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Redding, California - August 27, 2024

Microalgae Market to Reach $2.26 Billion by 2031

Microalgae Market Size, Share, Forecast, & Trends Analysis by Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2B), Application (Nutraceuticals) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled ‘Microalgae Market - Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research^®, the microalgae market is expected to reach $2.26 billion by 2031, at a CAGR of 8.6% from 2024 to 2031.

The growth of this market is driven by increasing consumer preference for products promoting health and wellness, the rise in the dietary supplements sector, the growing demand for natural food colors from food manufacturing and processing companies, rising vegetarianism, the growing nutraceuticals industry, and rising demand for microalgae-based products. However, a lack of awareness of the benefits of microalgae and the complex process of manufacturing algal products restrain the market growth.

In addition, the increasing preference for phycocyanin as a natural colorant in edible products and the utilization of microalgae among biorefineries as biomass for fuel production is expected to offer growth opportunities for market players. However, the risk of contaminants affecting microalgae cultivation poses a challenge to market growth. Furthermore, the adoption of new production technologies, such as photobioreactors, is a prominent trend in the microalgae market.

Key Players:

The key players operating in the microalgae market are Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Earthrise Nutritionals, LLC, (U.S.), E.I.D. - PARRY (INDIA) LIMITED (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China), YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin Biotechnology Co. Ltd) (China), Jiangshan COMP SPIRULINA CO., LTD. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals CO., LTD. (China), Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan), Sun Chlorella corporation (Japan), Roquette Klötze GmbH & Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech CO., LTD (China), Phycom BV (Netherlands), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), Taiwan Wilson Enterprise Inc. (Taiwan), Daesang Corporation (Korea), Algalimento SL (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou Ouqi Food Co., Ltd. (China), and Shaanxi Rebecca Bio-Tech Co., Ltd (China).

The microalgae market is segmented by type, production technique, category, distribution channel, and application. This study also evaluates industry competitors and analyzes the market at regional and country levels.

By type, in 2024, the Spirulina segment is slated to register the largest share of 50.4% of the microalgae market. This segment’s large market share is primarily attributed to increasing health & wellness trends, the expanding dietary supplements industry, increased demand for natural food colors, a rise in vegetarianism, stringent regulations on synthetic colors and flavors, growing concerns about malnutrition, and a greater preference for products derived from spirulina, such as phycocyanin and Omega-3 fatty acids. Additionally, the growing use of Spirulina in aquafeed, rising investments from edible color manufacturers and leading food processing companies, and a growing number of products containing Spirulina as an ingredient. However, limited awareness regarding the health benefits of Spirulina and challenges in Spirulina production are expected to hinder the segment's growth.

By production technique, in 2024, the ponds segment is expected to account for the largest share of the microalgae market. The large market share of this segment is attributed to the presence of numerous key players involved in microalgae cultivation using open ponds. Also known as raceway ponds, these have the potential to produce higher biomass volumes at lower costs.

By category, in 2024, the inorganic microalgae segment is anticipated to dominate the microalgae market. This segment's significant market share is primarily attributed to the low cost and high volume of microalgae yield with traditional production methods.

By distribution channel, in 2024, the business-to-business (B2B) segment is expected to hold the dominant position in the microalgae market. Several manufacturers source microalgae in bulk for the production of consumer products, which is expected to boost the market's growth.

By application, in 2024, the nutraceuticals segment is anticipated to hold the largest share of 53.6% of the microalgae market. This segment’s large market share is driven by the increasing health concerns among the geriatric population and the rising demand for natural alternatives to traditional pharmaceuticals.

Geographic Review:

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (France, Spain, Italy, Germany, U.K., and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa.

By geography, in 2024, North America is estimated to hold the largest share of 42.9% of the microalgae market, followed by Asia-Pacific and Europe. North America's microalgae market is estimated to be worth $545.4 million in 2024. The substantial share of this regional market is due to factors such as high consumption of health supplements, growth in related industries such as cosmetics and biofertilizers, and the presence of major algae biomass manufacturers in the region with significant production capacities, particularly in the U.S.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5197

Key Questions Answered in the Report:

What is the value of revenue generated by the sale of microalgae?

At what rate is the global demand for microalgae projected to grow for the next five to seven years?

What is the historical market size and growth rate for the microalgae market?

What are the major factors impacting the growth of this market at global and regional levels?

What are the major opportunities for existing players and new entrants in the market?

Which type, production technique, category, distribution channel, and application segments create major traction for manufacturers in the microalgae market?

What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the microalgae market?

Who are the major players in the microalgae market? What are their specific product offerings in this market?

What recent developments have taken place in the microalgae market? What impact have these strategic developments created on the market?

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Redding, California - August 27, 2024

Microalgae Market to Reach $2.26 Billion by 2031

Microalgae Market Size, Share, Forecast, & Trends Analysis by Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2B), Application (Nutraceuticals) - Global Forecast to 2031

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