Impact of COVID-19 on Microalgae-based Products Market: Implications on Business
The global microalgae-based products market was valued at US$ 1.8 Bn in 2019 and is anticipated to expand at a CAGR of ~5% during the forecast period. Rise in usage of microalgae-based products in food and nutraceutical & dietary supplements applications is expected to drive the microalgae-based products market in the near future. Europe is anticipated to account for a major share of the global microalgae-based products market during the forecast period.
Microalgae-based Products Market: Introduction
The global microalgae-based products market was valued at US$ 1.8 Bn in 2019 and is anticipated to expand at a CAGR of ~5% during the forecast period. Rise in usage of microalgae-based products in food and nutraceutical & dietary supplements applications is expected to drive the microalgae-based products market in the near future. Europe is anticipated to account for a major share of the global microalgae-based products market during the forecast period. Rise in demand for microalgae-based products in various applications such as food & beverages, animal feed, pharmaceuticals, nutraceuticals, and biofuel in Europe is driving the microalgae-based products market in the region.
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Key Drivers of Microalgae-based Products Market
The global demand for microalgae-based products is anticipated to increase significantly over the next few years. Commercialization of microalgae-based products and consistent capacity additions by key manufacturers across the globe are projected to positively affect the prices of products. Various countries across the globe are adopting the strategy for developing bio-economy. The adoption of bio-economy is based on the increase in usage of sustainable biological resources to meet the rising demand for food and energy. In this context, microalgae is used as an emerging biological resource for its potential applications in different fields, including food, animal feed, biofuel, and other industrial applications. This is estimated to boost the microalgae-based products market in the near future.
Spirulina to Offer Growth Opportunities to Microalgae-Based Products Market
Spirulina is a type of microalgae that can be consumed as dietary supplement or feed, owing to its excellent nutritional value and health benefits. It serves as a significant choice for human consumption due to its high protein and vitamin content. Spirulina also possesses strong anti-inflammatory and antioxidant properties. Spirulina is used as protein supplement and health food. Therefore, it has gained popularity in the human nutraceutical industry in various developing and underdeveloped regions such as India and Africa, wherein malnutrition is prevalent. The rise in demand for cyanobacteria due to their contribution in weight reduction; and increase in number of health clubs and fitness centers are projected to boost the spirulina segment in the next few years.
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Government Regulations on Food Safety and High Cost of Production to Hamper Market
Difficulties in attaining commercial authorization of algae-derived products in regional markets, due to the presence of stringent regulations, is a key factor that is likely to hamper the global microalgae-based products market. Unstable climate conditions in different countries is also a prominent factor anticipated to restrain the global microalgae-based product market during the forecast period.
Europe Dominates Microalgae-based Products Market
In terms of region, Europe accounted for a major share of the global microalgae-based products market in 2019. Its share is expected to increase during the forecast period, due to large-scale production activities in the region. Multinational corporations in Europe are engaged in R&D and technology development to manufacture high value microalgae products. The microalgae-based products market in North America is estimated to expand significantly, owing to a shift in preference toward biofuel and health benefits offered by microalgae-based food and beverages in the region. Cultivation and harvesting technology to provide quality microalgae-based products are also estimated to boost the microalgae-based products market in North America over the next few years.
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Key Players in Global Market
The production of various microalgae-based products is currently concentrated among a small number of producers. Most producers are located in Asia Pacific. However, of late, some Europe-based companies have acquired a number of leading companies from Asia Pacific. The production of microalgae-based food and feed products by Europe-based companies significantly impacts the global microalgae-based products market. On September 12, 2018, Cyanotech Corporation announced that it had joined Algae Biomass Organization as the newest Gold-Level member. Algae Biomass Organization is a non-profit organization that promotes the development of feasible commercial markets for sustainable, and renewable commodities derived from algae.
