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Microalgae Market: Key Drivers, Insights, Outlook, Overview, and Research Report 2024-2033
Microalgae Market Key Drivers
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According to The Business Research Company's, The microalgae market size has grown strongly in recent years. It will grow from $1.03 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to research and development advances, environmental awareness, nutritional and health benefits, government support and policies, diversification of applications.
The microalgae market size is expected to see strong growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to climate change mitigation, population growth and food security, bioremediation applications, market entry of startups and smes, international collaborations for research. Major trends in the forecast period include integration of genetic engineering techniques, utilization in wastewater treatment, market penetration in cosmetics and personal care, exploration of novel microalgae species, collaborations and partnerships in research.
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Market Drivers and Trends:
The increasing demand for plant-based protein is expected to propel the growth of microalgae market going forward. Microalgae, such as spirulina and chlorella, serve as rich sources of protein and offer a sustainable alternative to traditional protein sources like soy or animal products. As consumers shift towards plant-based diets for health, environmental, and ethical reasons, microalgae provide a valuable protein source due to their nutritional content, amino acid profiles, and versatility in various food products. For instance, in April 2023, according to Good Food Institute, a US-based non-profit organization, the global retail sales of plant-based meat and seafood in 2022 amounted to $6.1 billion, indicating an eight percent growth in revenue and a five percent increase in weight. Additionally, the collective sales of plant-based milk, cheese, and yogurt reached $21.6 billion globally, marking a seven percent rise from the previous year, 2021. Therefore, the increasing demand for plant-based protein is driving the growth of microalgae market.
Technological advancements have emerged as a key trend gaining popularity in the microalgae market. Major companies operating in the market are focused on innovating new technologies to sustain their position in the market. For instance, in June 2021, Polaris, a US-based multinational biotechnology company, launched Omegavie DHA 800 algae oil, a high-concentration DHA component from microalgae. It is sourced from microalgae (Schizochytrium sp.) that are high in vitamins, proteins, pigments, and enzymes. In order to safeguard and enhance the stability of microalgae, it makes use of Polaris' unique Qualitysilver technology. Omegavie DHA 800 is exceptional due to its high potency, providing at least 800 mg/g of DHA. Polaris developed a patented sensory product line with exclusive and cutting-edge technology to ensure flavor. The method produces items with high organoleptic quality for optimal swallowing and zero-off notes.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Thermo Fisher Scientific Inc., Albany Molecular Research Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Domainex Ltd., GenScript Biotech Corporation, Pharmaceutical Product Development LLC, Advinus Therapeutics Pvt. Ltd., Jubilant Biosys Ltd., Evotec AG, Syngene International Ltd., Bayer AG, Merck KGaA, Ubiquigent Ltd., Eurofins Scientific SE, AppTec Laboratory Services Inc., GVK Biosciences Private Limited, Aurigene Discovery Technologies Limited, Viva Biotech Holdings, Pharmaron Beijing Co. Ltd., Selcia Limited, Concept Life Sciences Group Limited, BioDuro LLC, ChemPartner Corporation, Aptuit LLC, Sygnature Discovery Limited, Peak Proteins Ltd., SRI International, BioAscent Discovery Limited, Sai Life Sciences Limited, Promega Corporation, MedChemExpress LLC, Aragen Bioscience Inc., WuXi STA, BioNTech SE, Moderna Inc., Gilead Sciences Inc., Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals Inc., Amgen Inc., Bristol-Myers Squibb Company
Microalgae Market 2024 Key Insights:
• The microalgae market size is expected to see strong growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Rising Demand For Functional Foods To Drive Market Growth
• Technological Advancements Driving Innovation In Microalgae Market
• North America was the largest region in the microalgae market share in 2023
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