Microalgae Market use in food and beverage products, nutraceuticals, cosmetics, and personal hygiene items

According to Precision Business Insights' (PBI), latest report, the market value of the Microalgae Market size was valued at USD 1,201.3 million in 2023, growing at a 5.7 % CAGR during the forecast period 2024 to 2030. The primary factors that drive the market are the growing awareness of the health benefits of microalgae, rising consumers across the world, and increasing demand in food & and beverage, dietary supplements, pharmaceuticals, cosmetics & personal Care,

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THE MICROALGAE MARKET DETAILED SEGMENTATION:
Based on the type, the market is segmented into the following
• Spirulina
• Chlorella
• Dunaliella Salina
• Nannochloropsis
• Haematococcus Pluvialis
• Phaeodactylum tricornutum
• Porphyridium Cruentum
• Others

Based on the type, the market is segmented into the following
• Food Grade
• Feed Grade
• Cosmetic Grade
• Others

Based on the application, the market is segmented into the following
• Food & Beverage
• Dietary Supplements
• Pharmaceuticals
• Cosmetics & Personal Care
• Bio-Fuel, Inks
• Animal Feed
• Others

Based on the distribution channel, the market is segmented into the following
• Retail Store
• Hypermarket/Supermarket
• E-commerce

Spirulina Products Dominate the Microalgae Market:
Based on type, spirulina holds the highest market share. The major factor for the rise of this segment is the use of spirulina due to its high richness of vitamins and minerals essential for maintaining a healthy immune system, like vitamins E, C, and B6. Research finds that spirulina also boosts the production of white blood cells and antibodies that fight viruses and bacteria in your body. The bioactive nature of microalgae gives health benefits to the body, due to its preventive properties microalgae are used in cancer, cardiac diseases, and eye diseases drugs. These factors can drive the Microalgae Market growth.

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Based on the region, the market is segmented into the following
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Asia Pacific Microalgae Market:
Asia Pacific region is expected to grow significantly in the microalgae market size over the forecast period. Health awareness of microalgae results in high demand in the market but as observed the distribution of functional foods and supplements has been significantly damaged, impacting end-user consumption in the market, resulting in the microalgae market will grow steadily. China with a growing population and rising health awareness in the country is predicted to grow significantly in the upcoming years. Japan dominates the market share by adopting a maximum healthy lifestyle showing lucrative opportunities in the forecast years.

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STRATEGIC NEW PRODUCT LAUNCHES, MERGERS, ACQUISITIONS, AND AGREEMENTS ARE THE KEY STRATEGIES ADOPTED BY MARKET PLAYERS:
The Microalgae Market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the

Key players' profiles in the Microalgae Market report are Algatechnologies Ltd, BASF SE, Buggypower, Cellana LLC, Corbion (TerraVia Holdings), Cyanotech Corporation, DIC Corporation, Fuji Chemical Industries Co., Ltd., INNOBIO Corporation Limited, KDI Ingredients, DSM NV, Parry Nutraceuticals, Roquette Frères, Sinoway Industrial Co., ltd, Sun chlorella, and Yunnan Green-A-Bio-engineering Co Ltd

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