Research Report Microalgae-based Products Market Growth Analysis by Manufacturers, Regions, Type and Application
Recently, marine red algae was being highly publicized for the production of antiviral drugs to combat COVID-19. As such, the introduction of coronavirus vaccines has slowed down the pace of drug innovations. Hence, companies in the microalgae-based products market are focusing on making coating materials on sanitary items to fight COVID-19. They are focusing on essential products such as for personal care, skin care, and dietary supplements to stay relevant in business during the pandemic.
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Production Scale up of Algae Offset Disadvantages of Photo Bio-reactors
Researchers think that algae might be the answer to lower greenhouse gas (GHG) emissions at power plants and address climate change. Breakthrough innovations such as bio-adaptive facades are being developed using algae within its glass louvers in order to generate energy and provide shade to a working building. This explains why the microalgae-based products market is slated to register a favorable CAGR of ~6% during the forecast period.
Photo bio-reactors are being used to sustainably develop bio-based fuel, which is carbon neutral. However, the algae in these bio reactors need to be grown under controlled temperature conditions. This leads to expensive investing costs. As such, stakeholders in the microalgae-based products market are focusing on advantages such as rise in production and high-energy per-acre than other bio-fuels.
Purchase A Report-Strategic Partnerships Help Strengthen Research in F&B-based Microalgae
The microalgae-based products market is expected to cross the valuation of US$ 4.2 Bn by 2031. The food and beverage (F&B) sector is creating lucrative opportunities for manufacturers. Unilever - a multinational consumer goods company has announced collaboration with Algenuity - a biotech startup to explore the viability of microalgae as an ingredient in F&B products. Companies in the microalgae-based products market are gaining a strong research base for chlorella vulgaris, which is a nutrient-rich source of protein and fiber. Low environmental footprint of this microalgae is being preferred by F&B manufacturers.
Extensive Biological Diversity of Algae Supports Industrial, Agricultural Demands
Mankind has recognized the value of land plants as renewable sources of medicine, food, and other materials for millennia. Microalgae is gaining prominence as a next-gen resource for urgent industrial and agricultural demands. Companies in the microalgae-based products market are increasing efforts to tap into its extensive biological diversity that can be leveraged to produce various bioproducts in the F&B and personal care sector.
Manufacturers in the microalgae-based products market are boosting their output capacities for natural and genetic manipulation of algae to use sunlight for fixing the atmospheric carbon. Photo bio-reactors have become a recurring trend and help microalgae to be more water-efficient than crop plants and can be cultivated on non-arable land with minimal use of freshwater.
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Immense Potential in Marine Supercrops Grabs Attention of Manufacturers
The increasing number of marine ingredient startups is innovating in cosmeceuticals and nutraceuticals. Israel-based Yemoja has a team of marine biology and biotech experts that are gaining proficiency in high precision and fast-track photo bioreactor technology to expand their business in cosmeceuticals and nutraceuticals. Manufacturers in the microalgae-based products market are bolstering their production capabilities to tailor microalgae into desired nutritional compounds and functionalities.
Startups in the microalgae-based products market are producing algae-centered ingredients that are standardized as per any bioactive compound or algae extract involving fucoxanthins, carotenoids, and enzymes. However, the marine supercrops sector is still in its nascent stage, and there is a need to boost the entire microalgae value chain with new varieties and yields.
Microalgae-based Products Market: Overview
• Microalgae are unicellular microscopic algae, typically found in marine and freshwater systems living in sediments as well as water columns. Microalgae-based products are used in a wide range of biotechnological applications such as wastewater bioremediation, biodiesel production, and dietary supplements for human and animal nutrition.
• Microalgae-based products are widely employed in the production of food & beverages, personal care products, pharmaceuticals, nutraceuticals & dietary supplements, chemicals, fuel, and animal feed
• Microalgae are a primary source of omega-3 polyunsaturated fatty acids. Fish obtain eicosapentaenoic acid (EPA) via bioaccumulation in the food chain.
• According to Transparency Market Research’s latest research report on the global microalgae-based products market for the historical year 2020 and the forecast period 2021 to 2031, rise in usage of microalgae-based products in the nutraceuticals & dietary supplements segment is a key factor that is expected to boost the global microalgae-based products market during the forecast period
• In terms of revenue, the global microalgae-based products market is estimated to cross US$ 4.2 Bn by 2031, expanding at a CAGR of ~6% during the forecast period
Rise in Demand for Microalgae in Nutraceuticals and Dietary Supplements: Key Driver of Microalgae-based Products Market
• Currently, microalgae-based products are extensively employed in the production of food supplements and nutraceutical products. Rise in awareness regarding nutrition and health; and increase in preference for natural alternatives for traditional pharmaceutical products are driving the global microalgae-based products market.
• Increase in adoption of high-value molecules in microalgae, including fatty-acids and pigments in the production process of dietary supplements is another major factor boosting the global microalgae-based products market
• Rise in focus on R&D activities by manufacturers and public research institutes in order to accelerate technological breakthroughs; and implementation of new technologies for product development are also key factors that are expected to propel the market during the forecast period
Use of Nutraceuticals & Dietary Supplements in Spirulina Products of Microalgae-based Products Market
• Based on product & its application, the nutraceuticals & dietary supplements application dominated the spirulina segment in 2020. Increase in demand for spirulina-based nutraceuticals and dietary supplements across the globe is driving the demand for spirulina in nutraceuticals & dietary supplements application.
• Food & beverages application dominated the chlorella products segment in 2020. Health benefits of chlorella include pH regulation, energy boosting abilities, and high concentration of protein and essential fatty acids. Thus, demand for chlorella is high in food & beverages application.
Increase in Application of Spirulina
• Based on product, the spirulina segment dominated the global microalgae-based products market in 2020. Spirulina is used as a protein supplement and health food. Therefore, it has gained popularity in the human nutraceutical industry in various developing and underdeveloped regions such as Asia and Africa where malnutrition is prevalent. Demand for spirulina is anticipated to be high in the near future, owing to the rise in awareness about health benefits of spirulina-based food products among consumers and a wide variety of natural colors produced by spirulina. Governments of India and South Africa are promoting the production of spirulina, considering its health benefits.
• Chlorella is another vital segment of the global microalgae-based products market. Chlorella has high protein content and nutritional value, and is easy to cultivate. It is high in other essential nutrients such as chlorophyll, antioxidants, vitamins, minerals, and fiber. Chlorella is primarily used in juices and other beverages, and snacks. This is anticipated to drive the chlorella segment in the near future.
Rise in Application of Microalgae-based Products in Food and Beverages
• In terms of volume, the food & beverages application segment is projected to dominate the microalgae-based products market during the forecast period. The segment is estimated to maintain its dominance during the forecast period, as microalgae are a rich source of carbohydrates, proteins, enzymes, and fiber. Various vitamins and minerals such as vitamin A, C, B1, B2, B6, niacin, iodine, potassium, iron, magnesium, and calcium are extensively found in microalgae. Therefore, microalgae are used in various foods and beverages. Microalgae are added to pasta, other snack foods, or drinks either as natural food colorants or nutritional supplements. This is further boosting the demand for microalgae-based products in food and beverages.
• The nutraceuticals & dietary supplements segment also held notable share of the market in 2020. This can be ascribed to the rise in concerns regarding nutrition and health; and increase in preference for natural alternatives for traditional pharmaceutical products.
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