Emerging Prospects of Macro- and Microalgae in Vegan Food to Escalate Market Growth
According to our latest market study on “Microalgae-Based Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Others) and Application (Food and Beverages, Animal Feed, Pharmaceuticals and Nutraceuticals, Personal Care, and Others),” the market was valued at US$ 1,547.23 million in 2020 and is projected to reach US$ 2,811.10 million by 2028; it is expected to grow at a CAGR of 7.9% from 2021 to 2028. The report highlights key factors driving the market and prominent players along with their developments in the market.
Microalgae are defined as prokaryotic or eukaryotic microorganisms that can be traced with the help of a microscope. These microscopic organisms are unicellular species that are founded separately or in chains or groups and can be sourced out from freshwater and marine systems. These microorganisms possess a simple cell structure and require light, carbon dioxide, water, and essential nutrients such as phosphorus and nitrogen, for their growth. Further, microalgae are a source of vital phytochemicals such as carotenoids, fiber, minerals, antioxidants, fatty acids, vitamins, halogenated compounds, polysaccharides, proteins, and lectin. Microalgae are considered to be a valuable biomass source portraying diverse potential applications in numerous industries.
As highlighted by The Institute of Food Technologists in 2016, the number of people consuming vegetarian and vegan diets is increasing. This shift can be attributed to allergic reactions due to the consumption of certain food items. For instance, approximately 5% of Americans are categorized as vegetarian, 2% as vegan, and almost 15 million Americans suffer from food allergies. Also, according to the Centers for Disease Control and Prevention (CDC), the occurrence of food allergies is rising, and it is expected to escalate, which will drive the demand for vegan food. Moreover, consumers are seeking out natural protein sources, which are not obtained from animals and are free of allergens. This is anticipated to contribute to 50% of the alternative protein market by 2054. Hence, algae-derived protein is considered to be an effective alternative solution to protein foods required by vegetarians or vegans. Both macroalgae and microalgae are classified as essential sources of nutrients such as vitamins A, C, E, folate, calcium, iodine, iron, several essential minerals and trace elements, omega-3 fatty acids, lipids, carbohydrates, and protein. For instance, the presence of the protein content in the microalgae ranges up to 70%. Hence, the food and ingredient manufacturers are touting to use algal biomass as one of the vital nutritional ingredients in the preparation of functional food and food products, free of known allergens. For instance, Solazyme has extensively researched the potential application of microalgae in the formulation of functional food ingredients. The company has developed Chlorella-based soft, fine microalgae powder, which helps in the production of AlgaVia Whole Algae Flour, and AlgaVia Whole Algae Protein. Also, both the products have been effectively categorized under vegan whole-food ingredients, which are gluten-free, allergen-free, not genetically engineered, and quite sustainable. Therefore, the emerging prospects of macro and microalgae in vegan food are expected to create lucrative opportunities for the growth of the microalgae-based products market.
The key players operating in the global microalgae-based products market include Algae Health Sciences - A BGG company; Bluebiotech International Gmbh; Cargill, Incorporated; Cellana Inc.; Earthrise Nutritionals, LLC; E.I.D. - Parry (India) Limited; Cyanotech Corporation; Euglena Co., Ltd.; Far East Bio-Tec Co., Ltd; and AstaReal. The major players operating in the microalgae-based products market are focused on strategies such as mergers & acquisitions and research & development to increase the geographical presence and consumer base globally.
Impact of COVID-19 Pandemic on Microalgae-Based Products Market
The ongoing pandemic has drastically altered the status of the food & beverages sector and negatively impacted the growth of the microalgae-based products market. The implementation of measures to combat the spread of the virus has aggravated the situation and affected the growth of several industrial sectors. The market has been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. Disruptions in terms of sourcing of raw materials from suppliers and temporary closures of manufacturing bases due to indefinite lockdowns and travel restrictions have impacted the growth of the market during the pandemic. However, as much as the pandemic has affected the supply chain operations, it has also shifted the focus of consumers toward healthy living, owing to which, the consumers have turned their attention toward nutritional food products. Additionally, the expanding demand for microalgae-based products across food & beverages, pharmaceuticals and nutraceuticals, animal feed, and other industries, along with significant investment by prominent manufacturers, is expected to drive the microalgae-based products market. Other than this, several applications of microalgae have been identified in the treatment of the COVID-19 pandemic. For instance, a study published by Frontiers Media S.A. in November 2020, demonstrates the efficacy of Bioactive Metabolites obtained from microalgae in the treatment of SARS-CoV-2 like viral infection.
Global Microalgae-Based Products Market Breakdown – by Region
Microalgae-Based Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Others) and Application (Food & Beverages, Animal Feed, Pharmaceuticals and Nutraceuticals, Personal Care, and Others)
Microalgae-Based Products Market Growth and Analysis 2028
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The report includes the segmentation of the global microalgae-based products market as follows:
Based on type, the global microalgae-based products market is segmented into spirulina, chlorella, astaxanthin, beta carotene, and others.
Based on application, the global microalgae-based products market is segmented into food and beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, and others.
By geography, the global microalgae-based products market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America includes the US, Canada, and Mexico. Europe consists of Germany, France, the UK, Italy, Russia, and the Rest of Europe. Asia Pacific comprises China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa (MEA) consists of South Africa, Saudi Arabia, UAE, and the Rest of MEA. South America comprises Brazil, Argentina, and the Rest of South America.
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