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.
Request The Free Sample PDF Of This Report: https://www.alliedmarketresearch.com/request-sample/13788
Market Drivers:
Based on microalgae market forecast by application, the food/feed segment was the largest segment in 2020, and is expected to remain dominant throughout the forecast period. The growth of this segment is attributed to the fact that Microalgae has become a key ingredient in dairy, medical, pet supplement, and health supplement industries. Rise in adoption of microalgae in the food/feed industry is also to rich nutritional value that microalgae offers. Increase in the pet owners, coupled with rise in the consumption of food with diverse macro and macronutrient profile drives the microalgae market growth.
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.
Request For Customization: https://www.alliedmarketresearch.com/request-for-customization/13788
Prominent Market Players
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
Regional Outlook:
Region wise, North America was the largest market in 2020, in terms of revenue generation, garnering almost one-third of the global Microalgae market share. U.S. is expected to expand at a notable growth rate exhibiting highest share throughout the forecast period. However, Asia-Pacific and LAMEA in the Microalgae market are expected to witness notable growth during the forecast period. The growth in these regions can be attributed to improving business environment.
Buy Full Report & Get Exclusive Discounts: https://www.alliedmarketresearch.com/checkout-final/c87a69bde3051e73e4d9d9e046b07c17
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com