NEWARK, Del, November 10, 2022 (GLOBE NEWSWIRE) — The global microalgae market is anticipated to create a lucrative growth opportunity within the global landscape by exhibiting a healthy CAGR of around 8.0% over the projection period of 2022 to 2028. around US$18.1 Bn by 2028. According to historical estimates, the global market for microalgae recorded a CAGR of around 7.30% between 2013 and 2021, which Future Market Insights predicts.
The increasing use of marine microalgae ingredients and proteins used in the production of aquaculture products, pharmaceuticals and nutraceuticals is anticipated to drive sales in the market. Increasing government initiatives to standardize the microalgae cultivation process are anticipated to be a key factor in driving growth. The increasing use of algae photobioreactors as a bulk protein source is expected to drive market growth. These proteins play a dominant role in meeting global needs as they have numerous beneficial properties compared to other protein sources.
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Rapid technological advances help develop new strains that are expected to improve energy efficiency and handle high salinity. Attributing to these factors, the global microalgae market is likely to increase sales during the evaluation period. The urgent need for early detection of contaminants is predicted to create new growth opportunities for new photobioreactor microalgae producers. Chlorella is known as one of the most common species of algae photobioreactors that offer high quality protein. These species consist of amino acid compositions that are known to be very similar to conventional protein sources such as soy and eggs.
- Marine microalgae have the ability to act as a mild clarifying agent and are used in excess in shampoos to effectively remove excess sebum and residue from styling products to feed your demand. It also helps prevent hair loss by reducing irritation that is often caused by bacterial infections on the scalp.
- This element is expected to boost hair growth by giving it excessive volume and a lustrous shine. Attributing to the presence of trace elements, minerals and vitamins, microalgae help restore and strengthen hair. It is estimated that the incorporation of chlorella in hair care products will increase as it improves the level of keratin and strengthens the hair root.
- An increasing trend of pet humanization has been observed during the projection period which is creating a high demand for healthy food for pet owners, driving the use of algae photobioreactors in the pet food industry. The demand for high-quality premium pet food is expected to increase sales at a rapid rate.
- Algae photobioreactor contains substantial amounts of vitamins E, C, and A, as well as beta-carotene, making it an ideal ingredient in pet foods. It helps increase the pet’s appetite and strengthens its immune system, unlike regular foods available on the market.
- Elaborate research activities are expected to be carried out by several well-known manufacturers in the industry to improve the bioavailability of whole microalgae proteins through the use of pre-treatments that inhibit degradation by disrupting cell walls. The land requirement is also less for the development of microalgae proteins, as opposed to animal-derived proteins.
Most of the key market players operating in the global microalgae market are focusing on expanding their existing product portfolios, especially within the pet food ingredients domain. To do so, they are investing heavily in research and development activities to launch cutting-edge products. Meanwhile, some other key players aim to create new microalgae additives for photobioreactors with the growing demand for organic products from consumers around the world.
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More information on the microalgae market
Increasing government and private investments for increased production of biomass-based power systems to address the vulnerable power supply situation are likely to boost the Japanese market. According to IMF, Japan’s microalgae market is expected to account for around 4.0% share in 2022.
Due to the ongoing expansion of the aerospace and defense industry in the US, the market is expected to increase in the coming years. The North American microalgae market is forecast to account for 1.4% of the total market share in 2022, according to IMF estimates.
Microalgae market by category
End Use Application:
- Food and Beverage Sector
- Medical and health sector
- Animal feed industry
- pet food industry
- Cosmetics and Personal Care Sector
- Fertilizer Sector
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Table of Contents
1. Market Overview
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
2. Scenario Evaluation of COVID-19 Impact on Microalgae Market Demand
2.1. Comparison of Short-Term (2013-2021) and Long-Term (2022-2028) Annual Growth Rates Global Microalgae Demand Market Forecast Scenarios
2.1.1. Optimistic scenario
126.96.36.199. Euro zone
188.8.131.52. Pacific Asia
184.108.40.206. Rest of the world
3. Key market trends
3.1. Key trends affecting the market
3.2. Product Innovation / Development Trends
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