Microalgae-Based Products Market 2021-2028 Industry Trend and Demands Research Report

The microalgae-based products market was valued at US$ 1,547.23 million in 2020 and is projected to reach US$ 2,811.10 million by 2028; it is expected to grow at a CAGR of 7.9% from 2021 to 2028.

Microalgae are defined as prokaryotic or eukaryotic microorganisms that can be traced with the help of a microscope. These microscopic organisms are unicellular species that are founded separately or in chains or groups and can be sourced out from freshwater and marine systems. These microorganisms possess a simple cell structure and require light, carbon dioxide, water, and essential nutrients such as phosphorus and nitrogen, for their growth.

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Top Key Players:- Algae Health Sciences - A BGG company; Bluebiotech International Gmbh; Cargill, Incorporated; Cellana Inc.; Earthrise Nutritionals, LLC; E.I.D. - Parry (India) Limited; Cyanotech Corporation; Euglena Co., Ltd.; Far East Bio-Tec Co., Ltd; and AstaReal.

As highlighted by The Institute of Food Technologists in 2016, the number of people consuming vegetarian and vegan diets is increasing. This shift can be attributed to allergic reactions due to the consumption of certain food items. For instance, approximately 5% of Americans are categorized as vegetarian, 2% as vegan, and almost 15 million Americans suffer from food allergies. Also, according to the Centers for Disease Control and Prevention (CDC), the occurrence of food allergies is rising, and it is expected to escalate, which will drive the demand for vegan food.

Impact of COVID-19 Pandemic on Microalgae-Based Products Market

The ongoing pandemic has drastically altered the status of the food & beverages sector and negatively impacted the growth of the microalgae-based products market. The implementation of measures to combat the spread of the virus has aggravated the situation and affected the growth of several industrial sectors. The market has been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries.

On the basis of type, the global microalgae-based products market has been segmented into Spirulina, Chlorella, Astaxanthin, Beta Carotene and others.

On the basis of application, the global microalgae-based products market has been segmented into food & beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, others.

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This release was published on openPR.