Microalgae Market Size, Share, Growth, Companies | Industry Report, 2020-2025
Microalgae Market is valued at USD 54.64 Million in 2018 and expected to reach USD 76.37 Million By 2025 with the CAGR of 4.9% over the forecast period.
Microalgae Market report is segmented on type, distribution channel, application and by regional & country level. Based upon product, microalgae market is segmented into Dunaliella Salina, Spirulina, and Chlorella. On the basis of distribution channel, the market is segmented into Online Sales, Hyper Market or Super Market and Retail Stores. Based upon application, microalgae market is classified into Pharmaceutical Industry, Cosmetics Industry, Food and Feed Industry, Chemical Industry and Other.
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Market Analysis of Microalgae-
Microalgae are microscopic algae found in marine and fresh water bodies they do not have roots, stem leaves and can range from few micrometers to hundred micrometers. These are unicellular species of algae which exist either individually or in groups. Microalgae is a rich source of protein, carbohydrates, enzymes and others which makes them suitable food source and are use widely. Microalgae is used in various nutritional supplements and also used as food color in various food items. These microalgae are able to perform photosynthesis and produce a large quantity of atmospheric oxygen and utilize carbon dioxide to grow photoautotapically. Microalgae along with bacteria form the base of food web and provide energy to the organism feed on them.
The regions covered in this Microalgae market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Microalgae market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players–
Some major key players for Microalgae market are E.I.D.- Parry (India) Limited, Taau Australia Pvt. Ltd., Cyanotech Corporation, Algae.Tec Limited, DIC Corporation, Cellana LLC, Fuqing King Dnarmsa Spirulina Co. Ltd., and TerraVia Holdings Inc. among others.
Technological advancements and increased demand of nutritional supplements is the key factor which helps Microalgae Market to grow.
Over the period of time there has been various research and development coupled with technological advancement which has created awareness and use of microalgae due to its high nutritional value. The high nutritional value of microalgae has its used in nutritional supplements on a large scale. The increased health awareness among people has increased the consumption and demand for microalgae over the forecast period. Due to the color it has also used as coloring agents in the food industry and became one of the major food ingredients over the period of time and supports the growth of microalgae market. Furthermore, ongoing research and development activities are expected to create ample opportunities. However, the high cost involves in the harvesting, climatic conditions and complex food regulations are expected to hamper the growth of microalgae market over the forecast period.
Microalgae Market Segmentation –
By Product
Dunaliella Salina, Spirulina, Chlorella
By Application
Pharmaceutical Industry, Cosmetics Industry, Food and Feed Industry, Chemical Industry, Other
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.
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