Press release
Microalgae Market Report 2024: Strategies And Recent Developments
Microalgae Market
The Business Research Company offers in-depth market insights through Microalgae Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The microalgae market size has grown strongly in recent years. It will grow from $1.03 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to research and development advances, environmental awareness, nutritional and health benefits, government support and policies, diversification of applications.
The microalgae market size is expected to see strong growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to climate change mitigation, population growth and food security, bioremediation applications, market entry of startups and smes, international collaborations for research.. Major trends in the forecast period include integration of genetic engineering techniques, utilization in wastewater treatment, market penetration in cosmetics and personal care, exploration of novel microalgae species, collaborations and partnerships in research..
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Market Segmentation:
The microalgae market covered in this report is segmented -
1) By Type: Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis, Other Microalgae
2) By Distribution Channel: Business Channel, Consumer Channel
3) By Applications: Food and Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics and Personal Care, Bio-Fuel, Inks, Animal Feed, Other Applications
Major Driver - Rising Demand For Functional Foods To Drive Market Growth
The increasing demand of functional foods is expected to propel the growth of microalgae market going forward. Functional foods refer to food products that offer health benefits beyond basic nutrition. These foods are formulated to provide additional positive effects on health by promoting optimal physiological functions and reducing the risk of chronic diseases. Microalgae, such as spirulina and chlorella, are nutrient-rich and contain bioactive compounds like antioxidants. Their incorporation into functional foods enhances nutritional profiles, aligns with health and wellness trends, and offers diverse applications in various food products. For instance, according to the Institute of Food Technologists (IFT), a US-based non-profit scientific society, the sales of functional foods and beverages in the United States reached $83 billion in 2021, a 6.8% increase over 2020. Therefore, the increasing demand of functional foods is driving the growth of the microalgae market.
Competitive Landscape:
Major companies operating in the microalgae market report are Thermo Fisher Scientific Inc., Albany Molecular Research Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Domainex Ltd., GenScript Biotech Corporation, Pharmaceutical Product Development LLC, Advinus Therapeutics Pvt. Ltd., Jubilant Biosys Ltd., Evotec AG, Syngene International Ltd., Bayer AG, Merck KGaA, Ubiquigent Ltd., Eurofins Scientific SE, AppTec Laboratory Services Inc., GVK Biosciences Private Limited, Aurigene Discovery Technologies Limited, Viva Biotech Holdings, Pharmaron Beijing Co. Ltd., Selcia Limited, Concept Life Sciences Group Limited, BioDuro LLC, ChemPartner Corporation, Aptuit LLC, Sygnature Discovery Limited, Peak Proteins Ltd., SRI International, BioAscent Discovery Limited, Sai Life Sciences Limited, Promega Corporation, MedChemExpress LLC, Aragen Bioscience Inc., WuXi STA, BioNTech SE, Moderna Inc., Gilead Sciences Inc., Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals Inc., Amgen Inc., Bristol-Myers Squibb Company
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Top Trend - Technological Advancements Driving Innovation In Microalgae Market
Technological advancements have emerged as a key trend gaining popularity in the microalgae market. Major companies operating in the market are focused on innovating new technologies to sustain their position in the market. For instance, in June 2021, Polaris, a US-based multinational biotechnology company, launched Omegavie DHA 800 algae oil, a high-concentration DHA component from microalgae. It is sourced from microalgae (Schizochytrium sp.) that are high in vitamins, proteins, pigments, and enzymes. In order to safeguard and enhance the stability of microalgae, it makes use of Polaris' unique Qualitysilver technology. Omegavie DHA 800 is exceptional due to its high potency, providing at least 800 mg/g of DHA. Polaris developed a patented sensory product line with exclusive and cutting-edge technology to ensure flavor. The method produces items with high organoleptic quality for optimal swallowing and zero-off notes.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Microalgae Market Characteristics
3. Microalgae Market Trends And Strategies
4. Microalgae Market - Macro Economic Scenario
5. Microalgae Market Size And Growth
…..
27. Microalgae Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Microalgae market can be split based on product types, major applications, and important regions.
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Dongtai City Spirulina Bio-engineering
TAAU Australia
Shengbada Biology
Cyanotech Corporation
Algaetech Group
Alltech
Fuqing King Dnarmsa Spirulina
DIC Corporation
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North America
Europe
China
Japan
Middle East & Africa
India
South America
Others
Most important types of Microalgae products covered in this report are:
Dunaliella Salina
Chlorella
Spirulina
Most widely used downstream fields of Microalgae market covered in…
