Microbial Algae Products Market by Product Type (Astaxanthin, B-Carotene, Spirulina, Chlorella, PUFA and Lutein)
Industry: Food and Beverages
Published Date: March-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP31927
The Market for Microbial Algae Products can be expected to grow at a value-based CAGR of 6.1% and show an increase in revenue from US$ 3,326.5 in 2023 to around US$ 6,013.7 Million by 2033.
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Market Size (2023E) |
US$ 3,326.5 Million |
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Projected Sales of Microbial Algae Products (2033F) |
US$ 6,013.7 Million |
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Value CAGR (2023 to 2033) |
~6.1% |
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Value Share of Top 4 Countries (2023 E) |
~32-38% |
The Global Microbial Algae Products Market has significantly grown to register a CAGR of ~5.8% in the historical period and was valued at US$ 3,326.5 Mn in 2023. Countries such as China, India, Japan, and Thailand, among other Asian countries held a significant share in the global market owing to the increasing consumption of nutraceuticals products.
In recent years, there has been a growing trend toward using natural ingredients in food, and nutraceuticals, resulting from increasing concerns regarding consumer safety and regulatory issues over the introduction of synthetic chemicals in the human food chain. Demand for natural products derived from microalgae has been growing rapidly, owing to increasing consumer awareness of its health benefits. Application of astaxanthin, spirulina, chlorella Lutein, and others has increased in aquaculture feed, nutraceutical, cosmetics, and food & beverages. This is boding well for the expansion of the market size.
The global market for microbial algae products is estimated to reach an approximate valuation of US$ 6,013.7 Mn in the forecast period.
“Rising Awareness about benefits of Microalgae”
Owing to the increased market understanding of food impacts on human health, the demand for Functional Foods has boomed in recent decades. An increase in the number of consumers opting for a healthy lifestyle has led to higher consumption of natural and healthy products. Consumers are becoming more conscious about their health and diet. Rising awareness about the benefits of microalgae had increased the sales of microalgae products across many regions.
Around 84% of adults in the United States, consume dietary supplements, out of which ~77% were regular consumers as per the CRN Consumer Survey 2021. This is expected to boost the overall growth of the global microalgae product market over a certain extent over the forecast period.
“Growing Demand of Dietary Supplements and Superfoods”
Natural astaxanthin sources from microalgae are three to four times more valuable than synthetic alternatives in the pharmaceutical and nutraceutical markets. Since, there is growing market demand for natural astaxanthin for specific commercial applications to replace synthetic ingredient in products, manufacturers have increased cultivation of microalgae on an industrial scale.
Microalgae-based products demand are rising in all the time, as spirulina and chlorella are superfoods, since they consist of large amounts of protein. Spirulina also contains high amounts of minerals, vitamins, and other nutrients, which makes it an ideal food ingredient. Spirulina contains vitamin A, B, C, E, and K, and calcium, magnesium, phosphorous, iron, sodium, zinc, and manganese.
Increase in dietary supplement and superfood consumption among consumers is boosting the global microbial algae products across six regions. Moreover, growing demand in the animal feed and aquaculture market is anticipated to surge the growth of the global microbial algae products market.
“Increasing Demand for Natural Ingredients Creating Opportunities for Manufacturers”
Demand for natural food supplements and growing awareness about the adverse effects of chemical products among consumers will lead to increased production of astaxanthin, spirulina, and chlorella in the future. As consumers are seeking more natural products, food suppliers are reformulating existing product lines to offer unique products. To offer cleaner, consumer-friendly ingredients such as colors, natural sources have become increasingly common.
Consumers are steadily avoiding animal-based proteins, owing to growing environmental and health issues in many regions around the world, such as Europe and North America. Consumers are moving toward plant-based or microalgae-based proteins-a trend that is expected to provide a significant boost to the overall growth of the global microbial algae products market space.
