Microalgae Market

Alternative proteins sourced from algae have immense potential to create food products that are healthier and more ecologically sustainable.

PORTLAND, OR, US, October 27, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Microalgae Market by Type, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2028,” The global microalgae market size was valued at $977.3 million in 2020, and is projected to reach $1,485.1 million by 2028, registering a CAGR of 5.4%. North America was the highest revenue contributor in 2020, and is estimated to be dominant throughout the forecast period. Asia-Pacific is estimated grow at a significant CAGR of 6.7%. North America and Europe collectively accounted for around a hefty share in 2020.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐀𝐭: https://www.alliedmarketresearch.com/request-sample/13788

Rise in vegan population to strengthen product adoption, high protein concentration as compared to counterparts, multiple benefits of microalgal protein drive the growth of the global microalgae market. However, impact on spirulina production due to climate change, presence of large number of alternatives for protein and low product awareness hinder the market growth. On the contrary, technological innovations and algae protein-fortified food are expected to open new opportunities for the market players in the future.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Key players in the Microalgae have adopted product launch and expansion as their key strategies to stay competitive in the market. Key players profiled in the report include include Algenol Biotech, Cellana Inc., Cyanotech Corporation, DIC Corporation, E.I.D Parry ltd, Fuqing King Dnarmsa Spirulina Co. Ltd., Kent BioEnergy Corporation, Taau Australia Pty Ltd., Holdings, Inc., and Astareal AB

Based on microalgae market analysis by type, the spirulina segment was the largest segment in 2020, and is expected to remain dominant throughout the forecast period. Growth in this segment is attributed to rise in awareness regarding health & wellness among customers. The spirulina segment was also the fastest growing segment in the type category, and is expected to grow at a CAGR of 5.9% throughout the forecast period.

𝐁𝐮𝐲 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/checkout-final/24f60b638b38b8ea42af8f077c4a1d25

On the basis of application, the food/feed segment held the lion’s share in 2020, contributing to more than one-fourth of the market. However, the dietary supplements segment is estimated to portray the highest CAGR of 6.3% from 2021 to 2030.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Region wise, North America was the largest market in 2020, in terms of revenue generation, garnering almost one-third of the global Microalgae market share. U.S. is expected to expand at a notable growth rate exhibiting highest share throughout the forecast period. However, Asia-Pacific and LAMEA in the Microalgae market are expected to witness notable growth during the forecast period. The growth in these regions can be attributed to improving business environment.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/13788

The microalgae market is subject to stable growth in the coming years. Growth of the market is attributed to growing application of algal protein in dietary supplements and food industry. Moreover, algal protein is not considered an animal protein source, hence is perfect for consumption among vegan population. Furthermore, microalgae have multiple applications in cosmetics and feed industries. Both feed and cosmetics industry have experienced a surge in growth in the recent decade, which has increased demand for such products on a global level and resulted in increase in demand for microalgae.

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲

On the basis of type, the Spirulina segment is projected to witness highest CAGR of 5.9%, in revenue terms during the forecast period.

On the basis of application, the food/feed segment is expected to dominate the market from 2021-2028.

U.S. was the largest country, in terms of demand for Microalgae in 2020.

Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 6.7% from 2021 to 2028.

𝗧𝗿𝗲𝗻𝗱𝗶𝗻𝗴 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 𝗶𝗻 𝗙𝗼𝗼𝗱 𝗮𝗻𝗱 𝗕𝗲𝘃𝗲𝗿𝗮𝗴𝗲𝘀 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆

Nutraceutical Ingredients Market - https://www.prnewswire.com/news-releases/nutraceutical-ingredients-market-to-reach-327-3-billion-globally-by-2031-at-7-3-cagr-allied-market-research-301649480.html

Commercial Seaweeds Market - https://www.globenewswire.com/en/news-release/2022/10/13/2533755/0/en/Global-Commercial-Seaweeds-Market-Is-Expected-to-Reach-45-6-Billion-by-2031-Says-AMR.html

Seaweed Protein Market - https://www.prnewswire.com/news-releases/seaweed-protein-market-to-reach-1-51-bn-globally-by-2030-at-11-6-cagr-allied-market-research-301605506.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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