Microbial Algae Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Microbial Algae Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global market for microbial algae products is poised for substantial growth over the forecast period from 2024 to 2031, according to the latest market outlook report. The report forecasts a robust value-based Compound Annual Growth Rate (CAGR) of 7.0%, with revenues expected to soar from US$ 3.5 billion in 2024 to approximately US$ 5.5 billion by 2031.

Rising Awareness about benefits of Microalgae

One of the key trends driving the growth of the microbial algae products market is the increasing awareness among consumers about the health benefits of microalgae. With a growing understanding of the impact of food on human health, there has been a surge in demand for functional foods, with microalgae-based products gaining traction globally. The report highlights that approximately 84% of adults in the United States consume dietary supplements, fueling the demand for microalgae products.

Growing Demand of Dietary Supplements and Superfoods

Natural astaxanthin sourced from microalgae is witnessing escalating demand, particularly in the pharmaceutical and nutraceutical markets. As consumers increasingly opt for natural and healthy products, there has been a surge in the cultivation of microalgae on an industrial scale. Superfoods like spirulina and chlorella, rich in protein and essential nutrients, are witnessing rising demand, further propelling market growth.

Increasing Demand for Natural Ingredients Creating Opportunities for Manufacturers

The market report underscores the rising demand for natural food supplements and ingredients, driven by consumer preferences for cleaner and healthier options. With a shift towards plant-based and microalgae-based proteins, manufacturers are reformulating their product lines to meet evolving consumer demands. Additionally, the approval of spirulina as a colorant by the United States Food & Drug Administration (FDA) opens up new avenues for market expansion.

Increased consumer spending on Healthcare Products

As health concerns mount globally, there has been a surge in consumer spending on healthcare products, including dietary supplements. Microalgae products such as astaxanthin are gaining traction among consumers due to their perceived health benefits, further driving market growth.

Country-wise Insights

China emerges as a dominant player in the East Asian microbial algae products market, boasting a considerable value share in 2023. This is attributed to its advanced manufacturing facilities integrating cutting-edge technology and abundant raw material resources. Additionally, changing dietary preferences towards protein-rich foods, fueled by rising incomes, sedentary lifestyles, and heightened health awareness, drive the demand for microbial algae products in China.

In North America, microbial algae products command a significant market share in 2023, with the United States leading the region. Factors such as increasing fitness awareness, a growing aquaculture sector, and stringent quality standards contribute to the market's growth. The United States is expected to exhibit robust expansion during the forecast period, reflecting a growing demand for microbial algae products.

Category-wise Insights

Among various applications, the food & beverage segment dominates the market, accounting for the highest revenue generation. Increasing demand for processed food products, coupled with the rising popularity of plant-based food and beverage products, is expected to fuel growth in this segment.

Competitive Analysis

Key manufacturers in the microbial algae products market are targeting product offerings towards manufacturers operating in the algae industry. Major players are driving innovation and market expansion. While multinational companies hold a substantial market share, regional and local players are also making significant contributions, particularly in export-oriented markets.

Some key companies are:
• Cyanotech Corporation
• DSM N.V.
• DIC Corporation
• EID Parry (India) Ltd
• Chr. Hansen Holding A/S
• BGG.
• Divi’s Laboratories Ltd.
• NOW Foods.
• Fuji Chemicals Industries Co. Ltd.
• Naturex S.A.
• Fuqing King Dnarmsa Spirulina Co. Ltd.
• Algatechnologies Ltd.
• KDI Ingredients
• Others ( Available on Request)

Microbial algae products Industry Research by Category

By Product Type:
• Astaxanthin
• B-Carotene
• Spirulina
• Chlorella
• PUFA
• Lutein
• Others

By Application:
• Food & Beverage
• Dietary Supplement & Pharmaceutical
• Personal Care
• Animal Feed & Aquaculture
• Others

By Region:
• North America
• Latin America
• Europe
• South Asia & Pacific
• East AsiaMiddle East & Africa

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