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According to a new market research report “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)” published by TheInsightPartners, the microalgae-based products market size is projected to grow from US$ 1,547.23 million in 2021 to US$ 2,811.10 million by 2028, at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period.

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. For instance, microalgae find application in diverse end-use industries such as food & beverages, animal nutrition, pharmaceuticals and nutraceuticals, and personal care.

The key players operating in the microalgae-based products market include Algae Health Sciences – A BGG company; Cargill Inc.; Cellana Inc.; and Cyanotech Corporation. The key companies implement mergers & acquisitions and R&D strategies to expand their customer base and gain market share in the global microalgae-based products market, which would allow them to expand the reach of their brand name.

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In 2020, Europe contributed to the largest share in the global microalgae-based products market. The dominance of the microalgae-based products market in this region is primarily attributable to the presence of a strong industrial base with prominent manufacturers of pharmaceuticals and nutraceuticals as well as packaged food and beverages. High demand for microalgae-based products from varied applications such as food & beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, chemicals, and biofuels is boosting the market growth in Europe. Rising investment in cultivation technologies, along with a growing focus on sustainable solutions, provides lucrative opportunities for the growth of the microalgae-based products market in the region.

Rise in Demand for Microalgae in Pharmaceutical and Nutraceutical Applications

Microalgae-based products have received the generally recognized as safe (GRAS) 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, fibers, 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. Similarly, the use of cyanobacteria (blue-green algae) has been extended across the preparation of antibiotics and pharmacologically active compounds.

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.

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Based on type, the microalgae-based products market is segmented into spirulina, chlorella, astaxanthin, beta carotene, and others. In 2020, the spirulina segment dominated the global microalgae-based products market. Spirulina is defined as prokaryotic cyanobacterium which is manufactured to serve diverse application bases such as aquaculture, pharmaceuticals and nutraceuticals, and food dyes. The microalgae are composed of 60–70% of protein, including amino acids such as leucine, isoleucine, and valine, along with other essential minerals such as beta-carotene, B vitamins, phycocyanin, chlorophyll, and vitamin E. The nutritional profile offered by the algae makes it an ideal ingredient to be used in various application bases. Spirulina algae are categorized as a superfood item and are widely cultured to meet the expanding demand across diverse end-use industries.

1. Introduction 1.1 Study Scope 1.2 The Insight Partners Research Report Guidance 1.3 Market Segmentation

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: 3.2.7 Country level data:

4. Microalgae-based Products Market Landscape 4.1 Market Overview 4.2 PEST Analysis 4.2.1 North America 4.2.2 Europe 4.2.3 APAC 4.2.4 MEA 4.2.5 SAM 4.3 Expert Opinion

5. Microalgae-based Products Market – Key Market Dynamics 5.1 Market Drivers 5.1.1 Growing Awareness Regarding Microalgae-Based Products Backed by Increasing Environmental Concerns 5.1.2 Expanding Application Base Across Diverse End-Use Sectors 5.2 Restraints 5.2.1 Complex and Costly Manufacturing Process 5.3 Market Opportunities 5.3.1 Rising Adoption of Bio-Based Platform Chemicals 5.4 Future Trend 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 – Global Market Analysis 6.1 Microalgae-based Products Market Overview 6.2 Microalgae-based Products Market –Revenue and Forecast to 2028 (US$ Million) 6.3 Market Positioning – Global Market Players

7. Microalgae-based Products Market Analysis – By Type 7.1 Overview 7.2 Microalgae-based Products Market, By Type (2020 and 2028) 7.3 Spirulina 7.3.1 Overview 7.3.2 Spirulina: Microalgae-based Products Market – Revenue and Forecast To 2028 (US$ Mn) 7.4 Chlorella 7.4.1 Overview 7.4.2 Chlorella: Microalgae-based Products Market – Revenue and Forecast To 2028 (US$ Mn) 7.5 Astaxanthin 7.5.1 Overview 7.5.2 Astaxanthin: Microalgae-based Products Market – Revenue and Forecast to 2028 (US$ Mn) 7.6 Beta Carotene 7.6.1 Overview 7.6.2 Beta Carotene: Microalgae-based Products Market – Revenue and Forecast to 2028 (US$ Mn) 7.7 Others 7.7.1 Overview 7.7.2 Others: Microalgae-based Products Market – Revenue and Forecast to 2028 (US$ Mn)

8. Microalgae-based Products Market Analysis – By Application 8.1 Overview 8.2 Microalgae-based Products Market, By Application (2020 and 2028) 8.3 Food & Beverages 8.3.1 Overview 8.3.2 Food & Beverages: Microalgae-based Products Market – Revenue and Forecast To 2028 (US$ Mn) 8.4 Animal Feed 8.4.1 Overview 8.4.2 Animal Feed: Microalgae-based Products Market – Revenue and Forecast To 2028 (US$ Mn) 8.5 Pharmaceuticals and Neutraceuticals 8.5.1 Overview 8.5.2 Pharmaceuticals and Neutraceuticals: Microalgae-based Products Market – Revenue and Forecast To 2028 (US$ Mn) 8.6 Personal Care 8.6.1 Overview 8.6.2 Personal Care: Microalgae-based Products Market – Revenue and Forecast To 2028 (US$ Mn) 8.7 Others 8.7.1 Overview 8.7.2 Others: Microalgae-based Products Market – Revenue and Forecast To 2028 (US$ Mn)

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