmented into food grade, feed grade, fuel grade, cosmetics grade and others. In 2021, food grade segment is expected to dominate due to increasing awareness among consumers about the health benefits of microalgae products and presence of high quantity of vitamins, beta-carotene, proteins among others in microalgae.
- On the basis of application, the microalgae market is segmented into food & beverage, dietary supplements, pharmaceuticals, cosmetics & personal care, biofuel, inks, animal feed and others. In 2021, dietary supplements segment is expected to dominate because of increasing demand of plant-based dietary supplements due to increasing prevalence of infectious diseases.
North America Microalgae Market Country Level Analysis
North America microalgae market is analyzed and market size information is provided by the country, product type, microalgae strain, category, form, grade, application and distribution channel as referenced above.
The countries covered in the North America microalgae market report are the U.S., Canada and Mexico.
North America region is expected to grow with the highest growth rate in the forecast period of 2021 to 2028 because microalgae have numerous advantages in day-to-day life and can be purchased in the bulk form so that companies directly deal with the manufacturers for their profit. The U.S. is leading the growth of North America microalgae market and direct distribution channel is dominating in the country due to rising usage of microalgae products in every field.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Investments in Microalgae Production and Multiple Industry Coverage are boosting the Microalgae Market Growth
The microalgae market also provides you with detailed market analysis for every country growth in microalgae industry with microalgae drugs sales, impact of advancement in the microalgae technology and changes in regulatory scenarios with their support for the microalgae market. The data is available for historic period 2011 to 2019.
Competitive Landscape and Microalgae Market Share Analysis
The microalgae market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to North America microalgae market.
The major players covered in the North America microalgae market report are Cellana Inc., DSM, BIOPROCESS ALGAE, LLC, Kuehnle AgroSystems, Corbion, ALGISYS LLC, E.I.D. - Parry (India) Limited, Algatech LTD, BASF SE, Algarithm, Cyanotech Corporation, Heliae Development, LLC, AlgaEnergy, ALGENOL among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launches and agreements are also initiated by the companies’ worldwide which are also accelerating the microalgae market.
- In July 2019, Corbion signed partnership agreement with Nestle for production of next- generation microalgae based ingredients. As per the partnership, the company will manufacture plant-based products rich in micronutrients and proteins by using the great tasting microalgae-based ingredients.
Collaboration, product launch, business expansion, award and recognition, joint ventures and other strategies by the market players is enhancing the company market in the microalgae market which also provides the benefit for organization to improve their offering for microalgae.
Customization Available : North America Microalgae Market
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