Microalgae-based Products Market topping a valuation of US$ 5 Bn by 2031

For the forecast period of 2021-2031, Persistence Market Research forecasts a 5.7% CAGR in terms of value, with the market surpassing a valuation of US$ 5 Bn by 2031. According to forecasts, developing Microalgae-based Products Market are growing rapidly across all regions. Through 2031, it is anticipated that North America would account for more than 26% of the global market value for products containing seaweed. Microalgae-based product sales were 1% to 1.5% of the worldwide algae market by value as of 2020.

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Companies manufacturing algae products are increasingly seeking ways to cut through the competition and gain a competitive edge. Although the microalgae-based products market is relatively at the nascent stage, the number of companies and small-scale start-ups that are entering the market has witnessed consistent growth.

Several companies in the food and feed products from microalgae are forging strategic alliances to expand their market presence and establish a solid foothold in the microalgae-based products landscape, thus stimulating growth of the market.

For instance, in November 2019, Nestle entered into a partnership with Corbion to develop a next-generation range of microalgae-based products and deliver sustainable plant-based products. The move is expected to streamline the commercialization as well as production of microalgae-based products for Nestle.

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Competitive Landscape
Key manufacturers of microalgae-based products are inclined toward innovation, development, and expansions to enhance the nutritional benefits of their fine quality. Producers are focused on enhancing their innovation capabilities and quality of products.

o In 2020, DSM announced a new research collaboration with TRAQ that is developing a point-of-need test, which can track activity and health data through saliva sampling. The research will be used to measure a health biomarker from saliva, and to test, if a supplementation with specific vitamins, minerals, and other nutrients exists.

o In 2019, Phycom completed the expansion of its new production site in Veenendaal. This expansion enabled the company to offer different types of algae under the GMP+ certification, which helps increase its consumer base with quality and safety products.

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Microalgae-based Products Industry by Category: Microalgae-based Products Market
Product Type
o Astaxanthin
o B-Carotene
o Spirulina
o Chlorella
o PUFA
o Lutein
o Others

Application
o Food & Beverages
o Dietary Supplements & Pharmaceuticals
o Personal Care
o Animal Feed & Aquaculture
o Others

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This release was published on openPR.