Chlorella Market Product Analysis by Applications and Growth to 2024

Global Chlorella Market is projected to reach 5,430.0 Thousand Kg by 2025, expanding at a CAGR of 2.8% during the forecast period. Chlorella is a microscopic green alga that is high in protein content. The rising demand for natural ingredients in application industries and hike in the adoption of chlorella supplements are driving the growth of the market. However, the high costs associated with the production of chlorella are restraining market growth.

Asia-Pacific constituted a dominant share of the chlorella market in 2018 owing to the booming food & beverage industry. China, followed by Japan, are among the lucrative markets for manufacturers in the region. The increasing health awareness and rising consumer inclination toward functional food and beverages are factors prompting food manufacturers to include health-promoting ingredients such as chlorella in their products. The market in Europe is anticipated to exhibit the highest CAGR during the review period. Germany is the primary chlorella market in the region due to the growing pharmaceutical industry. Other factors such as increasing preference towards healthy and nutritious beverages over calorie-heavy soft drinks and a rise in the consumption of chlorella primarily in natural and organic cosmetics are expected to drive the growth of the chlorella market in the region.

Segmental Analysis

The Global Chlorella Market has been segmented based on Type, Application, and Region.

By Type, the market has been divided into chlorella Vulgaris, chlorella pyrenoidosa, and others. The chlorella vulgaris segment accounted for the maximum market share in 2018, whereas the chlorella pyrenoidosa segment is expected to register the highest CAGR of 3.1% during the forecast period. Chlorella pyrenoidosa is one of the species of the freshwater algae genus—chlorella. Chlorella pyrenoidosa is considered to be more efficient than other species as it exhibits a higher concentration of vitamins (primarily B12) and amino acids, such as choline, a higher protein content, and a higher concentration of growth factor (CGF).

Based on Application, the global chlorella market has been classified into functional food & beverages, nutraceuticals & pharmaceuticals, personal care, and others. The nutraceuticals & pharmaceuticals segment accounted for the larger market share in 2018 in terms of value as well as volume. Nutraceuticals & pharmaceuticals is a prominent application segment, in which chlorella has gained popularity. The use of chlorella in several industries, such as pharmaceutical and medical, is increasing in developed countries such as the US, the UK, and Germany, owing to the increasing awareness among manufacturers and consumers.

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Regional Analysis

Geographically, the Global Chlorella Market has been categorized as North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest share in 2018. The chlorella market in North America accounted for the second-largest market share in 2018. Europe is projected to register the highest CAGR of 3.0% during the forecast period.

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