The shift towards the rising dietary supplements sector vertical and the food industry is attributed to the market's growth. Demand for natural food colours, the nutraceuticals industry's growth, and the growing popularity of microalgae-based products are also projected to drive market growth.
Microalgae are unicellular photosynthetic microorganisms that convert sunlight, carbon dioxide, and water into algal biomass in saline or freshwater settings. They have good prospect for a variety of applications, including bioactive chemicals, animal feeds, fuel feedstock, and bioremediation. It is cost-effective and sustainable source of biofuels, bioactive pharmaceutical compounds, and dietary additives.
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Microalgae are capable of converting CO2 from the atmosphere into beneficial products including lipids, carbohydrates, and other bioactive compounds. Microalgae, when utilised as biofuels, are a great replacement for fossil fuels in terms of cost, renewable nature, and environmental issues. It also has a high-value product with remarkable biological and pharmacological properties.
However, market expansion is hampered by a lack of awareness about the benefits of microalgae and the complicated manufacturing process of algal products.
North America holds the highest market share and is anticipated to lead the industry due to the existence of economies such as U.S., China and others as well as increased health consciousness and high disposable income, are projected to propel the microalgae industry forward during the forecast period.
Europe is predicted to become the second largest area owing to numerous R&D activities as well as technological advancement. Asia Pacific is predicted to be the fastest growing region because of the presence of developing economies.
Prominent players inducing the Global Microalgae Market are Kent BioEnergy Corporation, Astareal AB, Algenol Biotech, Cyanotech Corporation, DIC Corporation, Cellana Inc., E.I.D Parry ltd., Taau Australia Pty Ltd., and Fuqing King Dnarmsa Spirulina Co. Ltd. among others.
Microalgae Market Segmentation:
By Type
- Chlorella
- Aphanizomenon Flos-Aquae
- Spirulina
- Dunaliella Salina
- Others
By Application
- Nutraceuticals
- Pharmaceuticals
- Cosmetics
- Food & Beverages
- Animal Feeds
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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