Microalgae Market Is Thriving Incredible Growth With An Outstanding CAGR Of 5.4% By 2028

Alternative proteins sourced from algae have immense potential to create food products that are healthier and more ecologically sustainable.

PORTLAND, OR, US, July 10, 2023/EINPresswire.com/ — 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐚𝐦𝐩𝐥𝐞 𝐰𝐢𝐭𝐡 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 : https://www.alliedmarketresearch.com/request-sample/13788

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.

𝐓𝐨𝐩 𝐊𝐞𝐲 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

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.

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 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝟏𝟓% 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/checkout-final/9965e1ebe747f6950e013cc89e485a01

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).

On the basis of application, the food/feed segment held the lion’s share in 2020, contributing to more than one-fourth of the market. However, the dietary supplements segment is estimated to portray the highest CAGR of 6.3% from 2021 to 2030.

Microalgae are microscopic organisms that are unicellular and can exist individually, in chains, or groups. Based on the species, their sizes may range from a few micrometers (μm) to a few hundred micrometers. Unlike plants, microalgae do not have roots, stems, or leaves.

𝐅𝐨𝐫 𝐅𝐮𝐫𝐭𝐡𝐞𝐫 𝐀𝐬𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞 𝐂𝐨𝐧𝐧𝐞𝐜𝐭 𝐭𝐨 𝐎𝐮𝐫 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 : https://www.alliedmarketresearch.com/connect-to-analyst/13788

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

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