Meticulous Research®—a leading global market research company, published a research report titled, ‘Europe Nannochloropsis Market by Form (Frozen, Liquid, Powder, Fresh Pastes), Application (Aquafeed, Extraction Companies, Other Application) - Forecast to 2030.’
According to this latest publication from Meticulous Research®, in terms of value, the Europe Nannochloropsis market is expected to reach USD 4.79 million by 2030, at a CAGR of 9.0% during the forecast period 2023–2030. In terms of volume, the Europe Nannochloropsis market is expected to reach 39.93 tons by 2030, at a CAGR of 9.6% during the forecast period 2023–2030.
The growth of this market is driven by the increasing demand for algae protein, the rising need for protein-rich and lipid-rich aquafeed, and the growing demand for omega-3 fatty acids are driving the growth of the Nannochloropsis market. In addition, the growing demand from the biodiesel industry creates lucrative growth opportunities for Nannochloropsis manufacturers in Europe. However, the complex production process of Nannochloropsis restrains the growth of this market to a certain extent.
The Europe Nannochloropsis market is segmented based on form, application, and geography.
Based on form, the Europe Nannochloropsis market is segmented into frozen, liquid, powder, and fresh pastes. In 2023, the frozen segment is expected to account for the largest share of the Europe Nannochloropsis market. The large market of this segment is attributed to its wide range of applications in aquaculture hatcheries to establish the initial step of an artificial food chain, as frozen Nannochloropsis is rich in fatty acids (EPA, ARA). Moreover, this segment is expected to record the highest CAGR during the forecast period as frozen Nannochloropsis biomass promotes easy management in biomass production of lipid-enriched rotifers.
Based on application, the Europe Nannochloropsis market is mainly segmented into aquafeed, extraction companies, and other applications. In 2023, the aquafeed segment is expected to account for the largest share of the Europe Nannochloropsis market. Nannochloropsis sp. is one of the most extensively used microalgae in aquaculture due to their nutritional value and the ability to produce valuable chemical compounds, such as pigments (zeaxanthin, astaxanthin, and canthaxanthin) and polyunsaturated fatty acids (EPA). This segment is also expected to record the highest CAGR during the forecast period due to the growing aquaculture industry in Europe, the rising aquafeed sector, and the increasing demand for protein-rich aquafeeds.
Based on geography, the Europe Nannochloropsis market is segmented into Spain, Portugal, Germany, Italy, France, the U.K., Denmark, Sweden, and the Rest of Europe. In 2023, Spain is expected to account for the largest share of the Europe Nannochloropsis market. The large market share of Spain is attributed to the growing aquaculture industry and the necessity for aquafeed, government support to the fishery sector, and consumer inclination toward a healthier lifestyle. Moreover, demand from the biodiesel industry and the growing vegetarian population are expected to create lucrative growth opportunities for Nannochloropsis manufacturers in this country.
The key players operating in the Europe Nannochloropsis market are BlueBioTech Group (Germany), Reed Mariculture Inc. (U.S.), Necton S.A. (Portugal), Astaxa GmbH (Germany), Proviron Industries NV (Belgium), Allmicroalgae Natural Products S.A. (Portugal), Algatechnologies Ltd. (A Part of Solabia Group) (Israel), Monzón Biotech S.L. (Spain), A4f Algae for Future (Portugal), AlgaSpring B.V. (Netherlands), and Archimede Ricerche Srl (Italy).
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