Meticulous Research®, a leading global market research company, has published an insightful report titled "Microalgae Market by Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis), Production Technique (Ponds, Fermenters, Photobioreactors), Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food & Beverages), and Geography - Global Forecast to 2030".
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According to the report, the microalgae market, by value, is anticipated to reach $2.08 billion by 2030, growing at a CAGR of 8.5% from 2023 to 2030. In terms of volume, the market is expected to achieve 100,788.0 thousand tons by 2030, exhibiting a robust CAGR of 12.8% over the forecast period.
Market Growth Drivers: The expansion of the microalgae market is fueled by several key factors:
• Increasing consumer focus on health and wellness.
• Growing demand in the dietary supplements sector.
• Rising preference for natural food colorants.
• The surge in vegetarianism and the nutraceutical industry.
• Elevated demand for microalgae-derived products.
However, market growth may be hindered by the low awareness regarding the benefits of microalgae and the complexities involved in algae product production. Despite these challenges, the increasing demand for phycocyanin and microalgae use in biorefineries offers significant growth opportunities. Contamination risks and the adoption of advanced production technologies, such as photobioreactors, are also shaping market trends.
Market Segmentation:
1. By Type:
o Spirulina
o Chlorella
o Dunaliella Salina
o Haematococcus Pluvialis
o Nannochloropsis
o Other Microalgae
2. By Production Technique:
o Ponds
o Fermenters
o Photobioreactors
3. By Category:
o Inorganic
o Organic
4. By Distribution Channel:
o Business Channel (B2B)
o Consumer Channel (B2C)
5. By Application:
o Nutraceuticals
o Food & Beverages
o Animal Feed
o Cosmetics
o Other Applications
6. By Geography:
o North America
o Europe
o Asia-Pacific
o Latin America
o Middle East & Africa
Segment Insights:
• Type: Spirulina is projected to dominate the market share in 2023 due to its rising use in dietary supplements, natural food colorants, and increasing preference among vegetarians.
• Production Technique: Pond cultivation is anticipated to hold the largest market share, driven by its cost-effectiveness and higher biomass yield potential.
• Category: The organic segment is expected to register the highest CAGR, reflecting the growing demand for natural food colorants and organic products.
• Distribution Channel: The B2B segment is set to account for the largest market share due to direct bulk purchasing by manufacturers for various industries.
• Application: Nutraceuticals will likely dominate the market share, influenced by the booming nutraceutical sector and increasing health awareness.
Geographic Insights: North America is expected to lead the global microalgae market in 2023, followed by Asia-Pacific and Europe. The region’s market dominance is attributed to high health supplement consumption, stringent regulations against synthetic colors, and the presence of key algae biomass manufacturers in the U.S.
Key Market Players: Prominent players in the microalgae market include:
• Fuqing King Dnarmsa Spirulina Co., Ltd. (China)
• Earthrise Nutritionals, LLC (U.S.)
• E.I.D. - PARRY (INDIA) LIMITED
• Cyanotech Corporation (U.S.)
• C.B.N. Bio-engineering Co., Ltd (China)
• YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD (China)
• And several others
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