At present, microalgae-based proteins and ingredients are typically niche in popular foods and drinks. There are products with microalgae used as minor ingredients, such as pasta and some bakery products, and even, more recently, products that use natural blue spirulina pigments in drinks and confectionery. The United States Food & Drug Administration (FDA) has approved Spirulina to be used as a colorant in confectionery applications and chewing gums in the United States, and the color is in full compliance with federal regulations.
Although there is considerably high competition in the food & beverages, pharmaceutical, and nutraceutical industries, businesses are constantly finding new ways to cut through this rivalry to gain a competitive advantage. Although the microbial algae products market is relatively in its infancy, several companies and small start-ups are entering this space.
“Increased consumer spending on Healthcare Products”
A rising number of health concerns are witnessed across the globe, which is expected to increase the consumption of food supplements and dietary supplements. Moreover, consumers are getting aware of the negative impacts of consuming processed foods, which is the key reason for the increase in demand for supplements. Microalgae product such as astaxanthin is gaining attraction from consumers across many regions owing to its health benefits. Consumers are now more likely to spend more on health, which is anticipated to increase the global market for microalgae products.
What is the Value Share Held by China for the Microbial Algae Products Market?
Various manufacturers have incorporated cutting-edge technology into their manufacturing facilities. This guarantees the highest possible standard of product delivery and establishes enduring business relationships with customers.
China is also considered as one of the leading producers of plant-based compounds in the region owing to the availability of raw materials in the country. Owing to various factors, like rising disposable income, motionless lifestyle habits, the growing awareness about health and wellness, and the increasing prevalence of chronic conditions, there is a shift in the consumption patterns of individuals. Consumers are aiming to eliminate carbohydrate-rich diets and striving to increase the consumption of protein-rich food products in their diet.
China currently holds a value share of 40.9% in the East Asian market and a valuation of US$ 153.6 Million in 2023.
What is the Demand Outlook in North American Region for Microbial Algae products?
The North America region holds 27.4% of the current market share and is valued at US$ 921.1 Million in 2023.
Considering these factors, United States is expected to dominate the market due to the increasing interest in fitness, expanding aquaculture industry and is expected to set high standards for quality assurance and quality control management across the globe. The market for United States is projected to grow at a significant growth rate of 6.5% during the forecast period.
Which Application of Microbial Algae Products Accounts for High Revenue Generation?
Based on the application, the global market microbial algae products is segmented into food & beverage, dietary supplement & pharmaceutical, personal care, animal feed & aquaculture, among others. The food & beverage application holds the maximum value of US$ 1,299.2 Million in 2023 and 39.1% of the value share.
An increasing working population, fast urbanization, and population expansion are driving demand for processed food products; these factors should boost the growth of the algal protein industry. Moreover, increasing consumer demand for plant-based food and beverage products as a result of the vegan lifestyle should aid the growth of the algal protein market in the food and beverage industry.
Key manufacturers are targeting product offerings especially towards manufacturers operating in the algae industry. Multinational companies with a wide variety of products account for roughly 35-40% of the global microbial algae products industry. DSM N.V., Naturex SA, Now Foods, and DIC Corporation, among others, are some of the major players operating in the global microbial algae products market. Regional players account for a market share of 25-30%, while local players account for 20-30%. The latter is engaged in the business of providing microbial algae products, operates at a small scale, and is more export-oriented.
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Attribute |
Details |
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Forecast period |
2023 to 2033 |
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Historical data available for |
2018 to 2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report Coverage |
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Customization & pricing |
Available upon request |
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The global market for microbial algae products has a value of US$ 3,326.5 Mn in 2023.
The global market for microbial algae products has a value CAGR of ~5.8% from 2018-2022.
The global market for microbial algae products has a value of US$ 6,013.70 Mn in 2033.
The global market for microbial algae products has a value CAGR of ~6.1% from 2023-2033.
The top players in the global microbial algae products market include DSM N.V., Naturex SA, Now Foods, and DIC Corporation, among others.
