Nannochloropsis Market Worth $15.8 Million by 2028

According to a new market research report titled "Nannochloropsis Market by Form (Frozen, Liquid, Powder, Fresh Pastes), Application (Aquafeed, Extraction Companies, Other Application) - Global Forecast to 2028," published by Meticulous Research®, the Nannochloropsis market is expected to reach $15.8 million by 2028, at a CAGR of 8.5% during the forecast period 2021-2028.

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Nannochloropsis is a genus of microalgae from the phylum Ochrophyta, class Eustigmatophyceae. These unicellular algae are spherical or oblong, measuring 2-5 microns in diameter. Nannochloropsis sp. contains high amounts of omega-3 fatty acids in the form of eicosapentaenoic acid (EPA), which is a vegan alternative for fish oil. Moreover, the high content of proteins present in Nannochloropsis makes it a very interesting nutritional profile. Nannochloropsis cell mass comprises 50-55% crude protein. In addition, Nannochloropsis has been used for several decades to produce aquafeed, nutraceuticals, and feed supplements.

The overall Nannochloropsis market segmented by form (frozen, liquid, powder, and fresh pastes) and application (aquafeed, extraction companies, and other applications). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Impact of COVID-19 on the Nannochloropsis Market

The COVID-19 pandemic adversely impacted several economies around the world. Government measures to combat the spread of the COVID-19 outbreak, such as nationwide lockdowns and quarantines, negatively impacted numerous industries. Most manufacturers of food products in the food and beverage sector have felt the brunt of the COVID-19 pandemic. Social distancing, self-isolation, and city-wide lockdowns have forced the closures of establishments worldwide.

In the algae industry, a major slowdown in overall microalgae sales was witnessed during the first quarter of 2020 due to disruptions in logistics and transportation. The market also witnessed interruptions in the entire value chain from raw materials supply for culture media to production, packaging, and biomass distribution.

The effects of the COVID-19 pandemic on this market were felt in China starting 2020, as the country is one of the world's largest producers and one of the leading consumers of almost all microalgal species, including Nannochloropsis. In China, factory closures, microalgae processing facilities operating at reduced capacities, and import and export restrictions of algae biomass severely impacted the Nannochloropsis market.

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Furthermore, the COVID-19 pandemic is also expected to adversely impact this market across numerous countries globally, including the U.S., India, Australia, Brazil, and the EU-5 countries. The nationwide lockdown in India resulted in the closure of several commercial microalgae production and processing facilities, leading to a substantial decline in overall domestic microalgal production.

Therefore, the complete halt on the transportation and logistics industry and reduced overall production of microalgae due to nationwide lockdowns across the world is projected to adversely affect the global Nannochloropsis market in terms of volume sales in 2020 and 2021.

Key Findings in the Global Nannochloropsis Market Study

Based on form, the frozen Nannochloropsis segment is estimated to account for the largest share of the overall Nannochloropsis market in 2021. The large market share of this segment is mainly attributed to its wide range of applications in aquaculture hatcheries to establish the initial step of an artificial food chain as frozen Nannochloropsis are rich in fatty acids (EPA, ARA). Additionally, this segment is expected to record the highest CAGR during the forecast period as frozen Nannochloropsis biomass promotes easier management in biomass production of lipid-enriched rotifers.

Based on application, the aquafeed segment is estimated to account for the largest share of the overall Nannochloropsis market in 2021. Nannochloropsis sp. is one of the most extensively used microalgae in aquaculture due to its nutritional value and ability to produce valuable chemical compounds, such as pigments (zeaxanthin, astaxanthin, canthaxanthin) and polyunsaturated fatty acids (EPA). The growth of this segment is mainly attributed to the growing global aquaculture industry along with the growing aquafeed sector and the increasing demand for protein-rich aquafeeds.

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Geographically, Europe is estimated to account for the largest share of the global Nannochloropsis market in 2021, followed by North America and Asia-Pacific. The large market share of this region is primarily attributed to the growing aquaculture industry and need for aquafeed, increasing health awareness, rising demand for omega-3 fatty acids, and increasing demand for algae protein. Moreover, the rising demand from the biodiesel industry is further expected to create lucrative opportunities for Nannochloropsis manufacturers in the region.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4-5 years. The key players operating in the global Nannochloropsis market are Green Aqua Company SGPS S.A. (Portugal), Lyxia Corporation (China), Monzón Biotech S.L (Spain), Shaivaa Algaetech LLP (India), Algatech LTD (a part of Solabia Group) (Israel), Allmicroalgae- Natural Products S.A. (Portugal), BlueBioTech Int. GmbH (Germany), Necton S.A. (Portugal), Reed Mariculture Inc. (U.S.), AlgaSpring B.V. (Netherlands), Archimede Ricerche Srl (Italy), Proviron Industries NV (Belgium), and Astaxa GmbH (Germany) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/nannochloropsis-market-5233

Scope of the Report:

Nannochloropsis Market, by Form
Frozen
Liquid
Powder
Fresh Pastes

Nannochloropsis Market, by Application
Aquafeed
Extraction
Other Application

Nannochloropsis Market, by Geography
North America
U.S.
Canada
Europe
Spain
Portugal
Germany
Italy
France
Rest of Europe (RoE)
Asia-Pacific (APAC)
China
India
Japan
Australia
Rest of APAC (RoAPAC)
Latin America
Brazil
Mexico
Rest of Latin America (RoLATAM)
Middle East and Africa

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This release was published on openPR.