According to a new report published by Allied Market Research, titled, “Microalgae Market by Type, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2028,” The global microalgae market size was valued at $977.3 million in 2020, and is projected to reach $1,485.1 million by 2028, registering a CAGR of 5.4%. North America was the highest revenue contributor in 2020, and is estimated to be dominant throughout the forecast period. Asia-Pacific is estimated grow at a significant CAGR of 6.7%. North America and Europe collectively accounted for around a hefty share in 2020.
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Key players in the Microalgae have adopted product launch and expansion as their key strategies to stay competitive in the market. Key players profiled in the report include include Algenol Biotech, Cellana Inc., Cyanotech Corporation, DIC Corporation, E.I.D Parry ltd, Fuqing King Dnarmsa Spirulina Co. Ltd., Kent BioEnergy Corporation, Taau Australia Pty Ltd., Holdings, Inc., and Astareal AB
Key findings of the study
- On the basis of type, the Spirulina segment is projected to witness highest CAGR of 5.9%, in revenue terms during the forecast period.
- On the basis of application, the food/feed segment is expected to dominate the market from 2021-2028.
- U.S. was the largest country, in terms of demand for Microalgae in 2020.
- Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 6.7% from 2021 to 2028.
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Both feed and cosmetic industry has experience a surge in growth in the recent decade which has increased the demand of such products on a global level and as a resulted in an increase in the demand for microalgae. Thus, the abovementioned factors act as the key driving forces of the Microalgae market. However, the uncertainties in climatic conditions leading to problems in algae production act as the restraint, hindering the market growth. On the contrary, breakthroughs in microalgae production technology and growing adoption of microalgae in fortified food sector is expected to provide opportunities for growth for the microalgae market in the coming years.
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