The microalgae-based products market is anticipated to witness significant growth at a CAGR of 5.7% and top a valuation of US$ 5 Bn by 2031, as per latest insights by Persistence Market Research. Global population is expected to reach 9.8 Bn by 2050, and thus, the amount of food produced must double to meet the needs of this population. Fulfilling the protein needs of a huge population is a key aspect. Proteins derived from microalgae have complete essential amino acid (EAA) profiles, and their protein content is higher than conventional sources such as meat, poultry, and dairy products. Its high protein content leads to huge potential to meet the dietary requirements of a rapidly-growing population. Besides being a rich source of protein, presence of various bio-active components in microalgae-based products gives added health benefits in food. Microalgae-based products are added to candies, gums, snacks, pastes, noodles, breakfast cereals, wines, and beverages for enhancing their functional value.
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Key Takeaways from Market Study
- The microalgae-based products market in South Asia and East Asia is anticipated to expand at CAGRs of 7.8% and 6.8%, respectively, over the forecast period of 2021-2031.
- However, North America and Europe dominate the market with market shares of 28.8% and 27.9%, respectively.
- Sales for microalgae-based products through Lutein, a type of seaweed, are expected to reach US$ 954 Mn by 2031.
- The dietary supplements & pharmaceuticals segment accounts for the largest market share; however, the animal feed & aquaculture segment is anticipated to incur a significant value CAGR of 4.8% with rising demand for more nutritious feed products.
- China and Australia hold significant market shares for microalgae-based products in East Asia and Oceania, respectively.
- The COVID-19 pandemic has had a significant influence on the market for microalgae-based products. However, growing demand for healthy and nutritious food products and dietary supplements is anticipated to lead to market recovery in the near term.
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Competitive Landscape
Microalgae-based product manufacturers are focusing on innovation, research, and development to produce high-quality confectionery items. Key players are anticipated to expand their product ranges through multiple innovations.
- In 2018, Parry Nutraceuticals expanded its microalgae plant business through a joint venture with Synthite Industries. With an investment of US$ 6.5 Mn, the joint venture was formed to establish a new plant for the extraction of organic spirulina for functional food, dietary supplements, and medical foods.
- In 2018, Swiss-based multinational flavour and fragrance manufacturer Givaudan acquired 40% share of Naturex S.A. This transaction was part of the company’s plan to strengthen its capabilities in natural flavour solutions.
- In September 2019, NOW Health Group, Inc. acquired the SuperNutrition brand to increase its product offerings and expand globally.
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