The microalgae market study by Future Market Insights offers compelling insights into key growth drivers and restraints impacting growth through 2031. The survey offers insights into opportunities existing in key segments, including product type and applications.
As per Future Market Insights (FMI), the global shipment of microalgae will reach 63,864.60 DW tons by 2021-end. Application of microalgae in food and beverage sector is expected to spur the demand, with sales reaching a value of US$ 99.6 Bn through 2021 and beyond.
Demand for plant-based and organic food and supplements will increase the adoption of microalgae, creating lucrative growth opportunities for market players in the forecast period (2021-2031).
Rising use of microalgae proteins and ingredients in the production of pharmaceutical, nutraceutical, and aquaculture products will be a key growth driver. As aquaculture and animal feed industries are highly dependent on plant-based additives for higher nutritional value, demand for microalgae-based ingredients pet food is increasing.
Microalgae such as spirulina and chlorella are extensively used in the production of dietary supplements. Now, with rising awareness about the advantages of plant-based dietary supplements among consumers, key players are increasing the use of microalgae in the production.
As microalgae is highly rich in anti-oxidants and has anti-inflammatory properties, extensive use of microalgae-based ingredient in healthcare and wellbeing industry is expected. According to the report, healthcare sector is expected to emerge as the primary end user, followed by the food and beverage sector.
Driven by a myriad of health benefits, demand for spirulina as a healthy additive will increase in the food & beverage industry. According to Future Market Insights, over 41.3% of microalgae sales will come from the spirulina segment.
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“Increasing consumer inclination towards plant-based products and demand for organic and sustainable food proteins will create lucrative growth opportunities for leading players within food & beverage and healthcare industry.” says the Future Market Insights analyst.
Key Takeaways from Microalgae Market Survey
- In terms of application, food and beverage sector is leading the segment with market valuation expected to surpass US$ thousand 99,623.3 by 2021-end
- Application of microalgae in cosmetic industry will boost the sales, with the segment witnessing steady growth at 4.2% CAGR through 2021
- Demand for microalgae in pet food sector will lift the sales, representing nearly 7% of year-on-year growth in 2021
- In terms of species, spirulina will lead the market with over 41.7% of market share in 2021
- Japan is expected to offer lucrative growth owing to increasing investments from government and private organization in food & beverage industry
- The U.S. will lead the market growth owing to the rising demand for plant-based food and supplements in the country
- Rising consumer inclination towards plant-based and sustainable food products will drive the demand
- Increasing adoption of microalgae to develop preventive healthcare and nutraceuticals food supplements will spur the sales
- Growing demand for natural and organic antioxidants is expected to provide growth opportunities for microalgae manufacturers