North America Microalgae-Based Products Market to Grow at a CAGR of 8.1% to reach US$ 776.43 million from 2021 to 2028

The microalgae-based products market in North America is expected to grow from US$ 450.28 million in 2021 to US$ 776.43 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028.

The US, Canada, and Mexico are economies in North America. Microalgae-based products have received the GRAS (i.e., Generally Recognized As Safe) status, which makes them suitable for pharmaceutical and nutraceutical applications. Microalgae are known for their antibacterial, antioxidant, antiviral, antimalarial, antifungal, antitumor, and anti-inflammatory activities. They are a source of vital phytochemicals such as carotenoids, fiber, minerals, antioxidants, fatty acids, vitamins, halogenated compounds, polysaccharides, and lectins and other proteins. For instance, polyunsaturated fatty acids (PUFA) present in microalgae are potential therapeutic agents that also minimize the risk of chronic disorders such as cardiovascular disorders, diabetic diseases, Alzheimer’s disease, and retinal problems. Similarly, cyanobacteria (blue-green algae) are increasingly being used in the synthesis of antibiotics and pharmacologically active compounds. Further, Chlorella tablets have been proven to be effective in the treatment of nausea, vomiting, and other gastrointestinal issues. Likewise, carrageenan from red algae is effective against Influenza virus. Natural products sourced from different variants of algae serve as the basis of drug discovery and find application in the formulation of medicines. Further, researchers are developing genetically engineered algae that could help in killing harmful cancerous cells. Several countries are focusing on development of COVID-19 vaccine with the help of microalgae.

North America is one of the worst affected economies due to the COVID-19 pandemic. The US has the highest number of confirmed cases of COVID-19, compared to Canada and Mexico. The unprecedented rise in number of COVID-19 cases across the US and Canada and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets. As of July 26, 2021, the total number of registered cases in the US was 35,199,465 with 626,762 deaths. The significant disruption in manufacturing facilities, along with raw material sourcing, has had a negative impact on the demand for microalgae-based products in the country. In the same way, the pandemic had an intense impact on the Canadian economy, causing it into a recession. However, the market is reviving on account of significant measures taken by the government such as vaccination drives. Further, as per an article published by the National Center for Biotechnology Information (NCBI) in 2020, the global public health bodies and governments have implemented several strategies as well as issued advisories to promote health and hygiene, social distancing strategies, and other such guidelines to prevent the spread of COVID-19 virus. With the state of economic recovery, several industrial sectors such as food & beverages, pharmaceuticals and nutraceuticals, and animal feed, are strategically focused on investing in advanced products so as to maximize revenue. This is expected to provide impetus for the North America Microalgae-Based Products market growth.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the microalgae-based products market. The North America microalgae-based products market is expected to grow at a good CAGR during the forecast period.

North America Microalgae-Based Products Market Segmentation

North America Microalgae-Based Products Market – By Product Type

• Spirulina
• Chlorella
• Astaxanthin
• Beta Carotene
• Others

North America Microalgae-Based Products Market – By Application

• Food and Beverages
• Animal Feed
• Pharmaceuticals and Neutraceuticals
• Personal Care
• Others

North America Microalgae-Based Products Market- By Country

• US
• Canada
• Mexico

North America Microalgae-Based Products Market-Companies Mentioned

• Algae Health Sciences - A BGG company
• AstaReal
• Cargill, Incorporated
• Cellana Inc.
• Cyanotech Corporation
• E.I.D. - Parry (India) Limited
• Earthrise Nutritionals, Llc
• Far East Bio-Tec Co., Ltd

North America Microalgae-Based Products Market Report Scope