Microalgae-Based Products Market Size to Grow at a CAGR of 7.9% to Hit USD 2,811.10 Million by 2028 | The Insight Partners

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. The report highlights key factors driving the market and prominent players along with their developments in the market. 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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The List of Companies - Microalgae-based Product Market
• Algae Health Sciences - A Bgg Company
• Astareal Ab
• Bluebiotech International Gmbh
• Cargill, Incorporated
• Cellana Inc.
• Cyanotech Corporation
• Earthrise Nutritionals, Llc
• Eid Parry Ltd.
• Euglena Co, Ltd
• Far East Bio-Tec Co., Ltd

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.

Moreover, consumers are seeking out natural protein sources, which are not obtained from animals and are free of allergens. This is anticipated to contribute to 50% of the alternative protein market by 2054. Hence, algae-derived protein is considered to be an effective alternative solution to protein foods required by vegetarians or vegans. Both macroalgae and microalgae are classified as essential sources of nutrients such as vitamins A, C, E, folate, calcium, iodine, iron, several essential minerals and trace elements, omega-3 fatty acids, lipids, carbohydrates, and protein. For instance, the presence of the protein content in the microalgae ranges up to 70%.

Hence, the food and ingredient manufacturers are touting to use algal biomass as one of the vital nutritional ingredients in the preparation of functional food and food products, free of known allergens. For instance, Solazyme has extensively researched the potential application of microalgae in the formulation of functional food ingredients. The company has developed Chlorella-based soft, fine microalgae powder, which helps in the production of AlgaVia Whole Algae Flour, and AlgaVia Whole Algae Protein.

Also, both the products have been effectively categorized under vegan whole-food ingredients, which are gluten-free, allergen-free, not genetically engineered, and quite sustainable. Therefore, the emerging prospects of macro and microalgae in vegan food are expected to create lucrative opportunities for the growth of the 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.

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This release was published on openPR.