As per the report published by Allied Market Research, the global Microalgae Market was accounted for $977.3 million in 2020, and is estimated to reach $1.48 billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028.

Rise in vegan population to strengthen product adoption, high protein concentration as compared to counterparts, multiple benefits of microalgal protein drive the growth of the global microalgae market. However, impact on spirulina production due to climate change, presence of large number of alternatives for protein and low product awareness hinder the market growth. On the contrary, technological innovations and algae protein-fortified food are expected to open new opportunities for the market players in the future.

Request The Sample PDF Of This Report: https://www.alliedmarketresearch.com/request-sample/13788

Top Key Companies Included:

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

Market Drivers And Growth:

The microalgae market is subject to stable growth in the coming years. Growth of the market is attributed to growing application of algal protein in dietary supplements and food industry. Moreover, algal protein is not considered an animal protein source, hence is perfect for consumption among vegan population. Furthermore, microalgae have multiple applications in cosmetics and feed industries. Both feed and cosmetics industry have experienced a surge in growth in the recent decade, which has increased demand for such products on a global level and resulted in increase in demand for microalgae. However, uncertainties in climatic conditions leading to problems in algae production act as restraint for the market growth.

Buy Now & Get Exclusive Discount on this Report: https://www.alliedmarketresearch.com/checkout-final/00440826a08cd3a910e75a9bba3f2022

The microalgae market has been segmented on the basis of type, application, and region. By type, the market is divided into spirulina, chlorella, dunaliella salina, and aphanizomenon flos-aquae. On the basis of application, it is divided into dietary supplements, food/feed, pharmaceutical, cosmetics, and others. Furthermore, it includes revenue generated from sales of Microalgae across North America (the U.S., Canada, Mexico), Europe (Germany, the UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

KEY FINDINGS OF 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.

Get Your Report Customized: https://www.alliedmarketresearch.com/request-for-customization/13788

Based on microalgae market analysis by type, the spirulina segment was the largest segment in 2020, and is expected to remain dominant throughout the forecast period. Growth in this segment is attributed to rise in awareness regarding health & wellness among customers. The spirulina segment was also the fastest growing segment in the type category, and is expected to grow at a CAGR of 5.9% throughout the forecast period.

Check out more related studies published by AMR Research:

Haddock Market 

Red Rice Market

Ashwagandha Extract Market

Grass fed Protein Market

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

help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog: https://blog.alliedmarketresearch.com

Follow Us on | Facebook | LinkedIn | YouTube

Leave a comment

Your email address will not be published. Required fields are marked *