Microbial Algae Products is forecasted to expand at a CAGR of 6.1% from 2024 to 2034
Microbial algae products emerge as a promising solution due to their minimal environmental impact and high protein content compared to traditional sources like soy and meat.
The global microbial algae product market is set to expand at a compound annual growth rate (CAGR) of 6.1%, as outlined in the latest industry research report by Fact.MR. By the end of 2034, the market is anticipated to surge from US$ 3.43 billion in 2024 to US$ 6.2 billion.
Recent years have witnessed a notable surge in demand for microbial algae products due to their rich nutritional profile, comprising minerals, vitamins, omega-3 fatty acids, and proteins. Concerns surrounding food security, animal welfare, and environmental sustainability are expected to fuel the demand for alternative protein sources.
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The increasing utilization of microbial algae across various industries, including pharmaceuticals, food & beverages, animal feed, cosmetics, nutraceuticals, and biofuels, is projected to drive companies towards innovating new products. This sustained engagement and innovation by market players are poised to contribute significantly to the overall growth of the microbial algae product market.
Top Key Players
Cyanotech Corporation, DIC Corporation, DSM N.V., EID Parry Ltd., BGG, Chr. Hansen Holding A/S, NOW Foods, Divi’s Laboratories, KDI Ingredients, Fuji Chemicals Industries Co. Ltd., Algatechnologies Ltd., Naturex S.A., Fuqing King Dnarmsa Spirulina Co. Ltd.
Market Segmentations
By Product Type : Astaxanthin, Lutein, B-carotene, Spirulina, PUFA, Chlorella, Others
By Application : Foods & Beverages, Personal Care, Dietary Supplements & Pharmaceuticals, Animal Feed & Aquaculture, Others
By Region : North America, Europe, East Asia, Latin America, Middle East & Africa, South Asia & Oceania
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“Rising Awareness Surrounding Microalgae Products”
In recent times, there has been a notable uptick in individuals’ awareness regarding the health implications of food choices. Consequently, there has been a surge in the demand for functional foods. Moreover, an increasing number of consumers are embracing a health-conscious lifestyle, leading to greater consumption of wholesome and natural products. With more people becoming mindful of their dietary habits and well-being, there is a growing awareness about the benefits offered by microbial algae products, which is expected to contribute to revenue growth.
The escalating consumption of dietary supplements among health-conscious individuals is anticipated to have a positive impact on the demand for microbial algae products, thereby creating promising opportunities for industry players.
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Competitive Analysis
Prominent manufacturers of microbial algae products are planning for increased expenditures to offer quality products and manage their supply chain systems. In addition, they are constantly putting effort into new developments to secure a position for themselves.
Recent News
- DSM N.V., in April 2020, came up with its new vegetarian omega powder, used in infant nutrition. It can help manufacturers to produce infant formula products of high quality.
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