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.
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
4. North America Microalgae-Based Products Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of Substitutes
4.2.4 Threat of New Entrants
4.2.5 Intensity of Competitive Rivalry
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America Microalgae-Based Products Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Demand for Microalgae in Pharmaceuticals and Nutraceuticals
5.1.2 Growing Focus towards Increased Algae Production
5.2 Market Restraints
5.2.1 Complex and Expensive Manufacturing Process
5.3 Market Opportunities
5.3.1 Growing Research in Applications and Commercial Viability of Microalgae
5.4 Future Trends
5.4.1 Significant Focus on Research and Development Activities to Expand Market
5.5 Impact Analysis of Drivers and Restraints
6. Microalgae-Based Products –North America Market Analysis
6.1 Microalgae-Based Products Market Overview
6.2 Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
7. North America Microalgae-Based Products Market Analysis – By Product Type
7.1 Overview
7.2 North America Microalgae-Based Products Market Breakdown, by Type, 2020 & 2028
7.3 Spirulina
7.3.1 Overview
7.3.2 Spirulina: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
7.4 Chlorella
7.4.1 Overview
7.4.2 Chlorella: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
7.5 Astaxanthin
7.5.1 Overview
7.5.2 Astaxanthin: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
7.6 Beta Carotene
7.6.1 Overview
7.6.2 Beta Carotene: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 Others: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
8. North America Microalgae-Based Products Market Analysis – By Application
8.1 Overview
8.2 North America Microalgae-Based Products Market Breakdown, by Application, 2020 & 2028
8.3 Food and Beverages
8.3.1 Overview
8.3.2 Food and Beverages: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Animal Feed
8.4.1 Overview
8.4.2 Animal Feed: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Pharmaceuticals and Nutraceuticals
8.5.1 Overview
8.5.2 Pharmaceuticals and Nutraceuticals: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Personal Care
8.6.1 Overview
8.6.2 Personal Care: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Others
8.7.1 Overview
8.7.2 Others: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Microalgae-Based Products Market – Country Analysis
9.1 Overview
9.1.1 North America: Microalgae-Based Products Market, by Key Country
9.1.1.1 US: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 US: Microalgae-Based Products Market, by Type
9.1.1.1.2 US: Microalgae-Based Products Market, by Application
9.1.1.2 Canada: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: Microalgae-Based Products Market, by Type
9.1.1.2.2 Canada: Microalgae-Based Products Market, by Application
9.1.1.3 Mexico: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico: Microalgae-Based Products Market, by Type
9.1.1.3.2 Mexico: Microalgae-Based Products Market, by Application
10. Overview – Impact of COVID-19 on North America Microalgae-based Products Market
10.1 Overview
11. Industry Landscape
11.1 Product & Service Launch
11.2 Merger & Acquisition
11.3 Expansion
11.4 Business Planning and Strategy
11.5 Product Approval
12. Company Profiles
12.1 Algae Health Sciences - A BGG company
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Cargill, Incorporated
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Cellana Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Earthrise Nutritionals, Llc
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 E.I.D. - Parry (India) Limited
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Cyanotech Corporation
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Far East Bio-Tec Co., Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 AstaReal
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. North America Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Table 2. US Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 3. US Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 4. Canada: Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 5. Canada Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 6. Mexico Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 7. Mexico Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 8. Glossary of Terms, North America Microalgae-Based Products Market
LIST OF FIGURES
Figure 1. North America Microalgae-Based Products Market Segmentation
Figure 2. North America Microalgae-Based Products Market Segmentation – By Country
Figure 3. North America Microalgae-Based Products Market Overview
Figure 4. Spirulina Segment is Dominating the North America Microalgae-Based Products Market
Figure 5. US Held Largest Share of North America Microalgae-Based Products Market
Figure 6. North America Microalgae-Based Products Market, Industry Landscape
Figure 7. Porter ‘s Five Forces Analysis for Microalgae-Based Products Market
Figure 8. Microalgae-Based Products Market– Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. North America Microalgae-based products Market Impact Analysis of Drivers and Restraints
Figure 11. North America : Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. North America Microalgae-Based Products Market Breakdown, By Product Type, 2020 & 2028 (%)
Figure 13. North America Spirulina: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Chlorella: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
Figure 15. North America Astaxanthin: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Beta Carotene: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Others: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
Figure 18. North America Microalgae-Based Products Market Breakdown, by End Use Industry, 2020 & 2028 (%)
Figure 19. North America Food and Beverages: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)
Figure 20. North America Animal Feed: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)
Figure 21. North America Pharmaceuticals and Nutraceuticals: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)
Figure 22. North America Personal Care: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)
Figure 23. North America Others: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)
Figure 24. North America: Microalgae-Based Products Market, by Key Country-2020 (US$ Million)
Figure 25. North America: Microalgae-Based Products Market Revenue Share, by Key Country (2020 & 2028)
Figure 26. US: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Figure 27. Canada: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Figure 28. Mexico: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Figure 29. Impact of COVID-19 Pandemic in North America
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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